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Real Estate

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Office Space: $3.25 million for two semi-detached homes revamped into one stately office building

ADDRESS: 49-51 Gloucester Street

NEIGHBOURHOOD: Church-Yonge Corridor

AGENT: Matthew Johnson, Colliers International

PRICE: $3,250,000

THE PLACE: Think of this as an incognito office: residential on the outside, but all business on the inside. The building dates back to the 1880s, and was converted into office space in the 1970s. The first two floors have eight rooms each (plus kitchens and bathrooms), while the third floor has six, plus a rooftop patio with a south-facing view of the neighbourhood.

THE STORY: Originally built as two semi-detached homes—and used that way for nearly a hundred years—the owner had to figure out how to bring together the two halves to create a unified whole. During the revamp, workers installed arched openings in the brick wall that originally separated the semis, and added in an atrium with skylights to brighten up both sides.

THE IDEAL TENANT: We think the gravitas of a solid, century-old building would fit a no-nonsense, numbers-based business—the current occupant is a chartered accountancy, and boutique investment firms have already shown interest in the space.

THE DETAILS:
• $3,250,000
• 6,500 square feet
• $45,887.89 in commercial property taxes (2011)
• 270-square feet of terrace space
• 11-foot high ceilings
• 6 parking spaces
• 3 floors
• 2 former semi-detached homes
• 1 rooftop patio

 

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