Harrison Pensa LLP is proud to announce a successful property acquisition for longstanding client, Old Oak Properties. This remarkable redevelopment project, to be built on the 72-hectare former site of the London Psychiatric Hospital, will see townhouses, mid- and high-rise towers, seniors’ living, student residences and commercial spaces – a revitalization for East London communities, and truly, an opportunity for the city as a whole.
Serving as lead counsel for the massive acquisition, Harrison Pensa partner Chris Hamber says that this $17 million purchase by Old Oak Properties will be a big boost to the local area and a positive development for London overall. City councillor, Jesse Helmer, seconds this sentiment, adding that this “…is what [London] needs to do if we want to grow the right way.”
Harrison Pensa has worked with Old Oak Properties for several years, cultivating a strong business relationship with the developer. “The acquisition of this historic London site is an exciting opportunity for our client and the neighbourhood. We are sure that Old Oak will bring an innovative and holistic approach to this project and integrate its heritage features in an interesting way,” Hamber shares. Greg Bierbaum, chief executive for the property group, credits the uniqueness of the land mass as one of the reasons his company pursued the large-scale development, admitting it will be some years before it is complete but in doing so, can be sure that the new buildings respect the site’s significant historic value.
Old Oak aims to build more than 3,000 new homes on the property, including a green space with park-like features, plus four public transit stops will be added to the area to ensure that residents and visitors alike have easy access to the bustling space.
A hearty congratulations to Old Oak Properties on this groundbreaking project!