MINTO – Town council has approved an agreement to sell a 3.83-acre lot in the Palmerston Industrial Park to a local developer with plans to develop a business condominium complex.
At the Sept. 12 meeting, council authorized an agreement of purchase and sale for the land at 460 Minto Rd. to Jeremy Metzger.
In December 2022, Metzger approached town staff about the potential land purchase, states a report from director of economic and community development Belinda Wick-Graham.
Metzger developed and currently owns a building on Noble Family Road in the Palmerston Industrial Park that houses his business, Metzger Heating, as well as MyFit.
Wick Graham told council Metzger’s plans include putting up two buildings with combined total square footage of 24,000 square feet.
“The purpose would be to create a condo project that would also allow ownership or rental options for a variety of businesses,” the report states.
On Jan.31, the town agreed to give Metzger’s company first right of refusal on the property and on May 9, extended the agreement until July 31.
Wick-Graham said the deal is set to close on Jan. 24, with construction expected to start in April.
She noted the lot coverage of the buildings, 14.4 per cent, is slightly under the town’s development covenant requirement of 15%.
“I guess the layout of this lot is a bit awkward. So for truck turnarounds and everything like that we are okay with this 14.4% lot coverage,” she explained.
Wick-Graham also pointed out the usual $60,000 per acre price for land in the industrial park was adjusted slightly due to Metzger paying for some survey work that was needed as the original survey markers could not be located.
“We’ve lowered the price slightly (from $229,800 to $225,000) to account for that, because we would have had to do it anyway if somebody else was purchasing it,” she stated.
“I was reading an article not too long ago about one of the other municipalities in Wellington (Centre Wellington). They’re at $450,000 per acre in their industrial park (in Fergus),” observed Mayor Dave Turton.
“Makes a difference when you’re closer to the 401,” Wick-Graham replied.
“That’s the big difference,” agreed Turton.
“So is there two lots left in our industrial park?” asked Turton after council voted to approve the sale.
“Yes, 420, which is the lot beside 460 at the back. And then 340 Minto Road, which was the one-acre parcel,” said Wick-Graham.
“We have had some interest in both of those parcels. But then that will be it for our serviced land.”