Toronto (Downtown) 5 Storey Commercial Building
Downtown West
$4,350,000
Opportunity
An excellent opportunity for a User/Investor to purchase a 5 storey Commercial building in Downtown West, Toronto. The abutting building, 241 Spadina Avenue, is also being offered for sale by the same owner.
Location
247 Spadina Avenue, Toronto
The building is located on the east side of Spadina Avenue between Dundas Street West and Queen Street West.
Legal Description
Lot 5 and Pt Lot 6 on Plan D60 Toronto, Designated as Part 1 on Plan 63R4828 City of Toronto.
Site Description
The site has 54.96 feet frontage on Spadina Avenue and a depth of 140 feet with the total site area being 7,696.4 sq ft. A public lane runs along the rear of the building.
Building Description
This attractive 5 storey building was constructed around 1990, has a gross area of approximately 40,650 sq ft., which includes the finished, leasable basement (accessible from Spadina Avenue), and an estimated rentable floor area of 36,600 sq ft., The floor plate is approximately 7,650 sq ft. The fifth floor is not a full floor, and totals approximately 2,400 sq ft. The building is constructed of cast in place concrete foundation walls with steel frame support by a back-up wall. Direct drive-in loading is available from the rear public lane. There are two passenger elevators. The building has no parking.
The ceiling heights are approximately 12 feet on the 1st and 2nd Floors, and approximately 9 feet clear on the 3rd to 5th floors.
Occupancy / Leases
The ground floor is currently leased and occupied by a Supermarket on a month to month basis. The remainder of the building is vacant.
Zoning
MCR T5 C2.5 R4.0
Taxes
$294,150.80 (2009)
241 Spadina Avenue (abutting building)
The building located immediately to the south is also listed for sale by the same owner for $4,750,000 (photo above – please inquire for property details). There is direct access between the two buildings.
Terms of Sale
The building is being sold under Power of Sale by the First Mortgagee, Mega International Commercial Bank (Canada).Additional Documents