The challenge was to determine the value of a high rise office building with a high vacancy rate, under receivership and waiting on a vesting order.
Looking for investment potential
One St. Paul Street, is the gateway property to downtown St. Catharines, the 2nd largest office building, boasting 10-storeys and 150,545 SF. The Buyer, Gerard Grand of ESH Company, is a local investor that is dedicated to preserving the integrity of the Niagara Region. He was looking for a property to redevelop and provide opportunity for growth.
Research and commitment
Colliers’ team of experts, utilizes all facets of the business by conducting research on similar markets in Ontario. The best use of the property was determined and with the supporting evidence of their research were able to close within the due diligence period.
The Colliers Niagara team successfully closed on this iconic site being one of the largest transactions in St. Catharines history. The plans are underway to convert the majority of the floors to a residential component leaving the main floor and 2nd floor intact to back fill with professional offices and retail tenants. This will impact the Downtown greatly by reducing the vacancy and increasing foot traffic for local businesses.