The Land Services Group was retained on an exclusive basis for the disposition of this downtown Toronto
high density residential development site. The ±0.697-acre property has approved zoning in place for a
50-storey tower, with 428,000 square feet of total gross floor area and seven three-storey townhouses.
The offering also included six fully leased semi-detached houses generating more than $230,000 in
annual net operating income. The Site is located steps away from Sherbourne Subway Station and
is within walking distance to some of Toronto’s most affluent and vibrant neighbourhoods including
Yorkville, Rosedale and the Danforth.
Our team was engaged by the ownership group which consisted of a number of private investors and
well-known development firms. As several of the owners wanted to submit an offer on the property, a
unique process was developed to ensure a transparent process was run to maximize pricing while treating
potential owner-purchasers the same as third party bidders. Our team, along with a third party advisor,
was given the authority to execute a deal without review by the ownership group. We ran an extensive
marketing process using the Modified Tender Process with no asking price.
Our process generated multiple offers from various high profile GTA developers. Our marketing efforts
resulted in 14 offers, all from highly reputable buyers. Of the 14 offers, 8 groups were shortlisted and
asked to resubmit best and final offers. The site was sold to Concert Properties for a total consideration of
±$102 Million exceeding the benchmark pricing in this node, which our team had previously set, by more
than double. This was significantly more than any of the owners were willing to submit, demonstrating the
value added by our team through the sale process.