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A Toronto developer has plans under way to develop what they believe will be the first condominium building comprised of safety deposit boxes.
Parallax Investment Corporation has purchased a lot in Markham, Ont., to construct its 16,000 sq. ft. ultra high-tech security project comprised of safety deposit boxes that range in size. About half the project will be devoted to client parking, and 2,000 sq. ft. of it will be vault space. There will be around-the-clock security, client reception areas, and small private suites.
But instead of operating as a rental, SafeBox Condominium Vaults will operate as a condo, with presales launching March 31. It will have a completion date some time in spring 2013. Although there won't be anyone living in the building, it will operate like a condo development, says Parallax's Nigel Lawson.
Owners will run the building collectively by a condo board, and residents will cover repair bills, pay condo fees and property taxes.
However, unlike renting a safety deposit box, they will be able to sell their boxes or rent them out. While there are lease-style projects in other countries, he says this will be the first condominiumized safety deposit box property.
“We are offering a product you can't get anywhere else,†says Mr. Lawson, who, as a lawyer, oversees the legal aspects of the company's acquisitions. “Because they will own it, they have more flexibility.â€
“If a bank closes, you lose your safety deposit box, you have no certainty of continuity.
“As well, you have a purchase price upfront, and when you sell it, you recoup it. There's ability to make money off it…you have the same rights and privileges that any homeowner or business owner has.â€
The price of the three-inch high, 10-inch wide, 24-inch deep gold box is $3,600, with an annual fee of $109, and taxes of $64. The platinum box, which is the same length and width, but eight inches high, has a price tag of $5,500, with an annual fee of $273 and taxes of $97.
More..............http://www.theglobeandmail.com/life... RSS/Atom&utm_source=Home&utm_content=2384851
A Toronto developer has plans under way to develop what they believe will be the first condominium building comprised of safety deposit boxes.
Parallax Investment Corporation has purchased a lot in Markham, Ont., to construct its 16,000 sq. ft. ultra high-tech security project comprised of safety deposit boxes that range in size. About half the project will be devoted to client parking, and 2,000 sq. ft. of it will be vault space. There will be around-the-clock security, client reception areas, and small private suites.
But instead of operating as a rental, SafeBox Condominium Vaults will operate as a condo, with presales launching March 31. It will have a completion date some time in spring 2013. Although there won't be anyone living in the building, it will operate like a condo development, says Parallax's Nigel Lawson.
Owners will run the building collectively by a condo board, and residents will cover repair bills, pay condo fees and property taxes.
However, unlike renting a safety deposit box, they will be able to sell their boxes or rent them out. While there are lease-style projects in other countries, he says this will be the first condominiumized safety deposit box property.
“We are offering a product you can't get anywhere else,†says Mr. Lawson, who, as a lawyer, oversees the legal aspects of the company's acquisitions. “Because they will own it, they have more flexibility.â€
“If a bank closes, you lose your safety deposit box, you have no certainty of continuity.
“As well, you have a purchase price upfront, and when you sell it, you recoup it. There's ability to make money off it…you have the same rights and privileges that any homeowner or business owner has.â€
The price of the three-inch high, 10-inch wide, 24-inch deep gold box is $3,600, with an annual fee of $109, and taxes of $64. The platinum box, which is the same length and width, but eight inches high, has a price tag of $5,500, with an annual fee of $273 and taxes of $97.
More..............http://www.theglobeandmail.com/life... RSS/Atom&utm_source=Home&utm_content=2384851
