MARKET TOWER
151 Dundas Street, London, Ontario

Site
The 21,247.23 square foot site is strategically located at the southwest corner of Dundas Street and Richmond Street in the centre of the London City core.  It provides frontage of 149.25 feet on the south side of Dundas Street and 142.36 feet on the west side of Richmond Street.

Building Description
The attractive newly retrofitted building of six storeys is complete with a beautiful atrium.  Total rentable area is 85,725 square feet above grade and 14,616 square feet below grade. 

Zoning & Official Plan
The Zoning By-law for the Corporation of the City of London is No. Z-1 and came into effect in September, 1993.  The subject is designated as being contained within a Holding 3 Zone (H-3) and a Downtown Area 1 Zone (DA1).

Tenancy
The building is 73% leased by a total of fourteen tenants. City of London occupies 53,636 square feet and McDonald’s occupies 3,511 square feet, both until 2012.  Together these tenants comprise 57% of the building.

Financing
The first mortgage with First Ontario Credit Union is approximately $4,275,000 as of January 1, 2005 bearing interest rate at 6.2% per annum due May 15, 2009 and with Principal and Interest payments of $39,364 per month. The vendor wishes to sell the property cash to the existing mortgage but will have the mortgage discharged at closing if financially compensated appropriately.

Net Income
Current income in place is $498,490 resulting from the existing 27% vacancy.  The stabilized income after a 5% vacancy allowance and 1% structural allowance is $924,202.  The existing vacancy is assumed to be lease-up at $10.00 to $23.00 per square foot for retail space, $8.50 per square foot for above grade office space and $3.50 net for below grade office space.

Asking Price
$8,750,000 or $86.94 per total square foot or $102.09 per above grade square foot or 10.6% cap rate after lease-up.

Contact :
Pierre Gagné, Broker of Record
Tel (416) 955-1885
Email pierre@gagnerealestate.ca

Marketing Support Provided by:
Real Property Solutions

Notice: Although every precaution has been taken to ensure the accuracy of the information contained in this package, no representations or warranties are made in connection therewith. These statements are based upon the information furnished by the principals and sources, which we deem reliable - for which we assume no responsibility, but which we believe to be correct.  This submission is made subject to prior sale, change in price or terms, or withdrawal without notice. Prospective purchasers should not construe this information as legal or tax advice. Prospective purchasers should consult counsel, accountants or other advisors on matters related to this presentation. It is understood that P.G. Gagné Commercial Real Estate Corp., Brokerage (The Broker) act as the listing broker for the vendor and owes a fiduciary duty to the vendor and will be compensated by the vendor. The vendor has agreed to possibility of dual agency. Unless advised otherwise in writing, it shall be conclusively deemed that any co-operating broker involved on behalf of a prospective purchaser will act as agent of the purchaser. Co-operating brokers will be required to register their clients with The Broker and to execute a cooperating agreement. The Broker and the vendor shall have no obligation whatsoever to any co-operating broker unless provided for in writing.

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