According to TD Securities, the 673,000 square foot Sheppard Centre, located at the northeast corner of Yonge and Sheppard, is now for sale, an urban mixed use centre, With retail, office, and residential uses, occupied by major tenants. The retail
portion of the property has a weighted average lease term of 5.3 years, is 96.1% leased, and contains approximately 257,000 square feet of retail space on four levels.
The major tenants in the retail portion of the property are Cineplex, Winners, Shoppers Drug Mart, Bank of Montreal, CIBC, and TD Canada Trust.
The office portion of the property contains 415,815 square feet of office space in two towers, 19 and 9 storeys each and has a weighted average lease term of 6.8 years, is 100% leased, occupied by Major tenants in the office portion of the property include Bank of Montreal and Aon Hewitt, who together occupie approximately 82% of the office space.
The property has direct access to both the Yonge and Sheppard subway lines and has three levels of underground parking that can accommodate more than 2,100 vehicles.
Located in Toronto’s North York community, The Sheppard Centre is one of the only commercial complexes within the Greater Toronto Area that sits directly on two subway lines.
What makes this an intriguing opportunity for developers is the fact that there is potential in adding much more density to the site. Based on documents provided by TD securities, in the long term the site could see up too three new towers.
Bids are currently being submitted to TD Securities on September 27th.
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