Algonquin College has been part of the Canadian College system since its inception in 1967. In the city of Pembroke, the college has been delivering unique programs such as Outdoor Adventure, Outdoor Adventure Naturalist and Forestry Technician. Algonquin recently opened a new waterfront campus in Pembroke, and engaged our principals as part of a team to sell the old campus buildings.
As a community, Pembroke has been ageing and declining in population. Outside of the college and the area hospitals, business in Pembroke is relatively sparse and there was concern that there were few likely purchasers for the 30,000 square foot building that Algonquin College was planning to sell. In addition, Algonquin has deep ties to the city of Pembroke, and wanted to sell the campus to a buyer who would convert the property to a use that was of benefit to the surrounding area.
Our principals understood that in order to sell the property, they would have to develop a strategy that would attract the attention of a wide variety of potential users. This meant developing an understanding of the different possible uses, and their relative final value in the event of the conversion.
By preparing detailed materials and communicating with the local development offices, investors, and businesses within the Pembroke region, our team was able to identify a buyer that met with the college’s approval.
Algonquin College was able to sell the former campus to a buyer who intends to house the West Champlain Community Health Center. This allowed the college to recover money from the sale, while the old building will now be home to an organization that delivers essential community based healthcare services.