- What 5633-5639 Finch Avenue East includes office, industrial and retail buildings
- Why The valuation for the 109,000 sq ft complex is $229/sq ft
- What next Colliers has the assignment
A mixed-use office and industrial complex in Toronto’s Scarborough district is being shopped for $25m.
Colliers has the assignment for the Tapscott Business Centre on behalf of a private investor. At 5633-5639 Finch Avenue East, the four-property parcel comprises an office building and three small-bay industrial and retail assets. The valuation for the 109,000 sq ft complex is $229/sq ft.
The property is 77% occupied by 19 tenants, including the Government of Ontario, the City of Toronto and the YMCA. The weighted average remaining lease term is 2.7 years. A 17,000 sq ft vacant space is being offered in the office building.
According to the marketing campaign, rental rates are competitive with market trends. As of Q3, the asking net rent in Scarborough’s office market was $14.80/sq ft, according to CBRE.
The buildings were completed from 1989 to 1995. All roofs were replaced in 2020, and an extensive asphalt replacement was completed in 2022. There are 10 drive-in shipping doors.
At the corner of Finch Avenue East and Tapscott Road, the 5-acre site is 4 km from Steeles Avenue East, 3 km from Highway 401 and 5 km from the Milliken GO station.
Several golf courses, including Cedar Brae Golf Club, as well as Rouge National Urban Park and University of Toronto Scarborough are within 5 km.
The office vacancy rate in Scarborough was 30.9% in Q3, while the average for Toronto’s suburbs was 20.7%.
