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Sherbourne St & Howard St

Key Information

Client

Sherbourne St & Howard St


Location

Toronto, ON
Northwest corner of Sherbourne Street
& Howard Street

Topline

Approved for a 50-storey tower with 428,000 sq. ft. of GFA in the north-east corner of Sherbourne Street and Howard Street.

Date

March 2018

Type

Residential

Size

0.697 AC

Sold for

$102,400,000

Subject Property


The Land Services Group was retained on an exclusive basis for the disposition of this downtown Toronto high density residential development site. The ±0.697-acre property has approved zoning in place for a 50-storey tower, with 428,000 square feet of total gross floor area and seven three-storey townhouses. The offering also included six fully leased semi-detached houses generating more than $230,000 in annual net operating income. The Site is located steps away from Sherbourne Subway Station and is within walking distance to some of Toronto’s most affluent and vibrant neighbourhoods including Yorkville, Rosedale and the Danforth.

Our Role


Our team was engaged by the ownership group which consisted of a number of private investors and well-known development firms. As several of the owners wanted to submit an offer on the property, a unique process was developed to ensure a transparent process was run to maximize pricing while treating potential owner-purchasers the same as third party bidders. Our team, along with a third party advisor, was given the authority to execute a deal without review by the ownership group. We ran an extensive marketing process using the Modified Tender Process with no asking price.

Outcome


Our process generated multiple offers from various high profile GTA developers. Our marketing efforts resulted in 14 offers, all from highly reputable buyers. Of the 14 offers, 8 groups were shortlisted and asked to resubmit best and final offers. The site was sold to Concert Properties for a total consideration of ±$102 Million exceeding the benchmark pricing in this node, which our team had previously set, by more than double. This was significantly more than any of the owners were willing to submit, demonstrating the value added by our team through the sale process.

 

Sherbourne-St-and-Howard-St-587x688

Contact

Mike Czestochowski
Mike Czestochowski*
Executive Vice President, Land Services Group
Advisory & Transaction
*Broker
+1 416 495 6257
Lauren White
Lauren White*
Senior Vice President, Land Services Group
Advisory & Transaction
*Sales Representative
+1 416 495 6223