The Coach Inn, historically known as Seldon House, is located at the intersection of 2nd Avenue and 10th Street East in Owen Sound. DENIS LANGLOIS
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A Mississauga-based real estate investment company has purchased the landmark Coach Inn building, which contains emergency accommodations for people experiencing homelessness as well as multiple affordable residential units.
BG Wealth Properties, which says on its website that its investment strategy allows the company to renovate properties and increase rents to create “attractive cash distributions and substantial increases in the after-repair value of our buildings,” made the announcement Monday.
The news ignited concerns in the community that the company would renovate the rooms at the Coach Inn and then increase the rent, as it has done with its other properties in Owen Sound, leaving the units out of reach financially for tenants in need of affordable options and further compounding the lack of rental housing in the city.
But officials with BG Wealth said Tuesday the company views the Coach Inn, which has 44 residential units, differently than the other properties it has acquired, which are long-term rentals and required improvements.
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“When we look at the Coach Inn, the Coach Inn is serving a different purpose – it’s short-term rentals for individuals who need affordable housing and we recognize that as a need in the town,” CEO Craig Dunkerley said in an interview.
Asked if he sees the building remaining as an affordable housing option for people in the long-term, he said that will come down to what the city requires as it goes through its revitalization of the downtown.
“It will come through communication with the city as to what is required in the future,” he said.
Jakob Harvey, director of acquisitions and business growth, said, in the short-term, the company plans to improve the living accommodations for those at the Coach Inn by refurbishing the floors and updating the fixtures.
“In the near future, we do not have plans to substantially increase the rents because we recognize it’s a different group of people in the Coach and it’s really serving the community of Owen Sound. So, no, we have no immediate plans for a rent increase,” he said.
Again, in the long-term, he said any decisions will be made in consultation with city officials and the community.
The property at 1005 2nd Ave. E., historically known as Seldon House, was listed for $2.75 million by Sotheby’s International Realty Canada. The online listing says the “investment property” has an English pub leasing the main level, while the upper floors contain hotel rooms that are leased monthly and are “fully occupied with a waiting list.”
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Joan Chamney, program co-ordinator with YMCA Housing, said for many years, owners of the building have been “very welcoming to a large, diverse group of people” who have been in need of an affordable place to stay in Owen Sound.
The organization uses several main-floor rooms as emergency/transitional accommodations.
“For people that have nothing tonight, we can call them and they reserve a few rooms for us – for our use, for Safe ‘n Sound’s use and for the police to use. So should somebody be found to be homeless at 10 o’clock at night, they can be taken there,” she said.
YMCA Housing also refers people who are struggling to find affordable housing to rent the upstairs rooms at the Coach Inn.
It would be a “huge loss” to lose that kind of rooming, she said.
Toni McGregor Callaghan, executive director of Safe ‘n Sound, said the homelessness prevention organization frequently refers people to the emergency beds in the Coach Inn.
It’s nearly impossible, she said, to find the kind of affordable rooms available at the Coach Inn elsewhere in Owen Sound.
Some of the rooms are occupied by couples, she said, and some people have lived there for many years.
She said she is deeply concerned about what the people who live in the rooms would do if they no longer had that option for accommodations.
Grey County council heard last month that 560 county residents are on waiting list for affordable housing, while vacancy rates in the county are at historical lows and there have been “substantial increases” in rental rates throughout Grey.
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The listing for the building also says the units in the Coach Inn fall under the Innkeepers Act.
Seana Moorhead, executive director/lawyer at the Grey Bruce Community Legal Clinic, said that’s been a subject of dispute, with the clinic taking the position that the Residential Tenancies Act may apply to tenants who reside in the building.
Some tenants have challenged previous owners’ positions that the act doesn’t apply, she said, and, to the best of her knowledge, those claims have been settled out of court.
The RTA provides protection for tenants, including a process that landlords must follow before an eviction can occur, while the Innkeepers Act does not.
The 15,500-square-foot Coach Inn, located at the 10th Street and 2nd Avenue East intersection, was built in 1887 as a hotel with 44 rooms, three parlours, a bar, dining room and sample rooms.
From 1904 to 1937, it operated as a temperance hotel by the daughters of Mary Doyle, founder of the Women’s Christian Temperance Union in Owen Sound, the first organization of its kind in Ontario.
In 1984, the entire exterior facade, lobby and main staircase was designated under the Ontario Heritage Act by Owen Sound. Seldon House is also listed on the city’s register of properties of cultural heritage value or interest.
The building was sold in 2018 by then-owner Jason Queenen, who had the property listed for sale for $1.95 million.
In September 2019, new owner Jeff Mundle applied to city hall for a double facade grant to improve the exterior.
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BG Wealth Properties has a website dedicated to Owen Sound, which says the city “is a hidden gem with immense opportunity for development” and the “opportunity aligns with BG Wealth Group’s vision and value-investing philosophy to develop undervalued properties in areas with high-growth potential.”
A timeline on the website says the company acquired in March 2019 buildings at 261-281 9th St. E., which contain nine residential and six commercial units. It notes the monthly rents upon acquisition ranged from $550 to $750 for one-bedroom units and $950 for two-bedroom units.
“BG Wealth Properties Inc. renovated two one-bedroom units thereby increasing rents for the two units to $1,100 per month each and the one two-bedroom, which the rent was increased to $1,400 per month,” the website says.
The company then acquired in June 2020 buildings in the 900 block of 2nd Avenue East, which contain 13 residential and two commercial units, the website says. Rents averaged $750 a month, which offered “immense opportunity to rehab units and substantially increase rents and buildings value,” it says.
In August 2020, the company “secured a new tenant for another of the one-bedroom units at $1,300 per month. This unit was previously being rented at $650 per month. This increase from the $1,100 we could get last year to $1,300 this year shows there is even stronger demand and more growth possible,” the website says.
Dunkerley said he came across Owen Sound about three years ago while looking for an Ontario community where BG Wealth could invest and be a part of rebuilding the community.
“I saw coming into that there was a lot of effort being made by the Downtown Improvement Association and the business and economic development committee to make improvements. And the province bringing in money to redo the waterfront and the city looking to revitalize and maintain their heritage, it just seemed like an area that we really wanted to be a part of and see how we could help and bring more to the area as well, whether that be helping the residents or bringing in business that are desirable in a downtown core,” he said.
Here's How Much a $1000 Investment in Micron Made 10 Years Ago Would Be Worth Today – Yahoo Finance
Published
42 mins ago
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April 18, 2024
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How much a stock’s price changes over time is important for most investors, since price performance can both impact your investment portfolio and help you compare investment results across sectors and industries.
The fear of missing out, or FOMO, also plays a factor in investing, especially with particular tech giants, as well as popular consumer-facing stocks.
What if you’d invested in Micron (MU) ten years ago? It may not have been easy to hold on to MU for all that time, but if you did, how much would your investment be worth today?
Micron’s Business In-Depth
With that in mind, let’s take a look at Micron’s main business drivers.
Idaho-based Micron Technology has established itself as one of the leading worldwide providers of semiconductor memory solutions.
Through global brands, namely Micron, Crucial and Ballistix, Micron manufactures and markets high-performance memory and storage technologies including Dynamic Random Access Memory (DRAM), NAND flash memory, NOR Flash, 3D XPoint memory and other technologies. Its solutions are used in leading-edge computing, consumer, networking and mobile products.
A major portion of the revenues is derived from DRAM sales. The company’s mission is to be the most efficient and innovative global provider of semiconductor memory solutions.
Micron reported revenues of $15.54 billion in fiscal 2023. The company has four reportable segments:
Compute and Networking Business Unit (CNBU): The unit comprises of DRAM and NOR Flash products that are sold to the computer, networking, graphics, and cloud server markets, and NAND Flash products which are sold into the networking market. CNBU delivered revenues of $5.71 billion (37% of total revenues) in fiscal 2023.
Mobile Business Unit (MBU): The unit comprises Micron’s discrete DRAM, discrete NAND and managed NAND (including eMMC and universal flash storage (UFS) solutions) products that are sold to smartphone and other mobile-device markets. MBU generated revenues of $3.63 billion (23%) in fiscal 2023.
Storage Business Unit (SBU): The unit accounts for solid state drives (SSDs) and component-level solutions sold into enterprise and cloud, client and consumer storage markets as well as other discrete storage products sold in component and wafer forms to the removable storage markets. SBU’s revenues grossed $2.55 billion (16%) in fiscal 2023.
Embedded Business Unit (EBU): The unit includes Micron’s discrete DRAM, discrete NAND, managed NAND and NOR products, which are sold to the automotive, industrial and consumer markets. EBU’s revenues logged $3.64 billion (24%) in fiscal 2023.
The company struggles with intense competition from Intel, Samsung Electronics, SK Hynix, Toshiba Memory and Western Digital Corporation.
Bottom Line
While anyone can invest, building a lucrative investment portfolio takes research, patience, and a little bit of risk. If you had invested in Micron ten years ago, you’re probably feeling pretty good about your investment today.
According to our calculations, a $1000 investment made in April 2014 would be worth $5,416.81, or a gain of 441.68%, as of April 17, 2024, and this return excludes dividends but includes price increases.
The S&P 500 rose 171.24% and the price of gold increased 76.28% over the same time frame in comparison.
Looking ahead, analysts are expecting more upside for MU.
Micron’s better-than-expected second-quarter performance reflects gains from improved market conditions, strong sales executions and double-digit growth across multiple business units. The positive impact of inventory improvement in the data center, as well as stabilization in other markets, such as automotive, industrial and others, have also contributed to its results. It anticipates the pricing of Dynamic Random Access Memory (DRAM) and NAND chips will keep increasing next year, hence improving its revenues. The pricing benefits will primarily be driven by rising AI server causing a scarcity in the availability of cutting-edge DRAM and NAND supply. The 5G adoption in the Internet of Things devices and wireless infrastructure is likely to spur demand for memory and storage.
Over the past four weeks, shares have rallied 29.54%, and there have been 7 higher earnings estimate revisions in the past two months for fiscal 2024 compared to none lower. The consensus estimate has moved up as well.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
UK Mulls New Curbs on Outbound Investment Over Security Risks – BNN Bloomberg
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2 hours ago
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April 18, 2024
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(Bloomberg) — The UK is considering new curbs on outward investment in emerging technologies such as artificial intelligence and semiconductors, citing the potential security risks of aiding hostile states such as Russia and China.
Britain’s deputy prime minister Oliver Dowden, who oversees the UK’s investment regime, said he’s planning to work with other Group of Seven nations to assess the risks and consider whether to introduce extra restrictions.
The government’s concern is that some outbound investments may be used to “facilitate and support and aid strategic uplift of adversaries,” Dowden said in an interview, citing areas such as semi-conductor manufacturing, cryogenic equipment and facial recognition technology. Nevertheless, “there’s a high bar for the imposition of any form of restrictions,” he said.
The UK’s focus on the issue follows President Joe Biden’s order last year to limit US investment in some Chinese advanced technology companies, as Western nations try to strike a balance between protecting national security while encouraging free trade and innovation. Dowden said he will also review Britain’s approach to export controls and clarify the circumstances in which the government would review inward investment in sensitive sectors like critical minerals and semiconductors.
Read More: UK Weighs Measures to Crimp Investment in China After Biden
“The risk landscape is increasing all the time,” Dowden said, referring to Russia’s invasion of Ukraine, Chinese aggression in the South China Sea and the threat of ransomware attacks. “We are in a state of cyber and economic contestation with an increasing range of state and non-state actors.”
The move by Biden last year regulated US investments in some Chinese semiconductor, quantum computing and AI firms, and the British government said at the time that it would consider its own next steps.
Yet whether the Conservative Party will be in power to see through changes in this area is far from certain, given the opposition Labour Party’s commanding poll lead ahead of a general election that must be called by January 2025 at the latest.
Sylvia Jones makes announcement in Muncey | CTV News – CTV News London
Published
3 hours ago
on
April 18, 2024
By
An investment has been announced to help connect over 23,000 people to primary care teams in the region.
Speaking in Muncey on Thursday, Ontario Health Minister Sylvia Jones said $6.4-million will help people in London, Lambton and Chathamk-Kent.
The money, part of a bigger $110-million investment will support seven new and expanded interprofessional primary care initiatives that will connect over 23,000 Ontarians to primary care teams and provide services.
Services include
New mobile services for an Indigenous Primary Health Care Organization that will support First Nations, Inuit and Metis community members in Middlesex County.
A new mobile bus to connect Indigenous people in rural and urban areas of Lambton-Kent-Middlesex with Indigenous led, culturally relevant primary care services in person and virtually.
A new Family Health Team for London and the surrounding area, that will expand services through additional Community Hub locations throughout the area. By meeting people where they are, and reducing other barriers, this program will help connect people experiencing homelessness or at risk of homelessness with primary care providers that are trauma and violence informed.
An expanded Family Health Team in Elgin County that will partner with another Family Health Team and Community Health Centre to increase the number of people who can connect to team-based primary care services.
A new rural site along with expanded capacity at an urban clinic in Lambton County, focused on connecting isolated seniors, socioeconomically disadvantaged and vulnerable people, newcomers, and refugees to primary care.
New mobile primary care services in Chatham-Kent, including clinics for respiratory and diabetes management, cancer screening and traditional healers to help provide culturally appropriate care.
Primary care service expansion in Tillsonburg to connect vulnerable and medically complex community members to comprehensive, convenient and connected primary care closer to home.
