Developers are planning to bring industrial condos to the space-starved Greater Toronto Area market. Nicola Wealth Real Estate (NWRE) and First Gulf have jointly acquired a 13.4-acre site near Highway 403 in Oakville to accommodate a series of small bay industrial buildings with units ranging from 2,500 to 4,000 square feet.

“The property is situated in a strong industrial node and we look forward to launching a unique industrial condo project, leveraging our experience and success with similar projects in Western Canada,” says Ron Bastin, director of acquisitions at Nicola Wealth Real Estate.

First Gulf president David Carreiro predicts strong interest in the condo concept from owner-occupiers confronting the GTA’s sparse industrial supply. “The offering provides users optionality to the rapid and ongoing increase in lease rates,” he maintains.

NWRE and First Gulf are also partnering on the nearby Bronte Station Business Park, a 365,000-square-foot industrial distribution centre.