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Future Development Potential Investment Opportunity With InvestmentExceptional Opportunity with Future Development Potential 1681 EGLINTON AVENUE EAST, 24 & 30 MOBILE DRIVE, TORONTO DON VALLEY PKWY MOBILE DR EGLINTON AVE E BERMONDSEY RD FUTURE SLOANE STATION LOCATED ALONG THE EGLINTON CROSSTOWN LRT LINE About Direct Access to YONGE ST the Offering Eglinton Crosstown CBRE’s Land Services Group is pleased to offer for sale 1681 Eglinton Avenue East, 24 & 30 Mobile Drive (collectively SERENA GUNDY PARK known as the “Property” or “Site”) in the City of Toronto. Please note that the Site contains three individual parcels, First 3 Phases over which are being sold together. The Site is improved with 75% Sold Out over three buildings, showroom and two service buildings, which $1,100 per sq. ft. DON MILLS RD is tenanted by Parkway Honda with a long term lease in (Opening 2019) place providing for a significant investment opportunity. Ideally located minutes to the DVP and just west of the FUTURE WYNFORD STATION future Sloane Station that is located along the Eglinton Active Development Crosstown LRT, the property benefits from direct transit Application connections across the City. The LRT is expected to be fully DON VALLEY PKWY 4 tower development complete and operational in 2022. In addition, the Site is ranging from 45 to 50 only a minute drive to the Don Valley Parkway providing for storeys with over 2M unprecedented highway access. sq. ft. of density The Property is currently designated as Employment FLEMINGDON PARK GOLF CLUB Areas, although the City is currently undertaking a Municipal Comprehensive Review (MCR) and is accepting formal requests to convert employment lands to allow for a mix of uses. The vendor is preparing to submit a formal request, alongside the neighbouring property CHARLES SAURIOL CONSERVATION AREA at 1695 Eglinton Avenue East ahead of the deadline on August 3, 2021. In addition to the current MCR, the vendor had previously filed a request through OPA231 and subsequently appealed the decision. This appeal is still E ongoing, allowing the opportunity for conversion through E multiple avenues. Please see page 8 for more information. CREDIT UNION DR V A N The offering provides for a substantial investment O T opportunity with long term holding income and the potential IN L for future redevelopment along the Eglinton Crosstown G E LRT, Toronto’s most anticipated transit line, and minutes to the DVP. Once complete, the LRT will provide unparalleled 1671 EGLINTON AVENUE EAST MOBILE DR access across the City with connections to TTC Subway BERMONDSEY RD 1695 EGLINTON AVE E Line 1, GO Stations24 & 30 MOBILE and DRIVEthe UP Express. FUTURE SLOANE STATION 3 Source: unsplash.com Source: aecon.com Investment Highlights Conversion Request to Permit Residential Direct Access to Eglinton Crosstown LRT The City of Toronto is currently undertaking an MCR, which the vendor is actively in the process Located on the south side of Eglinton Avenue, just west of the intersection at Sloane Avenue and of submitting a request. In addition, the owner had previously appealed the decision of OPA231, Bermondsey Road where the future above ground Sloane Station will be located, the Site will and a conversion may be permitted as well through the ongoing appeal. soon have incomparable transit access. Source: condonow.com Strengthening Market Fundamentals Long Term Lease with Holding Income Within a 3km radius of the Site, Eglinton Avenue has seen an unprecedented amount of growth Lease terms in place provide a purchaser with a significant investment opportunity with long term since the construction of the LRT. Notably Crosstown Tower III by Aspen Ridge Homes sold 170 units holding income and the potential for future redevelopment, with the active conversion requests 4 5 in the first month of opening (Oct, 2020), emphasizing the strong investor confidence in the area. and completion of the LRT project. Property Summary EGLINTON AVE E FUTURE LRT LINE MOBILE DR CREDIT UNION DR PIN (s) Existing Conditions 103720077, 103720076 and 103720058 1681 Eglinton Avenue East has a showroom, and 24 & 30 Mobile Drive both have service buildings. Total Area Building Breakdown: 1681 Eglinton Ave E – 2.6 acres 1681 Eglinton Ave E – 15,877 sq. ft. 24 Mobile Dr – 0.7 acres 24 Mobile Dr – 12,927 sq. ft. 30 Mobile Dr – 0.4 acres 30 Mobile Dr – 6,717 sq. ft. Total – 3.7 acres Lease Terms Frontage The existing tenant is Parkway Honda and the current lease term ends July 2027 with the option to extend for 2 further 648 ft. along Eglinton Avenue E, 200 ft. along Credit Union Drive and 232 periods of 5 years. ft. along Mobile Drive Mortgage Official Plan Treat as free and clear. Currently designated General Employment and Core Employment Areas with conversion request submitted to the City. Environmental Zoning BluMetric was retained in May 2017 to undertake a Phase I and II ESA. The vendor is in the process of having those reports 6 updated and will be added to the Document Centre once complete. 7 Former North York By-Law 7625 – MC (19) (H) Planning and Land Use Status The vendor has submitted requests to have the Property, as well as neighbouring site at 1695 Eglinton Avenue East, be redesignated from Employment Areas to Mixed Use Areas. Below is summary of the conversion requests and current status of the Property: APPEAL OF OPA231: As part of the City of Toronto’s previous MCR for employment lands (which led to the adoption of OPA231), the vendor has made written submissions to the City for conversion. City council did not redesignate the lands nor did the Minister when he approved OPA231, and as a result the vendor and neighbouring owner appealed OPA231 to the OMB (now LPAT). It is anticipated that the hearing will be set in late 2022, as there are more than 100 appeals to still be dealt with. REQUEST THROUGH CURRENT MCR: EGLINTON TOWN CENTRE Given the passage of time since the appeals of OPA 231 were filed, the City is now in the process of undertaking its current MCR. As part of the process, the City is accepting conversion requests until August 3, 2021. The vendor will be submitting a conversion request FUTURE LRT LINE alongside the neighbour at 1695 Eglinton Avenue East prior to the O’CONNOR PUBLIC SCHOOL deadline. Currently, the vendor and neighbouring owner have retained SLR Consulting Ltd. to undertake a Land Use Compatibility Assessment, and Bousfields Inc. to prepare a Planning Rationale. It is JONESVILLE ALLOTMENT GARDENS currently anticipated that City Council will make a decision on each of the employment land conversion requests in Q2 2022, as part of the adoption of a comprehensive Official Plan Amendment. SL OANE DR At the present time, the vendor’s plan is to primarily seek the 1695 EGLINTON AVE E redesignation of the Property and 1695 Eglinton Avenue East from EGLINTON AVE E BERMONDSEY RD Employment Areas to Mixed Use Areas through the City’s current MCR process and the Minister’s approval of the resulting Official Plan Amendment. However, if unsuccessful in that process, the vendor would retain the ability to pursue the redesignation from Employment Areas to Mixed Use Areas through the outstanding appeal of OPA MOBILE DR 231 at a hearing before the LPAT. The ongoing appeal and current CREDIT UNION DR MCR process provides a significant opportunity for the Site to be redesignated, allowing for future mixed use development in the future. 8 9 4 Market Overview What has historically been a lower density employment node of Toronto is now becoming a burgeoning market for high density residential uses. Fueled by higher order transit such as the 5 Eglinton Crosstown LRT and favourable land use policies, this Toronto submarket continues to garner significant interest from many of the City’s most prominent developers. Builders for 6 new projects are experiencing outstanding market fundamentals - commanding exceptional 1 pricing per sq. ft. whilst maintaining a strong pace of absorption. Since 2018, there have been 5 condomium project launches which cumulatively brought 1,547 units on stream, 546 of which 2 are currently under construction. Sales for these projects are strong, with a weighted average price of $1,100 per sq. ft. and only 15% remaining in inventory. Most recently, the Crosstown Tower III project by Aspen Ridge Homes sold 170 units in its first month of opening (Oct, 2020), 3 a key metric in determining investor confidence in the market. Although the Site is situated within a current employment node, with the opening of the LRT line next year and the current MCR process, the increase in high density developments along Eglinton Avenue to both the east and west of the Site highlight the strength of the market and set a precedence for future redevelopment near Sloane Station. ACTIVE PROJECTS Chateau Auberge on the Park # of Unit Price Size Range Available $/ Sold Development Builder Construction Status Opening Occupancy Units Sold Storeys Range (sq. ft.) sq. ft. (%) Crosstown - $403,990 to 1 Pre Construction 34 9/28/2020 11/17/2023 363 to 900 $1,155 344 259 75% © 2021 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibilityTower or liability of any III kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information.
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