Colliers Intenational Sells Cambridge, Ontario's Former Preston Springs Hotel
In December 2012, the Colliers listing team of Karl Innanen and Curtis Darling sold the former Preston Springs Hotel located in Cambridge, Ontario. The landmark building had sat vacant for nearly 10 years. Colliers sold it in just over one month.
The Preston Springs Hotel's structure, location and price made it an ideal investment property. Boasting an iconic position within Waterloo Region and the public’s mind, the beautiful and historic building fits the current re-development trend in commercial real estate. However, more than a typical conversion, Preston Springs provides a distinguished canvas for a developer to make its mark in the Waterloo Region.
With 2.39 acres of land, Preston Springs presents the opportunity for more development. Access from both Fountain and Abraham Streets offers new possibilities in site accessibility and parking. The building is easily accessible from Highway 401. Additionally, completion of the Region’s light rail transit system (Phase 1 scheduled for 2017), will make travel within the Region significantly more convenient - even without a car.
50,000 square feet of space for a list price of $1,295,000 put Preston Springs in a large market of buyers. Potential return on the price per square foot attracted large and small developers alike. Those with the skill set and vision for redevelopment competed for this rare opportunity.
Preston Springs' unique selling points, coupled with current market conditions that included a push for higher density development, low vacancy rates and a demand for alternative investments, created significant pressure on investors to make a move. Ultimately, the property sold to Haastown Developments at nearly 100% of the asking price.
"It was great for us to play a part in the transformation of this local landmark," commented Karl Innanen, Managing Director of Colliers International Waterloo Region. "We’re looking forward to seeing Haastown Developments' vision come to fruition."