- What A private ownership group has floated 345 Wilson Avenue
- Why The property is expected to attract bids around $650/sq ft
- What next Marcus & Millichap has the assignment
A vacant mixed-use office building in Toronto’s North York region is expected to attract bids of around $8.4m, Green Street News can reveal.
Marcus & Millichap has the assignment for 345 Wilson Avenue on behalf of a private ownership group.
The 13,000 sq ft building, comprising office space and ground-level retail, is being shopped unpriced, but market pros expect it to fetch bids around $650/sq ft based on guidance for similar properties in the area. In 2020, the property was floated for just under $7m, or $540/sq ft.
Marketing is targeting owner-users and investors. The four-storey building was completed in 1976. Ownership is in the process of upgrading the property with new mechanical, electrical and plumbing systems, as well as new ground-floor glazing. There are 34 surface parking spots and one passenger elevator.
As of May 2024, the ground-floor retail space was leased at $43.50/sq ft gross rent. Prior to May 2024, the average gross rent for the office space, which was tenanted by several professional services and local businesses, was $36/sq ft and the average net rent was $22.75/sq ft.
The average asking net rent in the North York West submarket was $13.22/sq ft in Q4 2024, CBRE said in a recent market report. The vacancy rate for the node was 8.4%, below the suburban Toronto average of 20.7%.
The vendor has drafted development plans for up to 95 residential units with a gross building area of approximately 70,000 sq ft. There is redevelopment potential up to 13 storeys.
Four development applications have been submitted within 200 m of 345 Wilson Avenue, including an approved plan for a 32- and 10-storey condominium development with 479 units.
Near the intersection of Wilson Avenue and Bathurst Street, the property is within 1 km of Highway 401, Allen Road and Wilson subway station. Downsview Park GO station and Highways 400, 404 and 407 are within 10 km.
