Prime Redevelopment Opportunity in a Coveted NeighbourhoodPresenting an exceptional opportunity to acquire a substantial parcel of land at 5 & 7 Foxwarren Drive, currently featuring one building with two assigned street numbers. This property is ideal for demolition and redevelopment into a fourplex and a separate garden suite.Potential Redevelopment Plans:Main Building (Fourplex): Can be designed to accommodate four spacious units, each featuring over 2,000 square feet with 3 bedrooms and 4 bathrooms. Includes the option to add an underground garage with a car lift for parking 6 vehicles.Garden Suite: A separate, two-level building with 3 bedrooms, 3 bathrooms, and a rooftop garden, covering approximately 1,100 square feet.Key Features:Large Land Area: The property spans 7,252 square feet, offering ample space for redevelopment.Versatile Design Potential: The existing building is currently furnished and decorated for 16 occupants, suitable for licensed short-term rentals or large families.Prime Location: Only 2.5 minutes walking distance to Bayview Shopping Mall and steps from the Subway Station.Cost Efficiency: No minor variance, committee of adjustment, or development fees required for the five legal units.Convenient Amenities: Proximity to shopping, dining, and public transportation.Immediate Rental Income: The seller will rent back the property for $7,800 per month for one year, providing the perfect timeline for final design, city zoning permits, and building permits. This arrangement offers significant rental income, facilitating easier mortgage acquisition for the buyer.This property offers a rare combination of substantial land area, redevelopment potential, and a prime location. Seize the opportunity to design and build a high-yield investment in a desirable neighbourhood.
Property Features
- Date Listed: Sunday, June 09, 2024
- City: Toronto
- Neighborhood: Bayview Village
- Major Intersection: Bayview And Sheppard
- Full Address: 5 & 7 Foxwarren Drive, Toronto, M2K 1L1, Canada, Ontario, Canada
- Listing Brokerage: Zen Home Realty - Disclaimer: The information contained in this listing has not been verified by Zen Home Realty and should be verified by the buyer.
