- What Dream and Streetcare Developments have listed 11 Peel Avenue
- Why A buyer would achieve a first-year cap rate of 6.7%
- What next Cushman & Wakefield has the assignment
A fully leased office condominium in Toronto’s west end is being shopped for $8.5m.
Dream and Streetcar Developments are looking to offload 11 Peel Avenue. Cushman & Wakefield has the assignment, and marketing is targeting office investors.
The valuation for the 18,000 sq ft property is $470/sq ft. The condo is 100% leased to Spaces, a co-working subsidiary of IWG, until May 2035, making the weighted average remaining lease term 10.9 years.
In-place net rent is $30.80/sq ft, and contractual escalations are in place. First-year net-operating income is $573,000. At the expected valuation, a buyer would achieve a capitalization rate of 6.7%.
The property was completed in 2016 and is within the Carnaby complex, a multi-tower, mixed-use development from Dream and Streetcar. It’s near the corner of Dufferin Street and Queen Street West, on the cusp of Liberty Village. More than 221,000 people with an average household income of over $118,000 live within 5 km of the property.
The 29 Dufferin bus and 501 Queen streetcar serve the site, and the Gardiner Expressway, Lake Shore Boulevard West and Exhibition GO Station are within 2 km.
Streetcar Developments is a Toronto-based developer of boutique and mid-rise residential condominiums. Les Mallins is its founder and president.
Dream manages, owns and develops real estate across Canada. It has over $23bn of assets under management across its five publicly listed entities, private funds and institutional partnerships. Michael Cooper is president and chief responsible officer.
