477 RICHMOND STREET WEST Commercial/ Residential Owner/ Investor Opportunity
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The Opportunity 2,300 SF COMBINED WHICH CAN BE DEMISED INTO UP TO 3 SUITES THE PROPERTY, CONSISTING OF 3 UNITS TOTALLING 2, 300 SF, IS PERFECTLY SUITED FOR BOTH RESIDENTIAL AND COMMERCIAL PURPOSES. The property has flexible zoning and is being sold as a combined 3-unit piece and can be used as residential premises, a business workspace, or a combination of a live/work scenario. 3 I 477 RICHMOND STREET WEST
The Neighborhood The property is located in the famous fashion district, a historical commercial and residential district in downtown toronto. A mixed commercial and residential neighbourhood, the area is one of toronto s most desirable locations, offering an exciting mix of independent and unique retail and dining establishments. 4 I 477 RICHMOND STREET WEST
Situated in the heart of the bustling intersections of Queen, Spadina Avenue, King and Bathurst Streets, the area boasts a well-balanced blend of contemporary condo apartments, mid-rise heritage buildings, Queen Street shops, hip King Street West restaurants, nightclubs, and the CN Tower. The District s premier location has become a popular spot for office space conversions, with companies taking up and altering former warehouses into open concept brick and beam workplaces. Located in the heart of Toronto s downtown core, the Property is well serviced by public transit, with the TTC King and Queen, Bathurst and Spadina streetcar routes positioned immediately north, south, west and east (respectively) of the property. 5 I 477 RICHMOND STREET WEST
Notable Nearby Developments The predominant nearby developments (within the range of Bathurst-Spadina and Dundas-Front streets) include condos, office and retail spaces. The area is encompassed by numerous new residential condominium developments, office spaces and retail shops. For a full list of nearby development, see Appendix A. 6 I 477 RICHMOND STREET WEST
505 Richmond Street West Woodcliffe Properties 410 Front Street West The Well Allied Properties 620 King Street West King Portland Centre (KPC) RioCan/Allied Properties OVERVIEW OVERVIEW OVERVIEW The Waterworks Building at 505 Richmond Street West is a mixed-use mid-rise project that incorporates the Art Deco style in this heritage property situated in the highly desirable King-Spadina neighbourhood. The majority of the ground floor is to be occupied by retail, with an inner courtyard (accessible from Richmond Street, Brant and Maud Streets to the east and west respectively, and from the park) providing direct access to the food hall. The YMCA will be located on the second and third floors and the 299 residential units, 15 of which are earmarked as affordable housing units to be administered by Artscape, will be located above of the YMCA. The offices at The Well will offer over 1,000,000 square feet of flexible space available for rent. Targeting a LEED Platinum certification, this 36-floor offset core building can accommodate the evolving needs of today s office users. The Well s retail experience will be a singular destination for shopping, dining and entertainment, offering over 400,000 square feet of a food hall that re-envisions the quick dining experience. Inspired by highly successful mixeduse developments in Europe, this project brings together the best of the world s retail experiences. The residents of the Well will be connected to all that is great about Toronto, steps away from world class offices and retail shops. The development will offer 1.43 million square feet of housing for a variety of tenants, including high quality condominiums and premium purpose-built rental suites. King Portland Centre is a 13-storey office and a 15-storey rental residential development situated in the heart of the King West District. Set back from the street, the base podium will feature large bricked arches, framing the ground floor retail and helping connect the existing buildings with the new. The LEED Platinum development boasts quaint interior courtyards, restaurants at grade, class A office space facing King Street, high-end purpose built rental residential units facing Adelaide Street and indoor/outdoor amenities on the roof. King Portland Centre allows tenants to adapt their spaces as their needs evolve with less restriction than a traditional office building. The design promotes lower additional rents, floor efficiency and features 10 8 floor to ceiling wall to wall glass. This opportunity offers tenants a dynamic work space with exceptional views of the King West neighbourhood. 7 I 477 RICHMOND STREET WEST
Map 477 RICHMOND STREET WEST (Local Amenities And TTC) 8 TIM HORTONS THE WELL HOME SENSE STARBUCKS FRESHII DOLLARAMA CIBO WINE BAR KING PORTLAND CENTRE THE KEG BURGER S PRIEST ACE HOTEL 477 RICHMOND ST W JACOBS STEAKHOUSE URBAN OUTFITTERS WATERWORKS DEVELOPMENT ST ANDREW S PLAYGROUND (DOG PARK) AROMA ESPRESSO RICHMOND STREET YMCA FAHRENHEIT COFFEE ADELAIDE STREET BARCHEF AUGUSTA AVE LOBLAWS
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Local Demographics With a local population of over 50,000 people within 1 kilometer of the Property, more than half of the population has post-secondary education and an average household income exceeds $96,000 per annum. Population growth is expected to exceed 17% over a five-year period (from 2016 to 2021), a strong growth projection supportive of the increased desirability of the neighbourhood. Within the 1 kilometre distance of the Property, 36% of the nearby residents (within 1 kilometer of the Property) have children at home and 49% of households own their own dwellings, providing solid indicators of increasing local affluence and being a fairly family-friendly area. The dominant building types include apartment, low and high rise buildings, predominantly built after 2011. LEGEND 1.00 km 3.00 km 5.00 km 10 I 477 RICHMOND STREET WEST
2016 Demographics Snapshot 477 RICHMOND ST W, TORONTO, ON M5V 3E7 5 KM Count % TOTAL POPULATION 2011 Estimated 471,067 2016 Estimated 516,620 2021 Projected 555,937 % Pop. Change (2011-2016) 9.7% % Pop. Change (2016-2021) 7.6% 2016 TOTAL POPULATION BY AGE 516,620 20 to 24 years 34,836 6.7% 25 to 34 years 135,385 26.2% 35 to 44 years 93,244 18.0% 45 to 54 years 65,836 12.7% 55 to 64 years 53,655 10.4% 65 to 74 years 36,347 7.0% 75 years & over 30,250 5.9% MEDIAN AGE 37.0 2016 Total Census Families 108,112 Average Persons Per Family 2.7 2016 Households 268,541 Persons Per Household 1.89 AVERAGE HOUSEHOLD INCOME $111,468 2016 Occupied Dwellings 268,541 Owned Dwellings 109,727 40.9% Rented Dwellings 158,814 59.1% Dominant Building Type Apartment, building low and high rise Dominant Period Of Construction Before 1960 11 I 477 RICHMOND STREET WEST
Property Overview Salient Facts Address Site Area 477 Richmond St West Suite 301, 302, 304 Approximately 2,300 SF Condo Maintenance Fees (Monthly) $1,724.32 Annual Taxes $15,357.47 Current Zoning The property is zoned CRE (x76) Commercial residential under the new City of Toronto By-law which permits an array of commercial, residential, institutional and recreational uses Purchasing Opportunity: Current ownership successfully operates a business out of the premises. think-site is a bright and energizing meeting venue that caters to a wide range of business clients. Purchase offers for both the property and the business are encouraged. If interested in knowing more about the business, please contact Alexandra Cozart. 12 I 477 RICHMOND STREET WEST
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Contact Tim Bristow Senior Vice President, Sales Representative Direct +1 416 643 3408 Tim.Bristow@colliers.com Alexandra Cozart Sales Representative Direct +1 416 643 3426 Alexandra.Cozart@colliers.com Colliers International 181 Bay Street, Suite #1400 Toronto, ON M5J 2V1 Canada Main +1 416 777 2200 This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). 2017. All rights reserved. This communication is not intended to cause or induce breach of an existing listing agreement. Colliers Macaulay Nicolls Inc.