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Sale of the Week: the $1.6-million loft that shows what Toronto’s willing to pay to escape cookie-cutter condos

Hanna Ave. LISTED-tl

Address: 43 Hanna Ave., Unit 442
Neighbourhood: Liberty Village
Agent: Colleen Doiron, Royal LePage Your Community Realty, Brokerage

The Property: This yet-to-be-built Liberty Village loft is an impressive size (2,580 square feet), and marries modern flourishes—such as a European kitchen and pot lights—with the existing features of its heritage-factory locale: exposed bricks and beams, 21-foot ceilings and 15-foot windows. A rare, 630-square-foot private rooftop terrace adds to the appeal, offering a partial southward view of the harbour and BMO Field.

The History: The unit is situated atop the Toy Factory Lofts, the only authentic loft building in the neighbourhood. (It was converted to residences in 2008.) Unit 442 is a new offering, and was sold in pre-construction. It’s one of five brand-new units developer Authentic Lofts on Hanna, Inc. will be carving out on the 7,500-square-foot fifth floor of the century-old structure.

The Fate: The buyer is a young professional seeking a unique investment close to downtown. Adding to the unit’s existing appeal, the developer made a rare offer to tailor the unit to its new occupant. Pre-construction units often have a set floor plan, with personal touches typically limited to a choice of finishings. The new owner of unit 442 made larger tweaks, including switching up layout to better suit his lifestyle.

The Sale: There are not enough conversions—or “authentic”—lofts in Toronto to meet demand, making this piece of history an uncommon find (and that’s before you factor in the rare private terrace). The property was priced competitively nonetheless, offering better value from a price-per-square-foot standpoint than some competing condos in the area, according to the agent. With some of the lowest maintenance fees in the city ($475 a month) and a spot in the heart of Liberty Village, it has excellent resale potential. This is one of three units that have been snapped up since the start of February. Two remain available.

By the Numbers:

• $1,549,000
• 2,580 square feet
• 630-square-foot private terrace with partial view of the lake
• 100-year-old former toy factory
• 98 per cent per cent of list price
• 21-foot ceilings
• 15-foot windows
• 15 days on the market
• 3.5 bathrooms
• 2+1 bedrooms