Toronto One Front | 170.86m | 49s | Larco | a—A

legal names for property in the downtown is always pretty interesting if you ever take a look at the surveys provided for development applications. Most of Ontario has the concession lotting system, so the legal name of a property will be something like "part of lot 2, concession 5, town of Markham".. But as Toronto predates the concession block system, the legal name gets weird. For example, the 665 King West condo project has a legal name of "Lot 6, Section M, Military Reserve Plan". 254 King Street, located within the original 10 blocks of the Town of York, has a legal description of "Town lots 6, 7, and 8, North side of King Street East, Town of York Plan"

I was looking at a plan recently that was something like "part of lot 3, plan 2".. Registered plans today are numbered something like 65R-8543.. so seeing Plan 2 is... interesting.
 
innsertnamehere said:
legal names for property in the downtown is always pretty interesting if you ever take a look at the surveys provided for development applications. Most of Ontario has the concession lotting system, so the legal name of a property will be something like "part of lot 2, concession 5, town of Markham".. But as Toronto predates the concession block system, the legal name gets weird. For example, the 665 King West condo project has a legal name of "Lot 6, Section M, Military Reserve Plan". 254 King Street, located within the original 10 blocks of the Town of York, has a legal description of "Town lots 6, 7, and 8, North side of King Street East, Town of York Plan"

I was looking at a plan recently that was something like "part of lot 3, plan 2".. Registered plans today are numbered something like 65R-8543.. so seeing Plan 2 is... interesting.
Click to expand...
Yes, property in the older parts of the City are described in quite 'quaint' ways. Our Building, in St Lawrence, is described as:

ALL AND SINGULAR that certain parcel or tract of land and premises situate, lying and being in the City of Toronto, in the Municipality of Metropolitan Toronto, formerly in the County of York and Province of Ontario, being composed of parts of Water Lots 16 and 17, part of the Walks and Gardens, part of the
Bank of Toronto Bay and part of George Street closed by City of Toronto By-law 432-77 registered as Instrument Number CT 249709, according to a plan registered in the Land Registry Office for the Registry Division of Toronto (No. 63) as 5A, the said lands being designated as Part 1 on a plan of survey of record in the Land Registry Office for the Land Titles Division of Metropolitan Toronto (No. 66) as 66R-10092.
 
Not sure what the real status is - perhaps someone with connections / better insight into the Toronto commercial real estate market might be able to provide some additional information.

In today's Globe & Mail Report on Business, page B8 - the Bank of Montreal is again running its advertisement listing the Dominion Public Building for sale. At the same time, in the top left hand corner of the page, the Altus Group advertisement for 'RECENT ASSET TRANSACTIONS', lists the building at 1 Front Street West of having been sold for $128,000,000 - a valuation of $353 per square foot. My understanding of the Altus RECENT TRANSACTIONS was that a property is eligible to be included on that list only after the sale has closed - but an not 100% sure.
 
AHK said:
Not sure what the real status is - perhaps someone with connections / better insight into the Toronto commercial real estate market might be able to provide some additional information.

In today's Globe & Mail Report on Business, page B8 - the Bank of Montreal is again running its advertisement listing the Dominion Public Building for sale. At the same time, in the top left hand corner of the page, the Altus Group advertisement for 'RECENT ASSET TRANSACTIONS', lists the building at 1 Front Street West of having been sold for $128,000,000 - a valuation of $353 per square foot. My understanding of the Altus RECENT TRANSACTIONS was that a property is eligible to be included on that list only after the sale has closed - but an not 100% sure.
Click to expand...
Rather odd! According to the advert the bids close on 2 February.
 
AHK said:
Not sure what the real status is - perhaps someone with connections / better insight into the Toronto commercial real estate market might be able to provide some additional information.

In today's Globe & Mail Report on Business, page B8 - the Bank of Montreal is again running its advertisement listing the Dominion Public Building for sale. At the same time, in the top left hand corner of the page, the Altus Group advertisement for 'RECENT ASSET TRANSACTIONS', lists the building at 1 Front Street West of having been sold for $128,000,000 - a valuation of $353 per square foot. My understanding of the Altus RECENT TRANSACTIONS was that a property is eligible to be included on that list only after the sale has closed - but an not 100% sure.
Click to expand...

Could this be noting the transaction between the Government of Canada and Canada Lands Company? It would be odd, as both the government and the agency have chosen to not disclose that figure publicly.
 
Yep. I genuinely would love to see their valuation. It's a nice building, but as a development site, it's far too compromised.
 
Their downside analysis is likely that they bought a 363k office building in the central core of Toronto.....what price per s.f. are office buildings trading at?

They likely did something like 363k X $30/ft net / 4% cap rate = ~$270MM....aggressive assumptions but not too far off current market.

Then there is probably a premium for some level of increased density space. Obviously they were the highest bidder....but I doubt they are too far off the mark.
 
You must log in or register to post here.

Back
Top