1106-1116 Dearness Drive, also known as the London Business Plaza, is a mixed use plaza built in the mid-70s. It is approximately 120,000 SF in total and comprised of four multi-unit buildings surrounding a parkette. Working on behalf of the previous owner, Chris Kirwin had sold the property in December 2014 to Litera Properties Inc.
A New Owner with Vision
Because of Chris Kirwin’s familiarity with both the property and the London rental market, Litera retained the Colliers London office to lease the vacant units for the property, which had been purchased at roughly 50% occupancy. The purchaser and new landlord, Litera Properties Inc., invested in storefront upgrades, HVAC, roof, landscaping upgrades, repaving, plus improved operational efficiencies to make it more attractive to commercial tenants.
Attractive Renovations and Compelling Marketing
The retail experts at Colliers London office implemented new photography and stylish marketing materials to highlight the upgrades to the building and common areas, as well as the property’s desirable proximity to nearby retail and restaurant destinations. News of the change in property ownership and upgrades was shared via email marketing, direct calls to prospects, and featured at a well-attended Broker Open House hosted by the Colliers London & Southwestern Ontario team.
From 50% to 95% Occupancy
As a direct result of the Broker Open House a new 5,832 SF tenant was acquired for the property and other potential tenants identified. Many deals have since been completed by Chris Kirwin and his team, which have resulted in a very healthy 95.7% occupancy as of 2018. The best news is that this Landlord is at the beginning of his investment cycle and is looking to repeat this success again with the Colliers London & Southwestern Ontario team.