Abandoned administration centre worth more as vacant lot

Posted December 13, 2024

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New Tecumseth's white elephant, the former Town hall which has attracted no buyer interest, is estimated to cost $20k to $40k per year just to maintain the vacant building and would require approximately $5.3 million to refurbish for occupation, according to an update for council on Monday night's agenda.

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Those costs make it non viable for local Non-Profit entities who have enquired about the space, to move in.

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"There is a long-term strategic desire to have this real estate utilized for high density commercial/residential use. This is consistent with our planning objectives and is especially beneficial in our downtown core to have a new population support local business," according to the report. " In consultation with our real estate consultant, it was advised that the property would be more valuable as vacant land than with a building presenting in an aged state. Council has recognized this by directing staff to demolish the building upon occupancy of the new town hall."

 

"​Given the current state of the economy, future residential and industrial growth and impending investment in infrastructure over the next 5-10 years there is potential for an improved valuation to the property should the Town demolish the building and defer the listing of the vacant property for several years. The vacant land could support parking until suitable to list."

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