461 KING STREET WEST
Located between Allied’s 425-455 King West and 469-539 King West and also to the east of its 420 Wellington West, this property is a tier-one Class I building situated on 40,152 square feet of land. Built in 1901 for Toronto Lithographing Co., the building was renovated and retrofitted in 2007. It is comprised of 81,091 square feet of GLA that is fully leased to tenants consistent in character and quality with Allied’s tenant base. 37,320 square feet of GLA in the building is leased to retail users.
The property will complete Allied’s ownership of a large and strategic assembly, 425-539 King West, which will be comprised of 970 feet of uninterrupted frontage and 233,404 square feet of underlying land. Allied has owned 425-455 King West since its IPO in 2003, 469 King West since 2005, 489-499 King West since 2008 and 511-539 King West since last year. 489-539 King West is being intensified on a 50/50 basis with Westbank.
The property affords a specific intensification opportunity made possible by the fact that there is surplus land to the east of the site. The intensification plan was inspired by QRC West and involves the creation of new office space above the existing Class I building. Management believes it is socially and financially compelling. Given its current intensification activity in the immediate area, Allied does not envisage pursuing this opportunity in the near term. The property also affords a considerably larger intensification opportunity made possible by the fact that Allied will, on closing of the acquisition, gain full and unencumbered ownership of the laneways running between the property and 469 King West and the property and 455 King West. Also inspired by QRC West, the plan would involve the creation of new office space above 455 to 469 King West, the maintenance of the existing laneways and the preservation of the existing Class I structures. While further study is certainly required, Management believes such a plan would be socially and financially compelling