24 CECIL STREET
TORONTO, ONTARIO
24 CECIL STREET
CONFIDENTIAL
INVESTMENT
MEMORANDUM
CONTACT
Ashlar Urban Realty Inc. Real Estate Brokerage
166 Pearl Street Suite 300 Toronto, ON M5H 1L3 T 416 205 9222 F 416 205 9228 www.ashlarurban.com
Brent Jorgens Sales Representative 416 205 9222 ext 249 [email protected]
Craig Smith President and Broker of Record 416 205 9222 ext 226 [email protected]
The statements contained in this document are based upon the information furnished by the principal and sources which we deem reliable - for which we assume no responsibility which we believe to be correct. This submission is made subject to prior sale, change in price or terms, or withdrawal without notice. Prospective purchasers should not construe this information as legal or tax advice. Legal counsel, accountants or other advisors should be consulted on matters related to this presentation. Ashlar Urban Realty Inc. - Real Estate Brokerage.
EXECUTIVE SUMMARY Ashlar Urban Realty Inc. (“the Advisor”) has been exclusively retained by Cecil Lighthouse LTD (“the Vendor”) to coordinate the sale of a unique income property located at 24 Cecil Street in Toronto, Ontario, Canada (“the Property”). The Property is well improved with an historic 2.5 storey stand alone building offering approximately 10,462 rentable square feet including a fully built out lower level. There are approximately 10 surface parking stalls on site, which measures approximately 8,060 square feet. The Property is tenanted by Gilda’s Club Greater Toronto, a very well respected charitable organization until August 30, 2022. The current 2014 net operating income is $216,000.
disclaimer The contents of this CIM are based on information furnished by the Vendor and sources, which Ashlar Urban deems reliable, however neither the Vendor nor Ashlar Urban accept responsibility for its accuracy. Prospective purchasers should not construe this information as legal, architectural, environmental, or tax advice. Prospective purchasers are urged to complete a full due diligence process, and to engage the appropriate advisors on any matters related to the Property. Prospective purchasers acknowledge that neither Ashlar Urban nor the Vendor makes any representations and/or warranties as to the accuracy or completeness of the data and information contained within this CIM.
ASSET PARTICULARS INVESTMENT HIGHLIGHTS • Very well improved historic character building constructed in 1981 as a replica of the original 1881 structure • 100% leased to Gilda’s Club Greater Toronto for administrative office use and community services • Excellent location in close proximity to the University of Toronto, Mars Discovery District, and University subway line • Fully net and carefree lease offers investors a net operating income of $216,000 with future increases.
LEgaL Description: LT 3-4 PL 385 TORONTO; CITY OF TORONTO ZONING: R3 Z1.0 Improvements:
The 2.5 storey stand alone building was originally constructed in the Second Empire style in 1881. After a fire in 1980, the original building was demolished and an historic replica was constructed using modern masonry and steel frame construction that offers entirely column free floor plates with no structural supporting walls. The interior was recently fully renovated by Gilda’s Club to provide a mix of offices and large meeting rooms with high end fixtures and contemporary design. The building has also recently been improved with a new roof and upgraded building systems including a new passenger elevator providing full accessibility throughout.
Site:
8,060 sf (62’ x 130’) corner property
rentable area:
10,462 sf
Designations:
The existing improvements are historically listed.
occupancy: 100% leased to Gildas Club Greater Toronto on a fully net and carefree basis. Pertinent Lease Terms:
• 10 year lease expiring August 30, 2022. • Minimum net rent years 1-5 is $216,000 per annum. • Minimum net rent of $216,000 will increase annually, commencing year 6 through 10 by cumulative COLA for the City of Toronto. • One option to renew for a five year term at market rates.
parking: 10 -12 parking stalls Net Operating income:
$216,000 annually through August 30, 2017, with increases thereafter.
2013 TAXES:
$42,462
MORTGAGE DETAILS:
Contact listing agent
PURCHASE PRICE:
$4,000,000
PROPERTY LOCATION The Property is located east Spadina Avenue and south of College Street in close proximity to the University of Toronto campus and minutes from the downtown core. The Property’s location is well serviced by public transit via its proximity to Queens Park Station (subway), 510 streetcar (Spadina) and the 506 streetcar (College/Carlton).
University
treet
Avenue
ge S
Colle
Spadina Avenue
GILDA’S CLUB
Dundas
Street
W
http://www.gildasclubtoronto.org/
Gilda’s Club is a community organization for people living with cancer, their families and friends. Local chapters provide meeting places where those living with cancer, their families, and friends can join with others to build emotional and social support as a supplement to medical care. Free of charge and nonprofit, Gilda’s Club chapters offer support and networking groups, lectures, workshops and social events in a nonresidential, homelike setting. Gilda’s Club was named in tribute to comic actress Gilda Radner, who died of ovarian cancer in 1989. The organization receives support and funding from a wide range of sources, and signature events including the annual star studded “It’s Always Something Variety Show”.
floor plans
SCHEDULE “B” PREMISES
PRoCESS & GUIDELINES CONFIDENTIALITY By accepting this CIM, prospective purchasers agree 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 Ashlar Urban Realty Inc. Prospective purchasers will not use or permit this CIM to be used in any manner detrimental to the interests of the Vendor and Ashlar Urban Realty Inc. or their affiliates or for any other purpose than a proposed purchase of the Property. PROCESS Based on the information contained in this CIM and other information that may be made available by the Advisor, prospective purchasers are invited to submit offers to purchase the Property through the Advisor for consideration by the Vendor. Offers will be evaluated, among other criteria, on the consideration offered for the property, the prospective purchaser’s ability to complete the transaction and the proposed conditions of closing. DISCLAIMER The contents in this CIM is based upon information furnished by the Vendor and sources, which Ashlar Urban deems reliable, however neither the Vendor nor Ashlar Urban assume any responsibility. Prospective purchasers should not construe this information as architectural, legal, environmental or tax advice. Prospective purchasers are urged to complete a full due diligence process, and to engage the appropriate advisors on any matters related to the Property, and make no representations to the contrary. Prospective purchasers acknowledge that neither Ashlar Urban nor the Vendor makes any representations and/or warranties as to the accuracy or completeness of the data found in this CIM.
ASHLAR URBAN REALTY INC. REAL ESTATE BROKERAGE
166 Pearl Street Suite 300 Toronto, ON M5H 1L3 T 416 205 9222 F 416 205 9228 www.ashlarurban.com
24 CECIL STREET
CONFIDENTIAL
INVESTMENT
MEMORANDUM
CONTACT
Ashlar Urban Realty Inc. Real Estate Brokerage
166 Pearl Street Suite 300 Toronto, ON M5H 1L3 T 416 205 9222 F 416 205 9228 www.ashlarurban.com
Brent Jorgens Sales Representative 416 205 9222 ext 249 [email protected]
Craig Smith President and Broker of Record 416 205 9222 ext 226 [email protected]
The statements contained in this document are based upon the information furnished by the principal and sources which we deem reliable - for which we assume no responsibility which we believe to be correct. This submission is made subject to prior sale, change in price or terms, or withdrawal without notice. Prospective purchasers should not construe this information as legal or tax advice. Legal counsel, accountants or other advisors should be consulted on matters related to this presentation. Ashlar Urban Realty Inc. - Real Estate Brokerage.
EXECUTIVE SUMMARY Ashlar Urban Realty Inc. (“the Advisor”) has been exclusively retained by Cecil Lighthouse LTD (“the Vendor”) to coordinate the sale of a unique income property located at 24 Cecil Street in Toronto, Ontario, Canada (“the Property”). The Property is well improved with an historic 2.5 storey stand alone building offering approximately 10,462 rentable square feet including a fully built out lower level. There are approximately 10 surface parking stalls on site, which measures approximately 8,060 square feet. The Property is tenanted by Gilda’s Club Greater Toronto, a very well respected charitable organization until August 30, 2022. The current 2014 net operating income is $216,000.
disclaimer The contents of this CIM are based on information furnished by the Vendor and sources, which Ashlar Urban deems reliable, however neither the Vendor nor Ashlar Urban accept responsibility for its accuracy. Prospective purchasers should not construe this information as legal, architectural, environmental, or tax advice. Prospective purchasers are urged to complete a full due diligence process, and to engage the appropriate advisors on any matters related to the Property. Prospective purchasers acknowledge that neither Ashlar Urban nor the Vendor makes any representations and/or warranties as to the accuracy or completeness of the data and information contained within this CIM.
ASSET PARTICULARS INVESTMENT HIGHLIGHTS • Very well improved historic character building constructed in 1981 as a replica of the original 1881 structure • 100% leased to Gilda’s Club Greater Toronto for administrative office use and community services • Excellent location in close proximity to the University of Toronto, Mars Discovery District, and University subway line • Fully net and carefree lease offers investors a net operating income of $216,000 with future increases.
LEgaL Description: LT 3-4 PL 385 TORONTO; CITY OF TORONTO ZONING: R3 Z1.0 Improvements:
The 2.5 storey stand alone building was originally constructed in the Second Empire style in 1881. After a fire in 1980, the original building was demolished and an historic replica was constructed using modern masonry and steel frame construction that offers entirely column free floor plates with no structural supporting walls. The interior was recently fully renovated by Gilda’s Club to provide a mix of offices and large meeting rooms with high end fixtures and contemporary design. The building has also recently been improved with a new roof and upgraded building systems including a new passenger elevator providing full accessibility throughout.
Site:
8,060 sf (62’ x 130’) corner property
rentable area:
10,462 sf
Designations:
The existing improvements are historically listed.
occupancy: 100% leased to Gildas Club Greater Toronto on a fully net and carefree basis. Pertinent Lease Terms:
• 10 year lease expiring August 30, 2022. • Minimum net rent years 1-5 is $216,000 per annum. • Minimum net rent of $216,000 will increase annually, commencing year 6 through 10 by cumulative COLA for the City of Toronto. • One option to renew for a five year term at market rates.
parking: 10 -12 parking stalls Net Operating income:
$216,000 annually through August 30, 2017, with increases thereafter.
2013 TAXES:
$42,462
MORTGAGE DETAILS:
Contact listing agent
PURCHASE PRICE:
$4,000,000
PROPERTY LOCATION The Property is located east Spadina Avenue and south of College Street in close proximity to the University of Toronto campus and minutes from the downtown core. The Property’s location is well serviced by public transit via its proximity to Queens Park Station (subway), 510 streetcar (Spadina) and the 506 streetcar (College/Carlton).
University
treet
Avenue
ge S
Colle
Spadina Avenue
GILDA’S CLUB
Dundas
Street
W
http://www.gildasclubtoronto.org/
Gilda’s Club is a community organization for people living with cancer, their families and friends. Local chapters provide meeting places where those living with cancer, their families, and friends can join with others to build emotional and social support as a supplement to medical care. Free of charge and nonprofit, Gilda’s Club chapters offer support and networking groups, lectures, workshops and social events in a nonresidential, homelike setting. Gilda’s Club was named in tribute to comic actress Gilda Radner, who died of ovarian cancer in 1989. The organization receives support and funding from a wide range of sources, and signature events including the annual star studded “It’s Always Something Variety Show”.
floor plans
SCHEDULE “B” PREMISES
PRoCESS & GUIDELINES CONFIDENTIALITY By accepting this CIM, prospective purchasers agree 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 Ashlar Urban Realty Inc. Prospective purchasers will not use or permit this CIM to be used in any manner detrimental to the interests of the Vendor and Ashlar Urban Realty Inc. or their affiliates or for any other purpose than a proposed purchase of the Property. PROCESS Based on the information contained in this CIM and other information that may be made available by the Advisor, prospective purchasers are invited to submit offers to purchase the Property through the Advisor for consideration by the Vendor. Offers will be evaluated, among other criteria, on the consideration offered for the property, the prospective purchaser’s ability to complete the transaction and the proposed conditions of closing. DISCLAIMER The contents in this CIM is based upon information furnished by the Vendor and sources, which Ashlar Urban deems reliable, however neither the Vendor nor Ashlar Urban assume any responsibility. Prospective purchasers should not construe this information as architectural, legal, environmental or tax advice. Prospective purchasers are urged to complete a full due diligence process, and to engage the appropriate advisors on any matters related to the Property, and make no representations to the contrary. Prospective purchasers acknowledge that neither Ashlar Urban nor the Vendor makes any representations and/or warranties as to the accuracy or completeness of the data found in this CIM.
ASHLAR URBAN REALTY INC. REAL ESTATE BROKERAGE
166 Pearl Street Suite 300 Toronto, ON M5H 1L3 T 416 205 9222 F 416 205 9228 www.ashlarurban.com
