1.8K 
A North York property in the middle of a rapidly growing neighbourhood has hit the market. Enjoying a prominent location within an employment zone at Don Mills and York Mills, the 4.13-acre investment opportunity at 25 Dyas Road benefits from in-place income and a local market with historically low office availability.
Flexible office space continues to be a hot commodity in the city, especially in North Toronto, where industrial and office availability sat at respective rates of 1.2% and 1.9% in Q4 2018. The Don Mills submarket has been a veritable hive of activity in recent years, with several industrial properties undergoing higher value add redevelopments. Just northwest of 25 Dyas Road, a low-slung industrial warehouse at 150 Lesmill Road was converted to an education and recreation facility housing multiple tenants, and to the south, the Diamond at Don Mills retail condominium joined a standalone L.A. Fitness as ground-up infill developments built in the past decade.
There's a lot more on the horizon too—situated between CF Fairview Mall, Bayview Village Shopping Centre, and CF Shops at Don Mills, the property has established itself within an area going through an intense transition. Major changes are coming to the neighbourhood, including a nine-storey commercial, retail and storage complex proposed mere steps away at 850 York Mills Road. Mixed-use redevelopment plans for the Westin Prince property at Don Mills and York Mills will inject additional office space, residences, hotel rooms and retail to the submarket. On Eglinton Avenue East, the 60-acre Wynford Green project imagines a total revitalization of the Celestica site, which will soon be serviced by the Eglinton Crosstown LRT and the future Relief Line North.
Several high-profile companies and government offices have set up shop in the vicinity, including the City of Toronto Records Centre, the City of Toronto Ravines and Natural Features Protection Office, the Toronto Real Estate Board (TREB), and the Building Industry and Land Development Association (BILD).
The 74,417-square-foot Flex Office Tech Investment Property comes with a new six-year lease extension with Imagine Communications and gross occupancy costs substantially less than other comparable properties. For investors looking to maximize the potential of the site, current zoning allows for 1.5 times density, translating to a development of approximately 270,000 square feet. With record low vacancy rates, increasing property values, and billions of dollars worth of transit improvements coming to the area, 25 Dyas Road offers investors a stable income stream, future value added redevelopment potential, and an opportunity to enter a highly sought-after submarket.
A brochure detailing the investment opportunity is available here. Offers shall be accepted until 5:00 pm on March 6th, 2019 by delivery directly to goran.brelih@cushwake.com or liam.sauro@cushwake.com
UrbanToronto collaborated closely with Cushman & Wakefield on this feature for the purpose of sharing details on commercial and industrial properties for sale or alternative use. For more information, contact us here.