jll - for sale queen street... · rockport group 1331 queen st. e. jan-20 8 91 $621 78% 3 u/c st....
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For SaleQueen East Urban Development Opportunity
1134 Queen Street East Toronto, ON
Jones Lang LaSalle Real Estate Services Inc. (“JLL” and / or the “Advisor”) is pleased to offer
for sale a 100% freehold interest in 1134 Queen Street East (the “Property”). The Property
represents an excellent opportunity to acquire raw development lands in the rapidly
gentrifying Queen East node, right in the heart of Leslieville. Strategically located on the north
side of Queen Street East just one block west of Jones Avenue, the Property is less than 100
meters from the Caroline Avenue TTC Streetcar stop.
Elliot Medoff* Vice President, Capital Markets+1 416 238 [email protected]
Euan Darling*Senior Associate, Capital Markets+1 416 238 [email protected]
Michael Botting*Associate, Capital Markets+1 416 238 [email protected]
*Sales Representative
CONCEPT DEVELOPMENT RENDERING
Property Details
Lot Area 5,048 square feet
Frontage 50 feet
Depth 101 feet
Current Zoning MCR T2.5 C1.0 R2.0
Current Height Allowance 14 metres
Official Plan Mixed Use Area
Asking Price $3,699,000
LocationThe neighbourhood of Leslieville is bounded by Coxwell Avenue to the East, Lakeshore Boulevard to the south and the CN railway line to the north and west. Queen Street East is the main retail thoroughfare of Leslieville, while many are referencing it as the ‘new Queen West’. A historically quiet and cozy neighborhood previously home to the Film District, it is now known as one of Toronto’s premier artistic communities, featuring trendy restaurants, vintage furniture shops and upscale fashion and design boutiques. As a result, Leslieville is one of the most prominent single family home markets throughout the Greater Toronto Area.
Salient Facts
Highlights- 5,048 SF mixed-use development parcel with 50 feet of frontage on Queen Street East
- Situated in the rapidly gentrifying neighbourhood of Leslieville
- Close proximity to the proposed Downtown Relief Line station at Queen East & Carlaw
- Rare opportunity that is ideal for a boutique developer seeking to capitalize on the significant growth in the Leslieville neighbourhood
Long-Term TransitThe City of Toronto and the Toronto Transit Commission (TTC), in partnership with Metrolinx, have recently begun the planning process for the proposed ‘Relief Line South’ subway project. The future proposed 7.5 km long rapid transit line will feature eight stops along Queen Street East before heading north through the Carlaw & Pape Avenue corridor, terminating at Pape Station on Danforth Avenue. The objective is to relieve crowding on the Yonge-University Line 1 south of Bloor, at the Bloor-Yonge interchange station and on surface transit routes throughout the city’s East-End.
The Property will see substantial upside from this project as it is located just 450 metres east of the nearest proposed station at the intersection of Queen Street East & Carlaw Avenue, transforming the immediate area into an even more highly-sought after neighbourhood that is close to both Downtown and new rapid transit, not to mention the existing amenities offered in the Leslieville and Beaches neighbourhoods.
40 Median Age
(2011-2016, Leslieville)
27,945 Total Population
(2011-2016, Leslieville)
6.86% Population Growth
(2011-2016, Leslieville)
19,209 Vehicles/Day
(2015, Queen & Carlaw)
$111,900 Avg. Household Income (2011-2016, Leslieville)
1134 Queen Street East
# Status Development Name Developer Address Occ. Date
Max. Storeys Suites Avg. Sold
Price (psf)%
Sold
1 Pre West Beach Condos Marlin Spring Developments 1630 Queen St. E. Dec-19 6 89 $728 76%
2 U/C George Condos + Towns Rockport Group 1331 Queen St. E. Jan-20 8 91 $621 78%
3 U/C St. Leslieville Church Lofts
de Cartier Dev. Corp. & Lifestyle Custom Homes 175 Jones Ave. Jun-18 4 14 $633 100%
4 Pre 1001 Queen East 33 Developments 1001 Queen St. E. Sep-19 6 16 $765 100%
5 U/C 875 Queen East Harhay Construction 875 Queen St. E. Apr-19 7 122 $599 100%
6 Pre The Lofthouse Grid Developments 794 Gerrard St. E. May-20 6 58 $768 83%
7 U/C
Riverside Square (Queen, East,
Central, City, Phase 1 Collections)
Streetcar Developments & DREAM
677 Queen St. E. & 77 East Don Rdwy.
Jan-19 -
Jan-21
6, 13, 15, 15, 24 912 $578 98%
TOTALS / AVERAGES 10.4 1,213 $596 96%
Development ActivityHistorically, the west side of Toronto has been the focal point of new residential development throughout the city. However, Toronto’s East-End has seen an abundance of growth and developer interest due to limited development product in Downtown West and close proximity to the city’s downtown core. The Toronto East neighbourhood currently has eighteen active projects totalling over 1,900 units of which 95% have been sold, trailing third to the Downtown East and Downtown West neighbourhoods in competition. Average sold prices are over $600 per square foot, and average unsold pricing is over $820 per square foot. Nearby active projects include 1001 Queen East by 33 Developments, a boutique six-storey, 16-unit condo just steps west of the Property, and 875 Queen East by Harhay Construction, a seven-storey, 122-unit mid-rise condo project situated 700 metres west from the Property. Both of these sold-out projects have indicated high demand for new mid-rise development in the immediate area, while increased gentrification alongside public investment in new rapid transit infrastructure is highly supported by the city.
Toronto East Developments
6
7
Gerrard Street East
Queen Street East
Dundas Street East
Carlaw Avenue
Jones Avenue
Broadview Avenue
DVP
1
2
3
4
5
Greenwood Avenue
Coxwell Avenue
Eastern Avenue
1134 Queen Street East rendering of potential development
Although information has been obtained from sources deemed reliable, Owner, Jones Lang LaSalle, and/or their represen-tatives, brokers or agents make no guarantees as to the accuracy of the information contained herein, and offer the Property without express or implied warranties of any kind. The Property may be withdrawn without notice. If the recipient of this information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2017. Jones Lang LaSalle. All rights reserved. *Sales Representative **Broker.
Offering Process
JLL has been exclusively retained by the Vendor to seek proposals to acquire the Property. The Property is offered for sale at $3,699,000 on an as-is, where-is basis, free and clear of debt. The Vendor’s objective is to maximize sale proceeds, while preference will be given to offers with limited conditionality and a timely closing. Offers should be submitted to the attention of Elliot Medoff, Euan Darling and Michael Botting at 22 Adelaide Street West, Suite 2600, Toronto, ON, M5H 4E3.
For more information please contact:
Elliot Medoff* Vice President Capital Markets +1 416 238 9768 [email protected]
Michael Botting*Associate Capital Markets+1 416 238 [email protected]
*Sales Representative
Euan Darling*Senior Associate Capital Markets+1 416 238 [email protected]
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Jones Avenue
Larchmount Avenue
Caroline Avenue
Coady Avenue
Bertmount Avenue
Berkshire Avenue
Rushbrooke Avenue
Brooklyn Avenue