- What A 94-year-old restaurant space on Peel Street in Montreal is on the block for $12m
- Why The listing touts the presence of a long-term tenant on a triple-net lease
- What next Century 21 Immo-Plus is marketing the property
A well-known restaurant property in downtown Montreal is on the market for $12m.
The 94-year-old building at 1446-1448 Peel Street, home to Portuguese restaurant Ferreira Cafe, came up for sale this month for the first time in decades. Century 21 Immo-Plus has the listing.
The 3,200 sq ft building has a distinct yellow and blue facade. Ferreira Cafe has occupied the space since 1997 under a triple-net lease.
The two-storey property, just south of Maisonneuve Boulevard West, is along a major throughway in downtown Montreal. It’s close to several hotels, the Montreal Eaton Centre and McGill University.
The surrounding area has seen some notable market activity over the past year. In September, an office building at 625 Rene-Levesque Boulevard traded for $16.2m, and a month prior, a retail complex at 1472 Saint-Catherine Street West sold for $47m. In December, a midrise apartment building at 2051 Stanley Street, just northwest of the listed property, sold for $69m.
