THE LINKS AT BRUNELLO HIGHWAY RETAIL LANDS

Transcription

1 THE LINKS AT BRUNELLO HIGHWAY RETAIL LANDS C O N F I D E N T I A L O F F E R I N G M E M O R A N D U M 1

2 CBRE LIMITED For more information, please contact: :: Robert Mussett Senior Vice President :: Chris Carter Vice President :: Andrew Cranmer Senior Sales Associate :: James Boudreau Senior Sales Associate CBRE Limited 5855 Spring Garden Road Suite 300 Halifax, NS B3H 4S2 T F This disclaimer shall apply to CBRE Limited, Real Estate Brokerage, and to all other divisions of the Corporation; to include all employees and independent contractors ( CBRE ). The information set out herein, including, without limitation, any projections, images, opinions, assumptions and estimates obtained from third parties (the Information ) has not been verified by CBRE, and CBRE does not represent, warrant or guarantee the accuracy, correctness and completeness of the Information. CBRE does not accept or assume any responsibility or liability, direct or consequential, for the Information or the recipient s reliance upon the Information. The recipient of the Information should take such steps as the recipient may deem necessary to verify the Information prior to placing any reliance upon the Information. The Information may change and any property described in the Information may be withdrawn from the market at any time without notice or obligation to the recipient from CBRE. CBRE and the CBRE logo are the service marks of CBRE Limited and/or its affiliated or related companies in other countries. All other marks displayed on this document are the property of their respective owners. All Rights Reserved. 2

3 CONTENTS EXECUTIVE SUMMARY 04 MARKET OVERVIEW 14 PROPERTY OVERVIEW 06 OFFERING PROCESS 16 THE LINKS AT BRUNELLO 10 FUTURE SIGNALIZED INTERSECTION Highway 103 Lot lines are approximate Timberlea Village Parkway 3

4 EXECUTIVE SUMMARY 15 MINUTES FROM DOWNTOWN HALIFAX LOCATED AT EXIT 3, HIGHWAY 103 OPPORTUNITY CBRE Limited has been retained to coordinate the sale of ± 35 acres of highway retail lands in Halifax s popular community, The Links at Brunello. Positioned on 15 minutes from downtown Halifax and 5 minutes from Bayer s Lake, the commercial lands will be shadow anchored by a new ±40,000 Sobeys grocery store (construction expected to begin 3Q2018) and a Petro Canada service station. The lands are comprised of two parcels positioned at Exit 3 on Highway 103 with approximately 18.7 acres adjacent to the new Sobeys location. Further, an additional 18.0 acres to the east of the Timberlea Village Parkway (TVP) as shown in the plan on page 5. The Vendor will consider offers for subdivided portion of lots. The layout of Marketway Lane can be modified to suit a development concept. ±25,000 VEHICLES PER DAY ALONG HIGHWAY 103 ±10,000 VEHICLES PER DAY ALONG HIGHWAY 3 HIGHLIGHTS The Links at Brunello is a new mixed use community in the Timberlea area of Halifax. Minutes from Bayer s Lake and a planned community hospital to be constructed on Suzie Lake Crescent, The Links at Brunello is ideally positioned for those seeking suburban living, with all the amenities, while still being close to downtown. The Links at Brunello, on full build out, will feature approximately 3,200 residential units nearly doubling the existing area population of ±10,000. The community features a mix of commercial and retail opportunities, market leading recreational amenities as well as the hugely successful Links at Brunello. The course was ranked third in 2015 by Golf Digest as best new course in North America. Phase I of the residential development is nearing completion with 180 single family units. A new 133 suite rental apartment building ( The Nines ) is currently underway overlooking Hole 9 on the corner of the Timberlea Village Parkway and Brunello Boulevard. VENDOR Canadian International Capital Incorporated 4

5 SECONDARY TRADE AREA OF ±50,000 PEOPLE ±18.7 ACRES ±25,000 ±40,000 SF ±18 ACRES VISIBILITY MARQUEE LOCATION Lot lines are approximate 18.7 ACRES 18 ACRES PROPERTY Block A-1, Timberlea Village Parkway Portion of PID ± 16.9 acres to be subdivided in advance of closing 0 Marketway Lane PID acres Fairweather Run Portion of PID ± 18.0 acres to be subdivided in advance of closing CONTACT All Letters of Intent must be received by the Owner s Advisor at the following address: CBRE Limited Attn: Andrew Cranmer/Bob Mussett 5855 Spring Garden Road, Suite 300 Halifax, Nova Scotia B3H 4S2 Tel: / andrew.cranmer@cbre.com 5

6 THE HIGHWAY VISIBILITY, LOCAL POPULATION, AND HIGH TRAFFIC COUNTS MAKE THE LINKS AT BRUNELLO IDEAL FOR A RANGE OF RETAIL AND SERVICE USES. APPROXIMATELY ±35 ACRES OF COMMERCIAL/RETAIL LAND AVAILABLE. LOT SIZES ARE FLEXIBLE STARTING AT 1.8 ACRES CBRE Limited. Data TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the Information ) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as CBRE ). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced. Layout ID: L10 MapId:

7 PROPERTY OVERVIEW The Brunello Retail Lands offer developers and tenants an opportunity to secure a position in a popular amenity-rich residential community. With The Links at Brunello now open and the Phase I of the residential community well-established, now is the time to secure a retail development site in Brunello. Located at Exit 3 on Highway 103, with ±25,000 vehicles passing daily, the development will be anchored by Sobeys and provides ±35 acres of potential development lands: PRICING Unpriced. No set bid date. LAND AREA ±35 acres Commercial uses and building design as approved by the Vendor and Municipality. ZONING AND RESTRICTIONS The Marketway Lane lands are zoned Comprehensive Development District (CDD) as part of the The Links at Brunello community. The lands offered here have been designated for commercial uses. With the new 40,000 SF Sobeys, there are restrictions against any grocery or food stores with certain exceptions including restaurants and other store with limited food offerings such as pharmacies and department stores. A portion of the properties are subject to a no-build zone. Approximately ±35 acres of commercial/retail land available. Lot sizes are flexible starting at 1.8 acres. Ideal for convenience and neighbourhood retail uses including sporting goods stores, home building stores, restaurants, banks and professional services. Traffic Counts: August ,300 AADT Between Exit 2 (Beachville) and Exit 3 (Brunello), and ±10,000 AADT on Highway 3. Concept only. Final development may vary. 7

8 DEVELOPMENT AGREEMENT Section of the Development Agreement for The Links at Brunello provides the guidelines for the retail development. The extract relating to the retail park is included below but should be read in its entirety and with the complete Development Agreement Commercial areas (a) The Developer and the Municipality agree that commercial development may be located as generally and conceptually shown in the areas identified as BRc and BRc0 near Highway 103 on Schedule B2.C, and subject to the following guidelines being addressed on detailed plans which shall be subject to approval under clause (ii) of this section. (i) Design Criteria: Development of the commercial area for general commercial, retail, institutional, office and service uses may be considered following completion of a detailed design which addresses: building height and lot coverage architecture and signs landscaping provisions for traffic, transit, and parking pedestrian and bicycle flows and access land use storm water management separation from nearby residential uses not on the Lands, public safety, lot servicing, lot access. 8 (ii ) Approval: The approval of development within the commercial area shall be contingent on review of detailed plans which address the criteria of this section, and approval of an amending development Agreement by minor amendment pursuant to Section 3.1 (e). (iii ) Commercial development in those areas identified as Ca2 shall be subject to the C-2 Zone of the Land Use By-law for Timberlea/Beechville/ Lakeside. (added #17826) (iv ) Notwithstanding sub-section 2.4.8(a)(iii) the following uses shall not be permitted in those areas identified as Ca2: (added #17826) 1. Outdoor Display Courts; 2. Automotive sales, rental and repair; and 3. Welding, plumbing and heating, electrical and other specific trade contracting services and shops. (v ) Notwithstanding sub-section 2.4.8(a)(iv) Outdoor Garden Centres are a permitted use. (added #17826)

9 ±40,000 SF Lot lines are approximate It is expected that the development officer will look to the C-2 General Business zone for guidance in terms of layout, lot coverage, parking requirements and so on. Under the C-2 zone the following conditions are required: Minimum Lot Area: 6,000 SF Minimum Frontage: 60 feet Maximum Lot Coverage: 50% Maximum Building Height: 35 feet Parking Requirements: Retail stores exceeding 5,000 SF floor area space/1,000 SF Retail stores not exceeding 5,000 SF floor area, banks and general offices 3.3 spaces/1,000 SF Restaurants, drive-in: 27 spaces/1,000 SF Restaurants, full service: 20 spaces/1,000 SF Restaurants, take-out exceeding 300 SF floor area: 16 spaces/1,000 SF Lounges, taverns and beverage rooms: the greater of 1 space/3 seats or 1 space/100 SF of floor area A complete copy of the land-use bylaw is available from CBRE or the municipal offices/website of HRM. The Vendor will work with retailers and developers to ensure design criteria are met and approvals are secured from the Municipality. 9

10 THE LINKS AT BRUNELLO I VE ALWAYS BELIEVED THAT THERE CAN BE A GREAT LINK BETWEEN NATURAL LANDSCAPE AND GOLF DESIGN. Tom McBroom Landscape Architect, Golf Course Designer THE LINKS AT BRUNELLO Tom McBroom, with over fifty course designs across the world to his credit, designed The Links at Brunello which opened in His first design in Atlantic Canada was in 1994 at Crowbush Cove in Prince Edward Island which was an overnight success. He has refurbished the Algonquin Resort golf course in Saint Andrews, NB, and the Green Gables course in Cavendish, PEI. At The Links at Brunello, McBroom created a design that works with the natural rugged landscape and dramatic topography as the course weaves throughout the entire community. The Links at Brunello is a mixed-use residential community situated on 550 acres of woodlands and waterways in suburban Halifax. The overall development will include roughly 3,200 homes including a mix of townhouses, single-family homes, apartments and condominiums accommodating upwards of 10,000 residents. The residential community will have excellent amenities at a location only 15 minutes from Downtown Halifax and close to Bayer s Lake Business park. The development features an 18-hole, ±7,000-yard world-class golf course. Of the 550 acres of rolling wooded landscape at The Links at Brunello, approximately 50% are being retained as green space, including the golf course. The area is surrounded by a Wilderness Common and conveniently located for parks and other outdoor activities. The residential community will be bordered by convenience retail at Highway 103 including a new Sobeys store in 2018 and Petro-Canada gas bar. On St. Margaret s Bay Road, the existing amenities (Tim Horton s, Pharmasave, Ultramar and various professional services) will be complemented by new retailers and commercial uses. 10

11 Live Reader Rankings 7 of 100 Across Canada (as of March 2018) Best Golf Courses in 206 Countries #22 in Canada of 2400 Eligible Best Golf Course 2017 Top 59 Public Courses #55 ST. MARGARETS BAY ROAD < TO TANTALLON/SOUTH SHORE EXIT 3 HIGHWAY 103 TO HALIFAX > 11

12 BAY E R S L A K E/ TI M B E R LE A OV ER V IE W TRAFFIC COUNTS: 24,300 AADT Between Exit 2 (Beachville) and Exit 3 (Brunello) HALIFAX WEST HIGH SCHOOL CANADA GAMES CENTRE BMO SOCCER CENTRE AK AIN L CH ED E S IT Y R E U N IT TU F U OM M I E NT C AT O F UTP TR E N O CE 10,000 AADT on Highway 3 RI VE BAYER S LAKE POWER CENTRE LAKESIDE INDUSTRIAL PARK HI CROMBIE RETAIL (SOBEYS) GH 3 AY W 5 MINUTES DRIVE TIME TO THE HALIFAX PENINSULA 12 25,0 0 0A AD T 10,0 0 0 A A DT

13 HIGHLY ACCESSIBLE LOCATION WITH URBAN AMENITIES & CONVENIENCES Situated along Highway 103 and a short drive (5 minutes) from the Halifax peninsula, makes Timberlea an ideal location for a growing residential community. Timberlea is a suburban residential community located in Mainland Halifax and forming part of the BLT, or Beechville-Lakeside-Timberlea community. Currently home to over 10,000 people (Sitewise) the community is growing with a number of new subdivisions throughout the community along with the popular The Links at Brunello development. The Links at Brunello alone is estimated to add another ±10,000 people to the community. The average household income in the Timberlea area is estimated at $102,761 for 2017, far outstripping the national average of roughly $70,000. Adjacent to the Bayer s Lake Park, a mixed commercial and retail business node, the Timberlea community benefits from proximity to employment nodes, retail and service amenities as well as the announced new outpatient hospital facility in Bayer s Lake. The area supports a number of schools, including Ridgecliff Middle School and Beechville-Lakeside- Timberlea School. IMMEDIATE ACCESS TO HIGHWAY 103 AND CLOSE TO HIGHWAY 102 PROVIDING ALL ACCESS TO HALIFAX AND THE SURROUNDING COMMUNITIES PUBLIC TRANSIT AND SHORT COMMUTE TO DOWNTOWN HALIFAX SECONDARY TRADE AREA ±50,000 GROWING LIST OF AMENITIES INCLUDING SCHOOLS, RECREATIONAL FACILITIES, AND THE ANNOUNCED NEW OUTPATIENT HOSPITAL IN BAYER S LAKE Bayers Lake, the largest retail power centre in Atlantic Canada totaling 1.7 million sq. ft., features prominent retailers such as Costco, Walmart, Home Depot, Atlantic Superstore, Canadian Tire and Winners. 13

14 HALIFAX MARKET University Degree EDUCATION Health 7.3% Natural & applied science 9.3% Management 9.9% Industires not applicable: 1.7% Processing, manufacturing Primary Art, culture, & utilities industry recreation 1.7% & sport 1.0% 3.4% Trades, transport & equipment operators 11.8% LABOUR FORCE HOUSEHOLD EXPENDITURE Sales & service 22.5% Social science, education, government & religion 14.3% Business, finance & administration 17.4% 9.3% immigrants 38% rent 62% own IMMIGRATION Top 3 Countries of Immigrant Origin 1.4% United Kingdom 0.9% United States 0.6% Philippines 0.6% Iran 31% University Diploma/ Certificate 4% College 18% Trade 9% High School 23% POPULATION 444, ,613 (2018f) $88K 49.2% 50.7% Persons per household Median age Average household Income None 15% misc $18,450 Shelter $11,924 Transportation $10,792 Food $5,083 Recreation Household operation $4,558 Tobacco products & alcoholic beverages $4,084 $3,707 Health care $3,600 Clothing Household furnishings & equipment $3,115 $2,342 Personal Care Education $1,956 Miscellaneous expenditures $1,401 Games of chance (net) $720 Reading materials & other printed matter $ % 12.7% TRAVEL TO WORK 10.2% 1.4% 1.4% other Source: Sitewise, 2017 & Conference Board of Canada,

15 Halifax, known for its steady, well diversified economy, is forecasted to do just that for 2018 and 2019, with GDP growth expected to be 1.7% and 1.9% respectively. The manufacturing sector is expected to be the primary growth driver where the Halifax Shipyard is busy getting ready to deliver the first of six Arctic patrol vessels, aided by gains in nonresidential construction. The Arctic Offshore Patrol Ships ( AOPS ) $3.5 billion contract is well underway with the first ship nearing delivery; Irving is targeting commencement of the larger $29-billion contract for the provision of coastal and naval ships in The AOPS contract, the largest public outsourcing contract ever awarded in Canada, has an estimated 30 year life span. The Irving Yard is the most technically advanced shipyard in North America. In addition, other large construction projects currently underway in Nova Scotia include (i) Kings Wharf mixeduse development (ii) Centre for Ocean Venture & Entrepreneurship (iii) Completion of the 1-million square foot Convention Centre (iv) Queens Marquee, mixed-use development, $200M and (v) Emera s Maritime Link, $1.5B, all contribute to the continued growth of Halifax. Manufacturing output, which was essentially flat for 2017, is expected to grow by 2.9% in 2018, having posted two spectacular years of 9.4% and 10.6% in 2015 and 2016, respectively. At 436,000 residents in 2017, a population forecasted to increase to 457,000 by 2020, and 550,000 by 2030, HRM ( Halifax Regional Municipality ) currently accounts for ±20% of the Atlantic Province s population and 47% of Nova Scotia s population. The unemployment rate is forecasted to be 6.7% in 2018, and expected to fall below 6.0% by As of February 2018, Halifax unemployment rate was 6.4% according to Statistics Canada. Provincial immigration rose by 107% in 2016 to 5,390 and fell slightly to 4,356 in 2017, with 2017 numbers easily surpassing average annual rate for the last decade. These recent gains in immigration were a large factor in contributing to the highest population in the Province s history. Halifax is the major education centre in eastern Canada, with seven post-secondary institutions including Dalhousie University, Saint Mary s University, Mount Saint Vincent University, University of King s College, and NSCAD University. In addition and somewhat related, the most significant concentration of health care facilities in the Atlantic Canada Region reside in Halifax. The Federal Governments defense plan will see spending rise 70% over 10 years to $32.7B. This includes the 15 combat vessels previously announced, to be built at the Halifax Irving Shipyard, 88 fighter jets, and an additional 5,000 personnel. As Halifax is home to 30% of all Canadian military assets, the largest military infrastructure in Canada, this provides more certainty to an important component of the Halifax economy. The Port of Halifax is a major logistical entry point to Canada, with transshipment of goods throughout North America via infrastructures including rail, highways, and the Halifax Stanfield International Airport (HIAA). The HIAA is Atlantic Canada s airport hub, with U.S. preclearance and destinations throughout North America, the Caribbean, and Europe. The airport sees 3.7 million passengers pass through per year and contributes $2.7 billion to the provincial economy. World renowned organizations including The Bedford Institute of Oceanography with 600 scientists and researchers, Dalhousie University and the new The COVE (Centre for Ocean Ventures and Entrepreneurship), a collaborative facility for applied innovation in the ocean sector. (Halifax has the highest concentration of oceans related PHD s in the world) combined with Department of National Defense and NSCC have created an environment allowing ocean related industries to flourish and continuing to post rapid growth trajectory, now accounting for $4.5B or 12.2% of Nova Scotia s GDP. Further, the recently announced Atlantic Canada`s Ocean Supercluster, a $250 million project with participation from both the federal government and the private sector, will position Canada to become a global leader in the knowledge-based ocean economy. These economic drivers, including shipping, military/ defense, research and development, ocean industries, education, tech, and medical infrastructure, combine to create one of the most diverse economies in Canada. Halifax is a defensive investment market that has provided steady, reliable returns to investors. Source: The Conference Board of Canada,

16 OFFERING PROCESS 16 MEMORANDUM CONTENTS This Confidential Information Memorandum is being delivered to prospective purchasers to assist them in deciding whether they wish to acquire the Property. This Confidential Information Memorandum does not purport to be all inclusive nor to contain all the information that a prospective purchaser may require in deciding whether or not to purchase the Property. This Confidential Information Memorandum is for information and discussion purposes only and does not constitute an offer to sell nor the solicitation of any offer to buy the Property. The Confidential Information Memorandum provides selective information relating to certain physical, locational and financial characteristics of the Property. The information on which this Confidential Information Memorandum is based has been obtained from various sources considered reliable. Neither the Owner nor CBRE make any representations, declarations nor warranties, express or implied, as to the accuracy or completeness of the information or statements contained herein or otherwise and such information or statements should not be relied upon by prospective purchasers without independent investigation and verification. The Owner and CBRE expressly disclaim any and all liability for any errors or omissions in the Confidential Information Memorandum or any other written or oral communication transmitted or made available to prospective purchasers. Prospective purchasers should conduct their own independent investigation and verification of the information provided herein, and should seek legal, accounting, tax, engineering or any other advice as necessary. If any information relating to the Property, in addition to the information provided in this Confidential Information Memorandum, is provided at any time, orally or otherwise, by the Owner or CBRE or anyone acting on their behalf, such information is provided as a convenience only without representation or warranty as to its accuracy or completeness and such information should not be relied upon by prospective purchasers without independent investigation and verification. CONFIDENTIALITY By accepting this Confidential Information Memorandum, prospective purchasers agree to hold and treat this Confidential Information Memorandum and its contents in the strictest confidence. Prospective purchasers will not, directly or indirectly, disclose nor communicate nor permit anyone else to disclose nor communicate this Confidential Information Memorandum or any of its contents or any part thereof to any person, firm or entity without the prior written consent of the Owner and CBRE. Prospective purchasers will not use nor permit this Confidential Information Memorandum to be used in any manner detrimental to the interests of the Owner, CBRE or their affiliates nor for any other purpose than a proposed purchase of the Property. The recipient of this Confidential Information Memorandum agrees to provide CBRE with a list of those persons to whom this Confidential Information Memorandum or any information contained herein is provided.

17 The terms and conditions in this Section with respect to confidentiality and the disclaimer contained under the heading Memorandum Contents will relate to all Sections of the Confidential Information Memorandum as if stated independently therein. SALE CONDITIONS The Property is to be purchased on an as is, where is basis and there is no warranty, express nor implied, as to title, description, condition, cost, size, quantity or quality thereof. Any information related to the Property that has been or will be obtained from the Owner or CBRE or any other person has been prepared and provided solely for the convenience of the prospective purchaser. Neither the Owner nor CBRE make any representation or warranty that such information is accurate or complete. Such information shall not form part of the terms of an Agreement of Purchase and Sale, unless otherwise specifically agreed to in writing by the Owner. SALE PROCESS Based on information contained in this CIM and other information that may be made available by CBRE, interested parties are invited to submit offers using the Vendor s form of non-binding Letter of Intent ( LOI ) which can be obtained from one of our agents or CBRE s online Marketplace. The LOI outlines the terms for the purchase of the Property, including the following information: 1. Total purchase price; 2. Material terms and conditions of the proposal, including time lines; 3. Names and ownership interests of the beneficial owners of the purchaser; and 4. A mailing address, address and fax number for the delivery of notices. All LOIs must be received by the Vendor s Advisor (CBRE Limited) at the following address: CBRE Limited 5855 Spring Garden Road, Suite 300 Halifax, Nova Scotia B3H 4S2 Attn: Andrew Cranmer Prospective purchasers should note that the Vendor is under no obligation to select any of the offers. None of the initial proposals, regardless of their form and content will create any binding legal obligation upon the Vendor nor CBRE. ROBERT MUSSETT Senior Vice President robert.mussett@cbre.com ANDREW CRANMER Senior Sales Associate andrew.cranmer@cbre.com 17

18 CBRE CAPITAL MARKETS ATLANTIC CANADA For more information, please contact: ROBERT MUSSETT Senior Vice President CHRIS CARTER Vice President ANDREW CRANMER Senior Sales Associate JAMES BOUDREAU Senior Sales Associate This disclaimer shall apply to CBRE Limited, Real Estate Brokerage, and to all other divisions of the Corporation; to include all employees and independent contractors ( CBRE ). The information set out herein, including, without limitation, any projections, images, opinions, assumptions and estimates obtained from third parties (the Information ) has not been verified by CBRE, and CBRE does not represent, warrant or guarantee the accuracy, correctness and completeness of the Information. CBRE does not accept or assume any responsibility or liability, direct or consequential, for the Information or the recipient s reliance upon the Information. The recipient of the Information should take such steps as the recipient may deem necessary to verify the Information prior to placing any reliance upon the Information. The Information may change and any property described in the Information may be withdrawn from the market at any time without notice or obligation to the recipient from CBRE. CBRE and the CBRE logo are the service marks of CBRE Limited and/or its affiliated or related companies in other countries. All other marks displayed on this document are the property of their respective owners. All Rights Reserved.