FOR SALE Apartment Building and Development Land Bloor Street West Markland Drive 240 Markland Drive, Toronto 113-Unit Apartment Building • 10-storey apartment building • Substantial rental upside • Great suite mix Development Land | Over 190,000 sf • 126 unit residential building fronting onto Bloor St West • 29 unit residential building fronting onto Sunplains Crescent • 9 townhouse units fronting onto Broadfield Drive Opportunity Existing Building Avison Young has been mandated to advise and manage the sale of 240 Markland Drive, Toronto, ON (the “Property” or the “Site”). This is a unique opportunity to acquire a 10-storey, 113 unit existing apartment building with excess land that has approved zoning for additional residential development. Location Markland Wood is a quiet, residential neighbourhood located in Etobicoke, bounded by Etobicoke Creek to the west, Elmcrest Creek to the east and surrounded by the Storeys 10 Markland Wood Golf Club. It is the western most residential Building GFA 136,411 sf community in Toronto along Bloor Street West and has been recognized by the City of Toronto for its clean and Suites 113 beautiful landscape. There are two shopping plazas located within the neighbourhood, both have grocery stores, banks Type No. of Average Market Est. Gap Units Rent Rent to Market and various smaller shops and services. Sherway Gardens and Cloverdale Shopping Centres are literally minutes away. 1 Bed 27 $1,002 $1,600 $598 TTC bus route #49 to Kipling Subway Station and Mississauga 2 Bed 40 $1,178 $1,800 $622 Transit both have stops in front of the property. Easy access to Hwy 427, connecting to the Toronto Downtown core and 2 Bed+ 18 $1,233 $1,900 $667 Pearson International Airport. 3 Bed 28 $1,404 $2,200 $796 Location Map Year Built 1965 Elevators Two Heating Electrical Laundry Owned Hwy 427 Surface and Parking underground Gross Revenue $1,898,481 Total Expenses $792,335 Net Operating Income (Yr 1 Projected) $1,106,146 Bloor St W Financing Treat as Clear Development Land* The site is underutilized and has excess land that is suitable for intensification for a development totaling 164 residential units.* Bloor Street West Markland Drive A B C A. 126 unit residential building fronting onto Bloor St West | 9 Storeys | 131,847 sf* B. 29 unit residential building fronting onto Sunplains Crescent | 3 Storeys | 35,165 sf* C. 9 townhouse units fronting onto Broadfield Drive | 3 Storeys | 23,271 sf* TOTAL: 190,284 SF GFA* Development Plan* Official Plan Apartment Neighbourhoods. Rezoning Status July 2nd 2011: Owners submitted an application for a zoning by- law amendment for the Property. Since the original Application, the Owners made three subsequent resubmissions of the Application. The most recent application is outlined in the proposed development plan on this page. December 2017: The owners register an appeal to the Ontario Municipal Board (OMB) May 18th 2018: City planning recommends city council supports development rezoning. June 6th 2018: Community Council meeting proposes application to adopt the following amendments: a. The overall height of the Bloor Building be reduced by 1 storey, and b. Terracing be added to the south end of the Bloor Building (facing Broadfield Drive) starting with the 7th floor June 26th, 2018: City Council adopts amended zoning. September 17th 2018: Proceeding was commenced at Local Planning Appeal Tribunal (as former OMB Pre-Bill 139 “Legacy” status) for the appeal of the city council decision. *September 16th 2019: LPAT tribunal hearing date for the approval of the development lands is pending. Avison Young Multi-Residential Group Bloor Street West Markland Drive Pricing Additional information is available upon request The property is being offered for sale “unpriced”. and written acknowledgement of confidentiality All expressions of interest may be submitted in the form of For more information, please contact a Letter of Intent or an Agreement of Purchase and Sale and THE MULTI-RESIDENTIAL GROUP should include the following: David Lieberman†, MBA • Address and contact info Principal • Purchase Price 416.673.4013 [email protected] • Deposit Structure • An indication of material terms required by the purchaser Jonathan Hittner* Vice President • Evidence of the purchaser’s financial ability to complete 416.436.4417 the transaction [email protected] Neil Musselwhite† Offering Process Senior Associate Offers will be reviewed starting June 25th, 2019. 289.795.4430 Please contact the listing team with any questions. [email protected] *Broker † Sales Representative avisonyoung.ca Avison Young Commercial Real Estate (Ontario) Inc., Brokerage 18 York Street, Suite 400, Toronto, ON M5J 2T8 T: 416.955.0000 F: 416.955.0724 The information contained herein was obtained from sources deemed reliable and is believed to be true; it has not been verified and as such, cannot be warranted nor form any part of any future contract..