A two-storey office building located in a booming North York neighbourhood offers investors an as-of-right redevelopment opportunity to add significant density to the site. Now for sale, the property at 155 Lesmill Road includes a 22,980-square-foot building occupying 2.27 acres in a prime office park at York Mills Road and Leslie Street.
The Don Mills area has been through enormous changes in recent years, with multiple industrial properties undergoing value-add redevelopments, adaptive reuse and intensification. The closest example of this trend can be found directly across the street at 150 Lesmill Road, where an existing industrial building was converted into a multi-tenant hub for educational and recreational uses. A similar revitalization took place at 31 Scarsdale Road to the south, becoming a flex office space targeting LEED Gold certification after its initial industrial tenure. At 865 York Mills Road, a low-rise industrial building has found new life as a retail mall hosting numerous tenants, and the same destiny awaits 840-842 York Mills Road, the planned spot for a Walmart-anchored SmartCentres complex.
These strategic value-add projects give potential investors a glimpse of the possibilities for 155 Lesmill Road, which is currently zoned for 1.5 times density and up to 148,000 square feet of office space. The Industrial Office Business Park Zone (MO) permits dozens of land uses, including educational spaces, hotels, theatres, and retail stores.
A number of other major developments in the pipeline will add even more value to the area in the coming years. An industrial building at 150 Duncan Mill and the old National Post office building at 1450 Don Mills Road will undergo conversions to self-storage facilities. Brand new office and mixed-use towers are also due to take shape soon, including a multi-level self-storage development recently proposed at 850 York Mills. Right beside 155 Lesmill Road, Genex Commercial Developments plans to inject approximately 167,000 square feet of office space into 1 Duncan Mill Road in its Cloud Campus and The Garden Suites project. And just a stone's throw away, a revitalization of the Westin Prince Hotel site at Don Mills and York Mills will introduce a range of new uses.
Enjoying quick access to CF Fairview Mall, Bayview Village Shopping Centre, and CF Shops at Don Mills, the property is well served by key transportation corridors, including the Don Valley Parkway, the Sheppard Subway Line and Oriole GO Station on the Richmond Hill line. With future transit improvements coming in the form of the Eglinton Crosstown LRT and Relief Line North, the neighbourhood's attractiveness is only expected to grow.
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