Strata developments have come a long way over the years. They have grown in popularity, and people are really starting to see their benefits. Stretch has been a bit of a pioneer when it came to strata developments in Alberta and BC. Of course, we didn’t invent them, but our unique take on them and our high-quality builds helped bring them into the limelight, especially in the Okanagan.
Stretch has become well-known for our strata builds. Our first strata project in BC sold out before it was completed. We have since completed several strata builds across Western Canada.
What Exactly Is a Strata?
A strata is a building comprised of separate units that can be purchased or leased; think of them as condos. In some provinces, they are actually defined as condos. A more technical definition is that they are properties that have shared ownership. Individuals own the title to a portion of the strata building and share common areas such as the land, parking lot, services, etc.
In addition to strata housing or residential strata like condos and townhouses, there are also commercial, industrial and mixed-use strata developments that can be used for restaurants, retail spaces, parking lots, offices, etc.
Residential
Residential strata are the most common types of strata that are constructed. Residential strata include condos, townhouses, duplexes. They are used as personal dwellings.
Commercial/Industrial
Commercial strata are comprised of solely commercial or business lots, such as:
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Office buildings
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Storage units
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Retail spaces
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Shops
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Workshops
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Garages
They are increasing in popularity as they provide a great and affordable option for businesses to have a physical location.
Mixed-Use
Mixed-use strata are a combination of residential and commercial strata lots. An example of mixed-use strata would include buildings with retail stores on the ground level and residential units above.
You can contact our team to learn more about the different types of strata projects or if you would like to start your own strata development.
Benefits of Strata Buildings
A strata or commercial condo has a lot of benefits, whether you are a business owner looking for a functional space or you are an investor looking for a great real estate opportunity. Here are some of the top benefits of building and buying a strata.
Cost-effective way to invest in commercial property
The main benefit is that you can own the title to a specific space within a strata building. You then get to share and benefit from the shared spaces like the land, parking lot, services, etc., between the other unit owners. With land costs escalating, it’s become cost-prohibitive for most small business owners to buy their own parcel of land and build a free-standing building. A strata allows you to build equity through ownership (as opposed to leasing), and you can enter the market at a better price point than with a stand-alone building.
An Opportunity for Investors
Strata are a great opportunity for investors. They provide the chance to grow your real estate portfolio with structures that are growing in popularity. You also have the opportunity to choose to sell or lease the strata units.
Grow Your Business
A strata is a culmination of several businesses in one building. When there are multiple businesses in one area, it can attract more customers to your storefront. It is a draw for potential customers as they enjoy the convenience.
Unit flexibility
For investors, you can construct any type of strata to meet the needs of your target demographic. For example, you can construct commercial, industrial or even mixed-use units.
For unit owners, it is yours to make your own. It is the space for your business.
If you would like to learn more about strata developments, our available strata units or if you are looking to develop your own strata, contact the Stretch team.
