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502 QUEENSTREETWEST
Brett Taggart Sales Representative +1 416 495 6269 [email protected]
Brad Walford* Vice President +1 416 495 6241 [email protected]
Sean Comiskey* Vice President +1 416 495 6215 [email protected]
*Sales Representative
1. EXECUTIVE SUMMARY
2. PROPERTY PROFILE
3. LEASE OVERVIEW
4. LEASE OVERVIEW
5. MARKET OVERVIEW
6. OFFERING PROCESS
TABLE OF CONTENTS
01EXECUTIVESUMMARY
THE OFFERING// EXECUTIVE SUMMARY
CBRE Limited (“CBRE” or “Advisor”) has been retained to offer for sale a 100% freehold interest in 502 Queen Street West, Toronto, ON (the “Property”). The Property is improved with a three-storey, 3,135 square foot building on a 1,828 square foot lot. 502 Queen Street West provides an investor a great opportunity to acquire an income producing asset along Queen Street West’s premium retail corridor between Spadina Avenue & Bathurst Street. The Property is fully leased to Cauldron Ice Cream, offering a care-free investment with contractual net rent growth. The Property is located in the Country’s most densely populated city, with strong underlying fundamentals.
PROPERTY DETAILSHeight 3 storey
Lot Area 0.042 ac.
Building Area 3,135 sq. ft.
Basement Area 1,626 sq. ft.
Frontage 15.18 ft.
Depth 122 ft.
Zoning CR 3.0 (c2.0; r2.0) SS2 (x1385)
Official Plan Mixed-Use Area
Taxes $37,300.47 (2018)
ASKING PRICE $3,750,000
OFFERING HIGHLIGHTS// EXECUTIVE SUMMARY
100% LEASED CARE FREE INVESTMENT
CONTRACTUAL NET RENTAL GROWTH
WELL-SERVICED TRANSIT NODE501 QUEEN ST STREETCAR
35 ACTIVE DEVELOPMENTS IN DOWNTOWN WEST
02PROPERTY OVERVIEW
PROPERTY OVERVIEW// PROPERTY PROFILE
Height 3 storey
Lot Area 0.042 ac.Building Area 3,135 sq. ft. Frontage 15.18 ft.Depth 122 ft.Zoning CR 3.0 (c2.0; r2.0) SS2 (x1385)Official Plan Mixed-Use Area
Secondary Plan DT Plan MU Areas 3 · Main Street
Historic Designated District – Part IVTaxes $37,300.47 (2018)
The Property is improved with a three storey building that has been well maintained and was recently renovated in 2018. The electrical power capacity has been upgraded to 200 Amp 600V service. The gas line has also been upgraded to 2 inches and HVAC capacity is 2.5M BTUs. A sprinkler system was also installed throughout the entire building. The building also features a fully functional basement, currently outfitted for kitchen preparation including cold storage. 502 Queen Street West has historical designation.
PROPERTY OVERVIEW
SUBJECT PROPERTY
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502 Q
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FLOOR PLANS
BASEMENT FLOOR 1
502 Q
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This
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502 Q
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Canada m
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Tel:
1-8
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Measure
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Vers
ion:
1-8
77-4
02-4
690
Fax:
ww
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feet
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8
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s Inc.
purs
uant
to a
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with the C
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FLOOR 2 FLOOR 3
Basement 1,626 sq. ft.
Floor 1 Area 1,599 sq. ft.
Floor 2 Area 811 sq. ft.Floor 2 Patio Area 802 sq. ft. Floor 3 Area 725 sq. ft.
03LEASE OVERVIEW
THE TENANTCauldron Ice Cream is a California-based chain of ice cream parlours that mixes liquid nitrogen with the dairy base to create ice cream in seconds. The high-tech operation creates both a spectacle and delicious product for customers to enjoy. The Toronto location is their 10th in North America.
For more information, please visit: cauldronicecream.com
LEASE OVERVIEWTenant O/A Cauldron
Ice CreamEffective Leased Area 3,070 sq. ft.Commencement date March 1, 2018Expiry date February 28, 2023Term 5 yearsExtention options N/AType of Lease Net Lease
ANNUAL BASE RENTYear 1 $153,500Year 2 $156,570Year 3 $159,640Year 4 $162,710Year 5 $165,780
Additional Rent PSF $13.38
04MARKET OVERVIEW
COMMUNITY
$112,603AVERAGE HOUSEHOLD INCOME
327,481 POPULATION
657,608DAYTIME POPULATION
QUEEN ST WEST
BATH
URS
T ST
SPA
DIN
A A
VE
MA
RKH
AM
ST
PALM
ERSO
N A
VE
RYER
SON
AV
E
DEN
ISO
N A
VE
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STA
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VA
NA
ULE
Y ST
CA
MER
ON
ST
MC
DO
UG
ALL
LA
NE
PORT
LAN
D S
T
TEC
UM
SETH
ST
EARLY BIRD COFFEE
THE CAMERON HOUSE
502QUEEN ST WEST
502 Queen Street West is in the heart of one of Canada’s most prominent retail hubs. Queen West is known for it’s mix of trendy fashion boutiques and premium international brands including Loblaws, Joe Fresh, Club Monaco, H&M, Aritzia, Zara, Lululemon, & CB2.
Queen West’s central location in Downtown Toronto, along with the significant residential/employment growth in the immediate area, allows the node to continue it’s ability to attract premium retail brands, restaurants and bars creating significant pedestrian traffic seven days week.
05OFFERING PROCESS
ADDITIONAL INFORMATION
Due diligence materials, including copies of the original lease, lease amendments, tax bills and a survey are available in an online document centre that will be provided by CBRE.
OFFERING PROCESS
Offers will be reviewed as received and are to be submitted via email, fax or courier to CBRE’s Retail Investment Group.
MEMORANDUM CONTENTS
This Confidential Information Memorandum (“CIM”) has been prepared by the Advisor and is being delivered to prospective purchasers to assist them in deciding whether they wish to acquire the Property.
This CIM does not purport to be all-inclusive or to contain all the information that a prospective purchaser may require in deciding whether or not to purchase the Property. This CIM is for information and discussion purposes only and does not constitute an offer to sell or the solicitation of any offer to buy the Property. The CIM provides information relating to certain of the physical, locational and financial characteristics of the Property.
The information in this CIM has been obtained from various sources considered reliable. Neither the Vendor nor the Advisor make any representations, declarations or warranties, express or implied, as to the accuracy or completeness of the information or statements contained herein or otherwise and such information or statements should not be relied upon by prospective purchasers without independent investigation and verification. The Vendor and Advisor expressly disclaim any and all liability for any errors or omissions in the CIM or any other written or oral communication transmitted or made available to prospective purchasers.
If any information relating to the Property, in addition to the information provided in this CIM, is provided at any time, orally or otherwise, by the Vendor or the Advisor, such information is provided as a convenience only without representation or warranty as to its accuracy or completeness and such information should not be relied upon by prospective purchasers without independent investigation and verification.
OFFERING PROCESSCONFIDENTIALITY
Upon receipt of this CIM, prospective purchasers will have executed a confidentiality agreement (the “Confidentiality Agreement”) under which they have agreed to hold and treat this CIM and its contents in the strictest confidence. Prospective purchasers will not, directly or indirectly, disclose or communicate or permit anyone else to disclose or communicate this CIM or any of its contents or any part thereof to any person, firm or entity without the prior written consent of the Vendor and without first obtaining from such person, firm or entity a separate Confidentiality Agreement in a form provided and approved by the Vendor. Prospective purchasers will not use or permit this CIM to be used in any manner detrimental to the interests of the Vendor, the Advisor or their respective affiliates or for any other purpose than a proposed purchase of the Property. The recipient of this CIM agrees to provide the Advisor with a list of those persons to whom this CIM or any information contained herein is provided.
The terms and conditions in this section with respect to confidentiality and the disclaimer contained under the heading “Memorandum Contents” relate to all Sections of the CIM as if stated independently therein.
The CIM shall not be copied, reproduced or distributed, in whole or in part, to other parties at any time without the prior written consent of the Vendor. It is made available to prospective purchasers for information purposes only and upon the express understanding that such prospective purchasers will use it only for the purposes set forth herein and upon and subject to the terms of the Confidentiality Agreement. Upon request, the recipient will promptly return all material received from the Vendor and the Advisor (including the CIM) without retaining any copies thereof. In furnishing the CIM, the Vendor and the Advisor undertake no obligation to provide the recipient with access to additional information.
The division of the CIM into sections, paragraphs, sub-paragraphs and the insertion or use of titles and headings are for convenience of reference only and shall not affect the construction or interpretation of this CIM.
ADVISOR
The Advisor is acting solely as agent for the Vendor and not as agent for the purchaser. All inquiries regarding the Property or any information contained in this CIM should be directed to CBRE Limited, Brokerage, as Advisor for the Vendor:
Submissions should be directed electronically to:
c/o CBRE Limited, Brokerage 2005 Sheppard Avenue East, Suite 800
Toronto, Ontario, M2J 5B4
Attention: Brett Taggart, Brad Walford, Sean Comiskey
ASKING PRICE$3,750,000
Brad Walford*Vice PresidentT +1 416 495 [email protected]
Sean Comiskey*Vice PresidentT +1 416 495 6215 [email protected]
*Sales Representative | All outlines in this document are approximate
CBRE Limited2005 Sheppard Avenue East, Suite 800
Toronto, Ontario M2J 5B4www.cbre.ca
This disclaimer shall apply to CBRE Limited, Real Estate Brokerage, and to all other divisions of the Corporation; to include all employees and independent contractors (“CBRE”). The information set out herein, including, without limitation, any projections, images, opinions, assumptions and estimates obtained from third parties (the “Information”) has not been verified by CBRE, and CBRE does not represent, warrant or guarantee the accuracy, correctness and completeness of the Information. CBRE does not accept or assume any responsibility or liability, direct or consequential, for the Information or the recipient’s reliance upon the Information. The recipient of the Information should take such steps as the recipient may deem necessary to verify the Information prior to placing any reliance upon the Information. The Information may change and any property described in the Information may be withdrawn from the market at any time without notice or obligation to the recipient from CBRE. CBRE and the CBRE logo are the service marks of CBRE Limited and/or its affiliated or related companies in other countries. All other marks displayed on this document are the property of their respective owners. All Rights Reserved. Mapping Sources: Canadian Mapping Services [email protected]; DMTI Spatial, Environics Analytics, Microsoft Bing, Google Earth
Brett TaggartSales RepresentativeT +1 416 495 6269 [email protected]
Lisa SirotininaClient Services AssistantT +1 416 495 6274 [email protected]