- What A retail property at 332 Yonge Street is asking $22.25m
- Why It’s being marketed as a potential redevelopment opportunity, just north of Toronto’s busiest intersection
- What next Avant Group is marketing the property
A vacant retail building with redevelopment potential just north of Toronto’s Yonge-Dundas Square — recently renamed to Sankofa Square — is on the market for $22.25m.
The 11,000 sq ft building at 332 Yonge Street rises two storeys, plus a basement, with an elevator connecting all three floors. It was previously home to a Theatrics Plus costume shop and before that, a Globo Shoes. Avant Group is marketing the property on behalf of the unidentified owner.
The property is being touted as a mixed-use development opportunity, as the owners of the adjacent building at 334 Yonge Street, home to a Jollibee, also are open to selling, setting the stage for a small assemblage in an in-demand area.
“The nice thing is you could essentially purchase both of those and build up to 35 storeys,” listing broker David Hutchinson told Green Street News. “The reason why it’s 35 storeys is the SickKids helicopter pad is nearby so you can’t build over 35 storeys.”
Although no offers have come in yet as the property just hit the market, a number of interested renters have already reached out. That’s a reflection of the high demand for prime retail space in the Toronto market — and something that bodes well for a purchaser interested in maintaining the property as a commercial space.
“If someone did want to come and use it as a commercial space, they have such an incredible commercial opportunity with foot traffic in the area,” Hutchinson said. “You’re literally at the busiest intersection in all of Toronto.”
The Yonge Street building underwent an extensive $500,000 asbestos removal in 2019, which Hutchinson highlights as one less thing for a future owner to have to worry about.
The property was previously listed for sale in 2021 but no transaction took place.
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