- What Art and Design Building is on the block for about $750/sq ft
- Why The property is close to a subway station and street car routes
- What next Colliers has the marketing assignment
A boutique office building in downtown Toronto’s east end is on the market for $11.25m.
The expected valuation for the 15,000-sq ft property at 41 Britain Street is about $750/sq ft. It’s zoned commercial/residential, and is being offered vacant. Colliers has the marketing assignment.
Known as the Art and Design Building, the property is near the intersection of Richmond Street East and Sherbourne Street in Moss Park. The three-storey, brick-and-beam building is a little over a kilometer from the financial core, St. Lawrence Market and the Distillery District.
The transit-oriented asset is within a kilometer of Queen subway station, the Gardiner Expressway and the future Moss Park subway station. The 501 and 504 streetcar routes run nearby. Union Station is 1.5km away.
According to CBRE, the vacancy rate in the downtown east submarket was 27.2% in Q2, above downtown Toronto’s average of 17.6%. Net asking rents in the node were $33.70/sq ft.
