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159 Wellesley St. E

Key Information

Client

Untitled Document 159 Wellesley St. E


Location

Toronto, ON

Topline

0.35-acre site zoned for 250,000 sq. ft. of residential GFA, providing the opportunity to transform this underutilized Toronto intersection.

Date

February 2015

Type

Residential

Size

0.30 AC

Sold for

$15,900,000

Subject Property


Located at the southwest corner of Sherbourne Street and Wellesley Street East, this 0.30-acre site was zoned for nearly 250,000 square feet of primarily residential gross floor area. With an approved height of 35 storeys (116 metres), this development had the potential to drastically change the nature of this underutilized intersection.

Our Role


The Land Services Group was engaged by Diamond Corp and the Kilmer Group on an exclusive basis to manage the marketing and sale process of this approved residential development site. Our team designed a customized marketing package highlighting the characteristics of this offering. A high gloss, multi-page brochure was completed in addition to a comprehensive 36 page Confidential Information Memorandum detailing the site, surrounding area, and other features to attract purchasers to this opportunity. A targeted phone campaign was employed in order to engage the top candidates in addition to numerous face-to-face meetings with potential purchasers. A submission date was set 30 days after the marketing launch wherein first round bids were submitted.

Outcome


Our efforts generated 6 offers from a range of qualified purchasers. Several of these parties were shortlisted and asked to resubmit their best and final offers. The site ultimately sold to Alterra Developments for $15,900,000. Alterra is currently building out the project, which is known as 159 SW+TOR, with occupancy expected by the end of 2019.

 

159 Wellesley St E.

Contact

Mike Czestochowski
Mike Czestochowski*
Executive Vice President, Land Services Group
Advisory & Transaction
*Broker
+1 416 495 6257
Lauren White
Lauren White*
Senior Vice President, Land Services Group
Advisory & Transaction
*Sales Representative
+1 416 495 6223