25 Buchan Court, Toronto

The site of irregular dimension is located east of Leslie Street off the north side of Sheppard Avenue East measures approximately 10.7 acres. The majority of the land or approximately 8.7 acres was zoned low density residential (R3) at the time of the sale and benefited from a site specific by-law permitting a children’s hospital. The rest of the land was and will continue to be zoned open space.

The property was improved with a 145,000 square foot hospital at the time of the sale.

What We Have Learned
Bloorview McMillan Children’s Centre had declared the Bloorview site as surplus to its needs and wanted to monetize the site in a good market while it was still building an expansion for merging all services off location at the McMillan Site. The use and density were unclear for the Bloorview site. Price optimization, transparency of process and certainty of closure were important criteria for Bloorview.

A total of fourteen offers were generated within a managed unpriced proposal call process. The final sale was concluded with a firm and unconditional offer subject to a thirty day closing. Additional terms included a two year $0 net sale leaseback matching the term of a vendor take back financing. In light of the zoning uncertainty, the price optimization criterion was met through a density bonusing formula.

“Pierre has an extensive knowledge of the market and was very committed to meeting our needs”

Ms. Sheila Jarvis President, CEO
Bloorview McMillan Children’s Centre

P.G. GAGNÉ COMMERCIAL REAL ESTATE CORP., Brokerage 220 Bay Street, 9th Floor, Toronto, Ontario, M5J 2W4 • Tel: 416-955-1885 Fax: 416-862-2136 • pierre@gagnerealestate.ca