The ex-Canadian Pacific Brandon station - Date/Photographer unknown.

17 March 2012

Renovated Rail Station Back on the Market

Brandon Manitoba - The building, currently home to Westman Immigrant Services, and surrounding property is listed with an asking price of $2.6 million.
 
However, it remains to be seen whether its owner will ultimately sell the former train station. It all depends on the offer he gets.
 
"There's quite strong demand for properties with long-term leases so we're going to explore that option, I don't know that we will sell it," said Winnipeg-based developer Jon Hooker, whose company, Caddy Lake Investments Ltd., owns the property at 1001 Pacific Ave.
 
"I don't need to sell it but, you know, if someone made me the proper offer, I think we would sell it."
 
Land title documents indicate that in 2010, Canadian Pacific Railway parted with the property and building for $215,000. Hooker estimates that about $1.5 million in improvements and renovations were made since then.
 
Improvements to the building, which dates back to 1911, include a new roof, windows, and the addition of an elevator. There have also been upgrades to wiring, plumbing, heating, and cooling.
 
An eastern portion of the property has been sold to another party for parking. However, the building and remaining parking space for Westman Immigrant Services (WIS) is up for sale.
 
WIS currently rents the 15,500-square-foot building. In addition, it has made, and continues to make, an ongoing investment in leasehold improvements.
 
On Friday afternoon, news that the building was for sale surprised WIS executive director Leslie Allen, who said she had to look into the matter further before she could comment.
 
However, Allen said her organization loves the home into which it moved at the start of November.
 
"We are very happy with our home right now," Allen said.
 
Hooker assured that the WIS lease won't be affected by any sale as it's a legally binding contract. In fact, he said, the long-term lease that expires in August 2021 is a selling feature as stable income.
 
The property has only been listed for a couple of weeks, but a number of potential buyers have already expressed interest in the property, said Hooker, adding he's happy with how the project worked out.
 
He was able to get the old station at a good price, a historic building was refurbished on budget, and he was able to find a tenant.
 
Hooker said there's a lot of potential in Brandon which even local residents may not recognize.
 
"I think Brandon represents great value in a lot of different sectors, in some of the residential, some of the commercial, and even some of the industrial lands out on the east side that are for sale," Hooker said.
 
Hooker's next project for Caddy Lake Investments stands on 18th Street North. That's a plan for seven townhouse-style luxury condominiums that would overlook the city.
 
The project is expected to cost $2 million to $3 million and the 1,200 to 1,600-square-foot units would sell for about $300,000 each.
 
Hooker is in the midst of applying to have that property re-zoned, but he hopes construction can begin this summer.
 
Ian Hitchen.