This site was last sold in 2004 to Esplanade 75 Inc. for $7.8Million. Site is 0.6 acres (land area).
Source: RealNet
The City of Toronto Official Plan designates the property Mixed Use Area. The Zoning By-law classifies the property CR T4.0 C4.0 R2.5 which permits a maximum gross floor area equal to four times the lot area. There is a site specific by-law that states that a commercial development of 166,800 square feet is permitted.
At the time of sale the property was improved with a Parking Lot. As of February 2004, no applications had been submitted to the City of Toronto Planning Department regarding development of the property. As a result of the land use regulations in place at the time of sale, only a site plan application is required for development to commence. Based on the anticipated time required to complete a standard site plan application, we have estimated the time to development to be approximately two years from the date of sale. The total consideration of $7,800,000 represents a price per square foot buildable of $47, based on the existing Zoning By-law. Our discussions with industry professionals familiar with this transaction indicated that the property was on the market for approximately six months. The asking price for the property was approximately $8,500,000.
Subsequent to this transaction the purchaser secured $4,680,000 in new financing from National Bank of Greece (Canada) bearing a nominal interest rate of 6.8% per annum, calculated semi-annually not in advance, repayable in monthly installments of $35,462.71, with a last payment date and balance due date of March 1, 2009, registered on title as Instrument No. AT408444 on February 12, 2004. It is our understanding that the purchaser had no immediate plans to redevelop the property. Furthermore, the vendor had negotiated a five year lease with Unit Park commencing May 1, 2003. The vendor had acquired the property in January 2001 for a total consideration of $5,450,000.
