- What A prime Toronto retail space is asking $16.5m
- Why The property is back on the market after being previously listed at a higher price
- What next Harvey Kalles Real Estate is marketing the building
A retail space at the intersection of two major Toronto roads is on the market with an asking price of $16.5m.
The two-storey building at 146 Dupont Street, at the intersection of Davenport Road, was relisted this week after previously being marketed for $18.9m with no buyer found.
The seller is a private investor. Harvey Kalles Real Estate has the assignment.
The main and lower levels are occupied by furniture store South Hill Home, which has roughly 1.5 years left on its lease. The second storey has been left vacant to keep the door open for a possible owner-occupier. It is an open space with 14-foot ceilings that can be used for offices or as an event space.
If a buyer chooses to rent out the vacant space, lease rates could be set at $30/sq ft to $35/sq ft. Taxes, maintenance and insurance for the building run around $12.50/sq ft.
The entire building measures just shy of 20,000 sq ft and comes with a parking lot that could fit up to 12 cars.
There is redevelopment potential for the site, though acquiring the adjacent properties to the east may be necessary for a developer looking to pursue a high-rise project. The site is 400 m from the Dupont subway station and 900 m from Casa Loma. It is also close to gas stations, shops and restaurants.
