Wawanesa Insurance Montreal Office Sold to a Real Estate Investors' Group
MONTREAL, July 25, 2023 /CNW/ - Holand Real Estate Group, a company headed by Canadian businessmen Gad Bitton and Michael Serruya, owner of numerous Montreal office buildings and Old Port properties (including the Aldred Building), announced today the acquisition of a prominent property in the Town of Mount Royal: the Wawanesa Insurance building located at 8585 Decarie Boulevard.
The property, originally built in 1953 and expanded by Broccolini in 1997, enjoys a prime location on Decarie Boulevard, next to the city's busiest Interchange. Its proximity to the Metro and the anticipated Réseau Express Métropolitain (REM) positions it uniquely in the city's transportation network. The area's recent shift towards a more densified, multi-residential profile adds to the property's appeal.
"With this acquisition, we're gaining a stake in an area experiencing significant change," said Gad Bitton, President & CEO. "We see tremendous potential for development in TMR, given its central location, affluent demographics, and increasing popularity."
The acquisition comes amid considerable growth in Montreal's housing market. In particular, the condominium market in the Town of Mount Royal has seen sustained price increases, marking it as a hotspot for real estate investments. The overall economic growth forecasted for Montreal further bolsters the investment's strategic value.
"The rapid economic and residential growth in Montreal, particularly in the Mount Royal region, offers an exciting opportunity for real estate development," added partner Michael Serruya. "This acquisition underscores our confidence in Montreal's future and our commitment to be a part of it."
Holand Real Estate Group owns and operates multiple residential, condo, retail, commercial, office and industrial properties in Montreal. Space is rented at competitive prices, in ideal locations and with abundant quality services. Being part of the Holand Automotive Group – one of Canada's leading luxury automotive retailers –the Holand Group provides businesses and individuals alike a one-stop destination for all their lodging and automotive needs.
SOURCE Holand Real Estate Group
Yaelle Arama, Market Corporate Development | Head Office, [email protected], 514-739-3601 ext 8554
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