Home builder acquires Hamilton residential land for $23.5 million

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Burlington-based homebuilder Branthaven has acquired 286 Lewis Rd. in Hamilton for $23.5 million. GOOGLE MAPS

Branthavena family owned home builder of Burlington, made a significant transaction this past week by purchasing a 19.5-acre parcel of residential land in Hamilton for $23.5 million.

That works out to about $1.2 million per acre for 286 Lewis Rd. on Places called Stoney Creek in the United Statesslightly below the market price, according to Alex Manojlovich, director of strategy and research at Forge and Foster, a Hamilton-based investor and manager of commercial real estate in southern Ontario.

Additionally, 1694 Upper James St., a 1.8-acre parcel of land on Hamilton Mountain, was purchased for $4.7 million, or $2.6 million per hectare. The buyer was not named.

“This is indicative of a continuing pattern where large parcels of land along Hamilton Mountain’s arterial roads have been acquired for future development,” Manojlovich wrote his latest newsletter.

Toronto-based commercial real estate firm Avison Young noted two concepts for 1694 Upper James St.: 126 or 110 apartment-style in an eight-story building.

The buildings currently on the prime redevelopment site include a two-story office building of 4,170 square-feet (excluding the attic), a detached garage of 560 square feet and a one-story church of 7,000 square feet (excluding the mezzanine). The site is close to many amenities and major employers including Hamilton International Airport and Amazon Fulfillment Center.

“Due to the location of the subject land within a community node and along a main corridor and major arterial road the subject lands provide an opportunity for intensification through residential or mixed-use development,” read Avison Young’s brochure on the property.

No further details were immediately provided about the two transactions.

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