In our ongoing investigation of prime commercial real-estate in Toronto, we look at what's happening to the former home of Camelot Antiques & Fine Furniture now that the building has been sold after four months on the market.
Location: 529 Queen St. W.
Formerly: Camelot Antiques & Fine Furniture, a vintage jewelry (and tchotchke) shop that had been on Queen St. W. since 1978.
Vacant since: The property was put on the market for sale in Fall 2011. It was recently purchased and the new landlords are presently looking for tenants to take over the space.
Size: The property consists of three floors: a ground-level retail space of 1,500 sq. ft. and two upper floors of residential real estate, for a total of around 5,500 sq. ft.
Price: According to Paul Nusca of Royal LePage, the firm representing the seller, the property was originally listed for sale at $3.1 million. However, a lack of offers forced the original landlords to adjust their price, and the property eventually sold this week for $2 million. The current owners are now in the process of looking for future tenants, and the price for the street-level retail space is $6,000 per month, with an additional $2,000 for T.M.I.
Length of Lease: Five years with the option to renew for a subsequent five years.
Renovations required?: As you can see, the façade is in need of a makeover in order to draw future customers into the retail space, which boasts a decent 26 ft. of frontage. The inside has been stripped down to bare walls and ceilings, but the property is somewhat dated and would require renovations to suit a future tenants’ needs. Realtor for the buyers, Konrad Chen, has also confirmed that the new owners are looking to make renovations to the top two floors in order to improve the living quarters, which will take around two months.
What’s happening with it now?: On the market for around four months, the property attracted a lot of attention, in large part due to its location near Queen and Spadina. Multiple offers were made on the space after the price was adjusted, and Chen says that the new owners are willing to lease the bottom and top floors separately. But they’re really hoping that 529 Queen will fit in with its trendy neighbours and house a fashion retailer. Chen has confirmed that a national retailer with some 20 stores across the country has shown considerable interest in the space, though he could not name which one. With three floors, a basement, parking in the back and a prime location, expect this property to be leased out quickly.
