- What Seven retail units along King Street West are on the block for $12.4m
- Why A private investor is looking to offload the asset
- What next Harvey Kalles Real Estate is marketing the listing
A collection of seven retail spaces along Toronto’s King Street West has hit the market with a $12.4m asking price.
The space comprises seven units of varying sizes at 787-799 King Street West, on the ground floor of Citysphere Condominiums. Harvey Kalles Real Estate is marketing the listing.
The units are fully tenanted, with what marketing materials refer to as “stable and long-term tenants.” These include the coffee and bagel shop Simit & Chai, a dry cleaner, a hair salon, a nail salon, a Thai restaurant, a cannabis shop and a tattoo removal clinic.
The units total more than 7,000 sq ft, with a 132-ft frontage along King West. The purchase also comes with seven dedicated underground parking spaces.
The seller, a private investor, is offering a vendor take-back mortgage with “very favourable terms.”
The stores are in a desirable location, along one of the city’s busiest streets and surrounded by residential buildings. They are serviced by the TTC streetcar and are 400 m from the future Ontario Line subway station at King Street West and Bathurst Street.
Retail space, particularly along main throughways like King West, has been in high demand in Toronto. Asking retail rents in the King West area ranged from $75 to $150/sq ft in the first half of the year, according to CBRE, making it the third most expensive urban area for retail rents after Bloor-Yorkville and Yonge-Dundas.
