Description

309-311 Augusta Avenue (the "Property") is a rate 1-storey building with over 45 feet of frontage located in the vibrant and eclectic Kensington Market, a highly sought-after neighbourhood full of culture and rich history in downtown Toronto. The area boasts expressive architecture, vintage shops, and globally-inspired street food. The property is improved with an approximate 4,461 SF building that is demised into two commercial units. The property also has a large basement that can be used for storage. Currently tenanted by a bicycle store and coin laundry facility and providing strong in-place income, investors have an opportunity to re-lease both spaces to increase rental income significantly. Alternatively, given the Property's significant size, this is an excellent opportunity for an end-user to occupy one unit, while leasing out the other, capitalizing on the strong demand for retail space in this notable neighbourhood. Investors can also demolish the building and develop a new 4-storey, 18,130 SF building which would achieve strong rental rates given the Property's location. Kensington Market is renowned for its mix of shops, restaurants, and cultural vibrancy, drawing in both locals and tourists from all over the country and world. The area's heavy foot traffic significantly enhances the Property's appeal to retail tenants, evidenced by the longevity of the current businesses who collectively have been operating out of the Property for over 50 years. Its central location also makes it an ideal residence for young professionals, making the Property an exceptional investment opportunity.