- What The valuation for 32 Britain Street works out to $748/sq ft
- Why As of April, the building was 75% vacant
- What next Colliers has the marketing assignment
A boutique office building east of downtown Toronto is on the block for $8.6m.
Colliers has the assignment for 32 Britain Street in Moss Park. The valuation for the nearly 12,000 sq ft property works out to $748/sq ft.
The brick and beam building is divided into four full-floor units. As of April, the building was 75% vacant, with King Ursa occupying the main level. Per marketing materials, semi-gross rent is $35/sq ft.
Near the intersection of Queen Street East and Jarvis Street, 32 Britain Street is approximately 1 km from the Financial District. It’s within 1.2km of Queen, King and Union stations, the Gardiner Expressway and the 501 and 504 streetcar lines. The future Moss Park station on the Ontario Line is 100 m away.
According to Colliers, the downtown east office market had a vacancy rate of 16.5% in Q2, higher than the downtown average of 13.7%. Over 800,000 sq ft of office space is under construction in the area.
Last month, the neighbouring office building at 41 Britain Street hit the block for $11m. Colliers is marketing that property as well.
