Changing Economic Times
300 Sovereign Road, is a 56,254 SF manufacturing facility in an Industrial Park on London’s east side. The building had previously been leased to a company in the automotive industry. The Landlords main objective was to lease the building long-term, to a solid tenant.
Repurposing the Space
While the former tenants were in the process of winding down their automotive production line and vacating the location, Matt Chambers from Colliers London was engaged by the owner/landlord to find new tenants for the former manufacturing facility. The owners completed upgrades, including: new roof, new production area (lighting, wall liner, roof & column painting) and new office renovations in order to have a more attractive, turn-key space available.
Targeting a Different Market
The Colliers London team executed photography and marketing materials to showcase the property. As Landlord improvements progressed, additional photography was implemented, and the marketing materials were continually updated to highlight the ongoing upgrades to the property. Marketing efforts included an email campaign, featuring a digital brochure targeted to industrial and warehouse users; MLS exposure in London, Kitchener-Waterloo and the GTA; and advertising in print media. In addition Matt worked closely with the London Economic Development Corporation to promote this extremely well-equipped industrial space. An onsite Broker Open House hosted by Colliers London was also used to showcase the overall space and features of this facility.
Positioned for the Future
In April of 2018 Matt negotiated a long-term lease of the facility to High Park, a subsidiary of Tilray, (a licensed medical marijuana producer). The new facility has been repurposed to process and distribute finished cannabis products, in order to meet the new demand created by Canada’s legalization of cannabis in October, 2018. The Landlord was extremely pleased with the lease rate, terms, the tenant’s future commitment to the building (by completing substantial improvements/upgrades of their own), and the entire marketing process implemented by Matt Chambers and the Colliers London team. Brendan Kennedy, Tilray’s chief executive said, in an April 5, 2018 article in the London Free Press, “London is a good location and the Sovereign Road plant was the right size for our processing facility.”