Wayne Hambly says getting out of the real estate rental business is an emotional one for him. He has worked since 1968 building up contacts and relationships. Guardian photo by Heather Taweel
About 45 years after he bought his first duplex, Wayne Hambly is getting out of the real estate rental business.
CAPREIT recently announced it paid $34.9 million to buy Hambly Rentals’ properties in the Charlottetown area as it enters the P.E.I. market.
Hambly, who turns 70 this month, said the sale was part of his plan to make a gradual exit from his businesses.
“It was basically a succession planning exercise to combat the fact that I’m not getting any younger,” he said.
Hambly is one of the founders and president of Hambly Enterprises, which includes a mini and modular home business, RV sales and a furniture store.
Up until the recent sale it also included 12 apartment complexes in the Charlottetown area.
Hambly said the sale was almost two years in the planning and although the deal was finalized on Oct. 22, the two parties will be working on the transition through November.
When it comes to selling the business, Hambly said it was an emotional exercise because it was something he built up since owning his first rental property in 1968.
“You just don’t turn your back and walk away from that,” he said.
Hambly said one of the losses for the company was the relationships it built over the years with some of its long-term residents.
He also had high praise for Hambly Rentals’ staff, which CAPREIT has kept on after the sale.
As for the rest of the Hambly Enterprises businesses, Hambly said family members are still running them.
“This makes it just a more manageable situation,” he said.
Although CAPREIT bought the properties for $34.9 million, Hambly said a lot of that money will go toward paying mortgages, shareholders and what will be a large tax bill.
But after all his years in the rental business, Hambly said it was the right time to make the move.
“It’s been a great ride too,” he said.