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Navona lists former Toronto RONA store for $51m

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  • What A former RONA store in Scarborough is on the market for $50.9m
  • Why The Golden Mile neighbourhood has been a hotbed for investment and redevelopment in the last few years
  • What’s next Avison Young is marketing the property

Navona Investor Services has listed a former RONA Home & Garden store in Toronto for $50.9m.

The now-vacant freestanding building at 768 Warden Avenue, in the heart of Scarborough’s Golden Mile neighbourhood, was built in 2000 and spans 113,000 sq ft. Marketed by Avison Young, the site includes the store space, a lumber yard, a garden centre and a large surface parking lot.

The property last sold in September 2011 for $25.5m. There is no assumable debt, and 2024 property taxes are estimated at $474,000. Expected net rent on the site is $19/sq ft.

Both industrial and commercial uses are allowed under the flexible zoning, however residential redevelopment would not be possible. Activity on the property thus far has been slow to moderate.

The site is surrounded by other retail outlets, including several restaurants, a grocery store, a Canadian Tire and a Michaels. It’s just down the block from a newer RONA location.

The Golden Mile area is set to undergo a significant transformation in the coming years. The City of Toronto set its sights on bolstering the neighbourhood in 2020, adopting the Golden Mile Secondary Plan to support growth and redevelopment of the largely commercial area.

The most notable project proposed to date is the redevelopment of the Golden Mile Shopping Centre at 1880-1892 Eglinton Avenue East and 1525-1545 Victoria Park Avenue. A total of 11 buildings have been proposed by Choice Properties REIT and the Daniels Corp., ranging from two to 48 storeys.

The first phase of development will see the construction of 38- and 48-storey condominium towers housing 926 units and a 44-storey rental tower with 524 units.

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