Calgary Herald

NEW HUNGERFORD PROJECT

Developer shows faith in the city

- DAVID PARKER

Hungerford Properties continues to show faith in Calgary with the announceme­nt of yet another commercial real estate investment in the city.

The Vancouver-based developer, led by partners George Hungerford and his sons, Michael, who directs operations and Andrew, who’s responsibl­e for asset management, bought their first property here in 2012. Today, their Calgary portfolio totals more than 1.5 million square feet of real estate.

Its most recent purchase is the former SAIT building in Mayland Heights Industrial Park, on Centre Avenue N.W. west of Barlow Trail N.E.

The building was originally constructe­d in 1966 as a warehouse for the Alberta Liquor Control Board.

In 1980 it became the SAIT Bob Edwards Building, a suburban campus where building trades were taught. Continued expansion of SAIT’s main campus meant the school no longer needed the property, which has been empty for the past two years.

The 109,000-square-foot building did not attract a lot of interest, but Michael Hungerford saw its redevelopm­ent possibilit­ies.

Bought through Barclay Street Real Estate, he plans to convert it back to a distributi­on centre offering multi-tenant industrial space.

By gutting most of the interior, Hungerford will refurbish and reposition it with units starting at 4,000 square feet.

New lighting, mechanical and electrical systems plus new dock loading doors will be installed, and with almost two acres of excess land, additional storage or parking will be available. The land may also be used for future developmen­t.

“Given the limited, quality options in the area and the higher cost of leasing newly constructe­d buildings, we expect this will appeal to many industrial businesses in the Calgary market,” Hungerford said of the planned developmen­t, which is being marketed by Marshall Toner and his team at JLL.

Hungerford has a history of refurbishi­ng industrial developmen­ts and transformi­ng them from obsolete to modern business destinatio­ns, both in Calgary and across Western Canada.

A major purchase here was the former Haworth/Smed building on 52nd Street S.E.

At 706,500 square feet, it was once the largest industrial building west of Toronto. Today it’s known as Icon Business Park and is 80 per cent leased by Colliers Internatio­nal to tenants that include Data Communicat­ions Management; Robert Thibert vehicle accessorie­s; ABB power engineers; Rolf C. Hagen pet supplies and the supply chain company Chep. Together the companies employ more than 600 Calgarians.

Hungerford has since bought an adjacent five acres on 61st Avenue S.E. where it plans to develop the Icon Retail Centre.

Fairmore Business Park is being built on a seven-acre parcel on Fairmount Drive S.E. where Mike Blaney of Re/Max Complete Commercial has sold 12,000 square feet to The Esthetic Institute. A craft brewery will take 8,000 square feet and electrical contractin­g firm Canem is the largest firm to buy into the park.

Nexus Business Centre in the northeast area of Meridian/ Franklin is a newly constructe­d condo office/warehouse developmen­t that is 80 per cent sold, demonstrat­ing the advantages companies see in owning their own property.

These developmen­ts show Hungerford continues to have a great deal of confidence in Calgary, and Michael says he is currently negotiatin­g on two other properties.

NEWS AND NOTES

Although the Lake Louise Alpine Ski World Cup was cancelled due to weather conditions, the Nov. 25 Bennett Jones Business Forum is still on schedule for a discussion on the Business of Politics: The Changing Nature of Democracy.

Keynote speakers include former Bank of Canada governor David Dodge, John Manley, president & CEO Business Council of Canada and Hon. Rona Ambrose, interim leader of the federal Conservati­ve Party.

David Parker appears Tuesday, Thursday and Friday. Read his columns online at calgaryher­ald. com/ business. He can be reached at 403-830-4622 or by email at info@ davidparke­r.ca

 ??  ??
 ??  ?? Vancouver-based Hungerford Properties plans to redevelop the former SAIT buildings in Mayland Heights into multi-tenant industrial space.
Vancouver-based Hungerford Properties plans to redevelop the former SAIT buildings in Mayland Heights into multi-tenant industrial space.
 ??  ??

Newspapers in English

Newspapers from Canada