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32 & 42 Windom Road, Kitchener | For Sale – Approved Low-Rise Redevelopment Opportunity
Approved Development Site
The Vendor has taken the Site through the development application process, including completing all required property due diligence. At its meeting February 26, 2024, the City of Kitchener recommended that the Zoning By-law and Official Plan amendments be adopted and brought before the Region of Waterloo for approval. The development plan contemplates a stacked townhouse development with 58 units including one, two and three bedroom layouts.
Rapidly Growing Market Area
The Kitchener-Waterloo-Cambridge area grew 10.1% over the 2016-2021 Census period and is projected to grow to 950,000 residents by 2051. According to Statistics Canada, the area’s population increased by 51,953 in the five-year span and now sits at a total of 575,847 residents, making it one of the fastest growing large metropolitan areas and among the 25 largest urban areas in Canada. A total of 27,785 immigrants landed in the Kitchener market between 2016 and 2021 which represented a 99% change from the previous five-year period.
Attractive Rental Fundamentals
The overall vacancy rate in the Kitchener-Cambridge-Waterloo CMA is 2.1%, however among new construction product the vacancy rate is only 0.5%. While incomes have risen within key municipalities (45% of residents now make over $100,000 per year), the CMA is increasingly becoming a renters market with 35% of households renting their residence, and representing an increase over the previous census period. Overall rents for apartments increased 8.9% in 2023, 1.6% higher than the growth seen in 2022. The average rent for condo and purpose-built rental product has increased 15.8% YoY. Average asking rent for a 1BR unit was $1,968 in March (up 32% YoY) and average asking rent for a 2BR unit was $2,446 (up 28% YoY).
Transit Connectivity & Access to Amenities
The $4.5B public sector investment in the ION light rail system has been transformative for Kitchener/Waterloo. The Property is located just over one kilometre from Fairway Station, offering residents convenient access to the highly integrated light rail and bus public transportation system. Major commuter routes are easily accessible including King Street and Highway 8, as well as major retail amenities within a 5-minute drive. The Property is also well positioned with respect to greenspaces and recreation, being 300 meters from Chicopee Park and a short distance from the trails along the shore of the Grand River.
For more information, please contact:
Bob Vrenjak | Sales Representative, Senior Vice President
Benjamin Bach | Sales Representative, Vice President
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