- What A retail and multifamily property on Toronto’s Yonge Street is listed for $8.1m
- Why The site presents a possible future development opportunity
- What next Commercial Focus Realty is marketing the property
A mixed-use property on Toronto’s Yonge Street is on the market with an asking price of $8.1m.
The corner lot, at the intersection of Yonge and Erskine Avenue, houses a three-storey building anchored by Starbucks. The low-rise has more than 7,000 sq ft of retail space as well as several residential rental units on the upper floors.
Other retail units are occupied by a dry cleaners, a barber shop and a shoe repair shop.
The seller, operating under the name 2488480 Ontario Inc., purchased the 2449 Yonge Street site in December 2016 for $5.7m. In May 2020, the firm obtained a $3.1m loan on the property from the Bank of Montreal.
The sale presents a future redevelopment opportunity. Other owners on the block are open to development, marketing materials say, leaving the door open for a builder to pick up an assemblage along Toronto’s main throughways. Commercial Focus Realty is handling the sale.
The property is 500 m north of Eglinton Avenue, close to the long-awaited future Eglinton Crosstown LRT as well as the TTC’s Eglinton subway station. The area has seen extensive densification in recent years, with many new high-rise towers having been constructed and more on the way.
