Easily accessible by rapid transit, Queen West is a hotbed for Toronto's creative community, featuring boutique hotels and busy green spaces peppered between trendy shops and vibrant eateries. A number of mid-rise developments have added new residents to the amenity-rich area in recent years, and a prime site with 230 feet of frontage along Queen Street West offers a similar—and increasingly rare—development opportunity for investors.
Located east of Dufferin Street on the southwest corner of Queen Street West and Abell Street, 1153 Queen Street West is a 27,600-square-foot site currently occupied by two structures. Fronted by 21 surface parking stalls, a two-storey mixed-use building containing 11 apartment units and three at-grade retail units presents a unique opportunity for holding income. A second building on the property rises three storeys and houses The Drake General Store, standing directly across the street from The Drake Hotel.
The subject property is currently zoned CR Commercial Residential, a designation which permits a wide range of land uses, including housing, office space, art galleries and retail stores. The property is a Regeneration Area under the City of Toronto Official Plan. Representing an opportunity for growth, these areas contain a mix of land uses, including commercial, residential, institutional and light industrial.
The site also falls within the Garrison Common North Secondary Plan Area, which strives to ensure new development is integrated into the established city fabric, and where housing is proposed, encourages a range of types, sizes and prices.
1153 Queen Street West is within walking distance to Liberty Village, the Gladstone Hotel and Trinity Bellwoods Park. Frequent service on the 501 Queen streetcar also puts the property a short few minutes from the financial core, while Exhibition GO Station provides access to the Lake Shore West line towards Hamilton. A Union-Pearson (UP) Express Station is also planned for development at 36 Lisgar Street, just 200 metres from the property.
Colliers is currently in the market with the offering and invites investors to contact the listing agents—firstname.lastname@example.org, email@example.com and firstname.lastname@example.org—and visit the website for further information.
UrbanToronto collaborated closely with Colliers 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.