- What Vandyk’s development site at 41 Wabash Avenue sold for $8.15m
- Why The property was put up for sale earlier this year after being placed under receivership
- What next The buyer, THMR Developments, plans to rezone to allow for more townhouse units
A distressed Vandyk-owned development site has sold under receivership for $8.15m, Green Street News can reveal.
The property, at 41 Wabash Avenue in Toronto’s Roncesvalles neighbourhood, is a shovel-ready site zoned for a 15-unit, four-storey luxury townhouse development. It was put up for court-ordered sale earlier this year after lenders sought to recover $10.4m of outstanding debt.
At the time, the property was valued around $10m, but recent market dynamics have proven challenging. Colliers handled the sale on behalf of the receiver.
The buyer, THMR Developments, is a smaller outfit, holding 10 other properties in southern Ontario, including a handful of single-family homes and retail plazas. THMR plans to rezone the Wabash site to allow for up to 40 stacked townhouse units.
This is the second court-ordered sale for 41 Wabash. Vandyk initially purchased the property in 2022 under receivership from Curated Properties.
