Acquired in 2006 for $2,200,000 with Rick Mathews and Simon Winston, 86 Parliament Street was seen as an excellent investment opportunity in the downtown periphery. 86 Parliament is located in the heart of Toronto’s rapidly developing Downtown East District, and walking distance to the Distillery District. The Downtown East District had unlimited upside potential back when the building was purchased, and since then has seen many upscale retail tenants relocating to the area. 86 Parliament is a four-storey commercial building covering approximately 5,000 square feet per floor. From 2006-2009, the building was re-leased to tenants who would benefit from the intended retrofit of the building and then sold for $2,800,000 at $140/SF with the first floor ideal for retail business and the second, third, and fourth floors perfect for individual rental units for apartments or work studios.
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