Bidding on this unique property starts at $1

by Justin da Rosa06 Mar 2017

But this iconic building will go to one lucky investor for much, much more.

Built in 1905, the Bank of Toronto building was erected across the street from Toronto’s Eaton Centre on Yonge Street. It was designed by E.J. Lennox, the same architect behind Casa Loma, Old City Hall, and the King Edward Hotel. 

And it’s now up for sale for the first time since 2007, when it was purchased for $3.65 million.

This time, around, however, it’s anybody’s guess how much the heritage building will fetch.

“It’s a trophy asset and trophies are sometime hard to put a value on,” Shawn Abramovitz, managing director of land and investment sales at Core Consultants Realty, told Canadian Real Estate Wealth. “We’re having a lot of foreign interest, we’ve had a lot of people from out West fly in. Sometimes a local buyer may know the site a lot better and be more informed with what’s going on.”

An example of neo-classical architecture, the building is 17,423 square feet over four levels, sitting on a lot of 4,356 square feet. It’s adorned by Corinthian columns and features a domed roof.

Abramovitz, the listing agent, says the listing has received interest from all kinds of different investors.

“This is a long-term play for a buyer. This is kind of like a head office location; someone who really wants to make a splash into Toronto,” he said. “From oil company head offices, to insurance company head offices, to bank head offices, to high end retail or a high end steakhouse, a Tiffany’s or something high-end. That’s what we’re targeting. It’s a mixed bag of people.

“Obviously a lot of investors, pension funds, REITs, typical mom and pop (investors). Everyone is looking at it.”

Bids can be made up until 4:59pm on March 23.

So how much does Abramovitz expect it to sell for?

“We’ll leave that to the bids,” he said.

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