- What Hamville Holdings has listed a mixed-use building in one of Toronto’s toniest areas
- Why The estimated valuation works out to roughly $1,000/sq ft
- What next Colliers has the marketing assignment
A mixed-use building in one of Toronto’s most affluent neighbourhoods is being shopped for $25m, Green Street News can reveal.
Colliers is marketing the 24,000 sq ft property at 129-133 Yorkville Avenue on behalf of Hamville Holdings, a family-run entity based in Europe that has invested in Toronto since the 1970s. The estimated valuation works out to roughly $1,000/sq ft.
The building has four units connected by an elevator, which was modernized in 2005. CIBO Wine Bar occupies the ground-floor retail space, and Glow Medi Spa and Rice Medicine are on the third and fourth floors.
The second floor is vacant and is being positioned as a prime opportunity for an owner-occupier. According to marketing materials, an owner can terminate leases with 12 months’ notice.
The average net rent is $30/sq ft, on par with the weighted average for office space in the Yonge-Bloor node. Meanwhile, the average net rent at 199 Avenue Road, a nearby medical office building on the market for $15.6m, is $55/sq ft.
The Yorkville neighbourhood is home to some of Canada’s most expensive real estate. Luxury retailers including Chanel, Balenciaga and Christian Louboutin are within 130 m. There are fewer than 75 office buildings in the Yonge-Bloor node, and the vacancy rate was 17.2% as of Q1.
Avenue Road and Bloor Street West, two of Toronto’s main thoroughfares, are nearby, as is Bay subway station. There is a garage next door.
Hamville purchased 129-133 Yorkville Avenue approximately 40 years ago for around $1.5m. The property was built in 1973.
