Real Estate

Firm snaps up $100M in London, St. Thomas commercial real estate

A Toronto real estate investment firm has taken a nearly $100-million stake in London and St. Thomas.

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A Toronto real estate investment firm has taken a nearly $100-million stake in London and St. Thomas.

Nexus Industrial REIT has made three buys of local commercial real estate, one of which is for a St. Thomas manufacturer to undergo a 70,000 square foot expansion, said Rob Chiasson, chief financial officer for Nexus.

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“The market vacancy is very low. In some areas it’s close to zero,” Chiasson said. “There’s not a lot of building going on in the London market, not a lot of supply. Rents have been increasing, demand is increasing. It’s a great market for us to be

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Real Estate

Advertising guru David Droga snaps up Australia’s most expensive oceanfront home

31 Gaerloch Ave, Tamarama is understood to have sold for about $45m.


Advertising guru David Droga has been revealed as the buyer of Australia’s most expensive oceanfront home.

Speculation about the new homeowner has been growing after it was revealed that the modest four bedroom bungalow in Tamarama had sold for around $45m.

According to the Financial Review, Droga snapped up the 1100 sqm home above the Bondi to Bronte walk after it was on the market for seven months.

Droga currently lives in New York City and his plans for the property remains to be seen.

TWAM-DROGA

David Droga currently lives in New York City Photo: Nigel Barker


The bungalow, which is called Lang Sayne, was built in the 1920s and sold for £9750 in 1959.

The price guide was $47m-$52m but it is understood Droga bought the property for a sum towards the lower end of that scale.

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