57-93 Balliol Street, Toronto

57-93

BALLIOL

STREET

TORONTO, ON

APPROVED FOR A 40 STOREY TOWER WITH ± 366,000 SQ. FT. OF DENSITY WITHIN TORONTO’S COVETED MIDTOWN MARKET

Conceptual Rendering

TABLE OF

CONTENTS

EXECUTIVE SUMMARY

�

PROPERTY SUMMARY

DAVISVILLE STATION

INVESTMENT HIGHLIGHTS

ABOUT THE DEVELOPMENT

RENTAL REPLACEMENT BREAKDOWN 14

CONCEPTUAL SITE PLAN

MARKET OVERVIEW

NEIGHBOURHOOD OVERVIEW

OFFERING PROCESS

EXECUTIVE

SUMMARY

CBRE’s Land Services Group is pleased to offer for sale the 1.07-acre site located at 57-93 Balliol Street (known as the “Site” or “Property”) in the City of Toronto. The offering represents a landmark development opportunity for an approved 40 storey tower with exceptional views of both Midtown and Downtown Toronto. In July 2023, the vendor received approval on the Zoning By-Law Amendment (“ZBLA”) that allows for a maximum Gross Floor Area (“GFA”) of 365,973 sq. ft. (34,000 sq. m.) to be built on the Site. Please note that as part of the redevelopment the existing 19 residential rental townhouse units will be required to be rebuilt into the podium of the new development. Please refer to pages 13-15 for more information on the development and the rental replacement requirements. Situated between Yonge-Eglinton and Yonge-St. Clair, the Site represents an unmatched high density development opportunity that is approved for a 40 storey building with 496 residential units, inclusive of the 19 rental replacement units. As part of the redevelopment, over 0.2 acres (906 sq. m.) of greenspace will be provided, with parkland dedication fulfilled on-site, as well as outdoor amenity space. It is proposed that two levels of underground parking will be provided to accommodate 103 parking spaces and 497 bicycle parking spaces. Although not yet approved, the vendor has submitted a Site Plan application, which allows a purchaser to continue with the existing proposal and finalize the development based on their own preference and design. The Midtown neighbourhood has become one of Toronto’s preeminent locations for both homeowners and renters. Drawing on demand from a large demographic profile, this neighbourhood achieves some of the strongest end unit pricing and rental rates not only within the City of Toronto, but the entire GTA. Nearby condominiums and purpose- built rental projects are currently achieving weighted average prices of $1,530 per sq. ft. and average rental rates of $4.51 per sq. ft., respectively (Altus and Urbanation, 2023). As nearby infrastructure projects near completion, it is anticipated that demand will continue to grow, making this an outstanding condominium or purpose-built rental development opportunity within one of the City’s most sought after locations. Situated a 2-minute walk from Davisville Subway Station, the Site is exceptionally well located within an established neighbourhood that is serviced by an abundance of amenities, restaurants, cafes, shops and grocery stores to accommodate the area residents. As such, the offering represents a landmark redevelopment opportunity with zoning approvals in place to allow for a high density tower in one of Toronto’s most coveted and in demand markets.

ST CLAIR STATION

FARM BOY

ST CLAIR AVE

2 MIN WALK DAVISVILLE STATION

BALLIOL ST

DAVISVILLE JUNIOR/ SPECTRUM PUBLIC SCHOOL

DAVISVILLE AVE

MILLWOOD RD

BELSIZE DR

5 // 57-93 Balliol Street

APPLICATION 50 & 64 MERTON STREET

OPA, ZBLA and Site Plan under review for 39 storey tower with 430 units and a total GFA of 339,091 sq. ft.

UNDER CONSTRUCTION 30 MERTON STREET

57-93 BALLIOL STREET, TORONTO

OPA, ZBLA approved for 38 storey rental building with 322 units

PROPERTY

SUMMARY

Part of 211240018

The Site has a total area of 1.07 acre (46,823 sq. ft.). The Property is part of the larger 2.4 acre parcel that also holds the 17 storey rental building located at 45 Balliol Street. The vendor also received approval on the consent application to sever the Site from 45 Balliol Street, which the vendor will retain.

Total Area

APPLICATION 95-133 BALLIOL STREET

OLT approved for 37 storey tower with 442 units (including 19 rental replacement units) and a GFA of 337,150 sq. ft.

Frontage

239 ft. along Balliol Street

Depth

193 ft.

Official Plan

Apartment Neighbourhoods

Zoning (as amended)

R (d2.0) and O (with a site specific exception)

The Property is currently comprised of 19 two-storey rental townhouses with one level of underground parking.

Existing Conditions

Mortgage

Treat as free and clear

As part of the redevelopment, access will be relocated to the western boundary of the Site for vehicular traffic, including the underground garage, garbage and loading. The new underground ramp will be located at the south-west portion of the Site. A Phase I ESA was completed in August 2023 by Safetech Environmental Limited that concluded that a Phase II ESA is not required. The neighbouring lands at 95-133 Balliol Street have an easement over the existing shared underground garage ramp owned by the vendor. There will be future easements over the 57-93 Balliol Street lands in favour of the vendor - namely, an access easement over the new mutual driveway and negative support easement for the retained underground garage at 45 Balliol Street.

Access

Environmental

Easements

6 // 57-93 Balliol Street

Conceptual Rendering

APPROVED FOR A 40 STOREY TOWER WITH EXCEPTIONAL VIEWS

PROXIMITY TO DAVISVILLE SUBWAY STATION

The Site is a 2-minute walk from Davisville Subway Station, making it exceptionally well located for future residents to capitalize on proximity to the existing Toronto Transit Commission (“TTC”) lines and connections to other transit options across the City.

The offering represents a significant development opportunity situated within one of the most in demand markets of Toronto, that is approved for just over 366,000 sq. ft. of total density with 496 residential units, including 19 rental replacement units.

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IDEAL MARKET FUNDAMENTALS AND DEMAND

FAVOURABLE DEMOGRAPHIC TRENDS

The Toronto Midtown area represents an ideal demographic profile, as the population within a 3km radius of the Site is anticipated to increase by almost 10% by 2027 and the average household income of those living within the radius is just over $263,000, which is more than double the City of Toronto’s average (Sitewise, 2023).

As one of the City’s preeminent locations for both homeowners and renters, the Toronto Midtown neighbourhood commands significant end unit pricing and rental rates for condominium and purpose-built rental projects. The weighted average price is currently $1,530 per sq. ft. for active condominium projects and the average rental rate is $4.51 per sq. ft. for nearby purpose-built rentals (Altus and Urbanation, 2023).

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LANDMARK

DEVELOPMENT OPPORTUNITY POSITIONED IN MIDTOWN TORONTO.

STATUS OF APPLICATION

In November 2021, the vendor submitted a ZBLA, Site Plan Control, Rental Housing Demolition, and Plan of Subdivision application for the Site to allow for redevelopment. Following community consultation in the spring of 2022, the vendor resubmitted the ZBLA and Site Plan applications in January 2023, and in July 2023, City Council approved the ZBLA and rental housing demolition application, with certain conditions. It is expected that City Council will adopt the bill in October 2023, and once the 20 day appeal period expires with no appeals received, the ZBLA will be final and binding. Please note that although originally submitted, the Plan of Subdivision application is no longer being pursued by the vendor, as it is no longer required. The Site Plan application has not yet been approved by the City, which allows a purchaser to continue with the approvals process based on their own preference and design for the development. Please note that Section 37 is not a requirement for the Site as a community benefits contribution will be utilized as part of the development approvals.

An Application for Consent was submitted in May 2021 to sever the Site. The consent was approved by the Committee of Adjustment in October 2021 and the certificate of official approval was issued in February 2023.

Please note that as part of the acquisition, the purchaser may be required to execute development agreements, including two shared facility agreements and a craneswing/tieback agreement (if necessary). The agreements will be made available in the data room once finalized.

ABOUT THE DEVELOPMENT OPPORTUNITY

The offering represents a landmark development opportunity that is approved for a 40 storey tower with 365,973 sq. ft. of density and 496 residential units in total, of which 19 are rental replacement units for the existing townhouses on-site. Please note that as part of the approvals there is no unit maximum and there is no non-residential space required. The Property is exceptionally well located, being less than 2 minutes from Davisville Subway Station, which connects the Site to current and future transit lines allowing for exceptional transit access. The development also includes a new 9,752 sq. ft. (906 sq. m.) area of open space, which includes 4,682 sq. ft. (435 sq. m.) for an on-site park that satisfies the 10% statutory parkland dedication requirement for the Site. The conveyance of the additional 472 sq. m. of parkland over dedication has not yet been finalized with the City. In order to accommodate vehicle and bicycle parking, two underground levels are proposed that will contain 103 parking spaces, including both resident and visitor spaces, and 497 bicycle parking spaces. Access to the new underground garage as well as for garbage and loading will be off of a new access point at the western part of the Site.

12 // 57-93 Balliol Street

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Conceptual Rendering

RENTAL REPLACEMENT SUMMARY

As part of the redevelopment, the existing 19 rental townhouse units will be replaced and rebuilt back into the new development on-site. The townhouse units will be replaced by their respective bedroom types, at comparable unit size, and at similar rents to those in effect at the time of application. As part of the development and replacement of rental units, at least 13 parking spaces will be provided back on-site for the existing tenants and new replacement units. Please refer to the following page for the rental unit chart mix which indicates the number of units in each of the rent tiers for replacement. As approved, at least 1 replacement unit will be provided and maintained at affordable rent. Of the approved 365,973 sq. ft. of GFA, 30,844 sq. ft. will be utilized for the replacement of the existing units which range in size from 1,153 sq. ft. to 2,250 sq. ft. between 3 and 4 bedroom units. The 19 replacement rental units are located in the base of the building, of which 17 will be two-storeys located either on the first or mezzanine floors, or the second and third floors. The remaining 2 replacement units will be single storey apartment units located on the mezzanine or third floors. Of the 17 replacement rental units, 8 units will be located at grade and have individual entrances with direct access to private outdoor patios that will lead out either to Balliol Street on the north side of the building, or to the proposed park on the east side of the building. The remaining nine two-storey units will be located on the second and thirds floors directly above the grade-related units and will have private balconies. Please refer to the data room for more information on rental replacement and tenant relocation.

EXISTING RENT CLASSIFICATION

Affordable

Mid-Range

High-End

Total

3 Bedroom

4 Bedroom

Total

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DEVELOPMENT BREAKDOWN 1

CONCEPTUAL SITE PLAN (MAY 2023)

Height

40 storeys

Floor Space Index (“FSI”)

7.79

Total GFA

362,838 sq. ft.

Residential Rental Replacement GFA

30,844 sq. ft.

NEW ACCESS POINT

10,060 sq. ft. of indoor space and 10,534 sq. ft. of outdoor amenity space

Total Amenity Space

496 units (including 19 rental replacement units)

Total Residential Units

103 parking spaces (ratio of 0.21 spaces) and 497 bicycle parking spaces are proposed

Parking Spaces

SALEABLE RESIDENTIAL UNIT MIX

No. of Units

Approx. Unit Size

1 Bedroom

177

450-550 sq. ft.

1 Bedroom + Den

550-625 sq. ft.

2 Bedroom

163

625-700 sq. ft.

2 Bedroom + Den

751-936 sq. ft.

3 Bedroom

936 sq. ft. >

Total

477

RENTAL REPLACEMENT UNIT MIX

No. of Units

Approx. Unit Size

UNDERGROUND GARAGE

3 Bedroom

1,150-1,350 sq. ft.

3 Bedroom + Den

1,400-1,500 sq. ft.

4 Bedroom

1,500 sq. ft. >

Total Units

PARKLAND DEDICATION (4,682 SQ. FT.)

OPEN SPACE (OVER DEDICATION)

Total Units Overall

496

1 Based on the architectural drawings from May 2023

16 // 57-93 Balliol Street

THE PARKER

2 2

1 1 4 5 4 5

3 3

6 6

7 7

11 11

6 6

5 5 10 10

MARKET

4 4

7 7

OVERVIEW

The Toronto Midtown neighbourhood has become a prime location for high density condominium and purpose-built rental developers as demand for home ownership and renting in the area continues to surge. Serviced by both Subway Line 1 of the TTC and the Eglinton Crosstown LRT, the Midtown neighbourhood is undoubtedly one of Toronto’s most sought after locations for a wide demographic profile - ranging from students and young professionals, to retirees. The economies achieved in these projects support feasibility for both condominiums and purpose-built rental developments, making this an attractive offering for a range of developers and operators. There are currently 9 active condominium projects within immediate proximity of the Site. Each of these developments have displayed ideal market fundamentals – achieving strong end unit pricing at a high rate of absorption. Of the cumulative 2,785 units, only 315 units remain in inventory and are achieving a significant price per sq. ft. of $1,530 on a weighted average basis. Closest to the Site, Rockport launched their 79 unit “Davisville Condos” project, which is currently 90% sold out in advance of its June 2025 expected occupancy. With immigration and demand for living in the area anticipated to continue, the future development of the Site will ideally lend itself to a range of condominium users, renters and investors. Throughout 2023, the GTA has experienced strong rental housing performance, with key indicators such as price, days on market and listings-to-leased ratios surpassing historic levels in several markets. Toronto’s Midtown neighbourhood has exemplified strong rental market performance, with recent rental activity in nearby projects yielding meaningful rental rates while operating at a low rate of vacancy. There are 16 newly completed purpose-built rental projects in the area, which are achieving significant average rental rates of $4.51 per sq. ft. Additionally, newly completed projects are achieving a strong rental premium, with the likes of “The Parker” by Fitzrovia and “The Whitney on Redpath” by Benvenuto Group achieving average rental rates of $5.67 per sq. ft. and $5.17 per sq. ft., respectively (Altus and Urbanation, 2023).

NEARBY CONDOS

Available Price (PSF)

Size Range (sq. ft.)

# Development

Builder

Opening

Occupancy

Purchase Price

Units

Sold (%)

AKRA Living

Curated Properties

9/24/2022

1/1/2026

$1,535

$694,900 to $1,489,900 407 to 1,168 200

142 (71%)

Source: urbantoronto.ca

Madison Group and Westdale Properties

Capitol

9/21/2021

7/1/2025

$1,502

$979,900 to $4,199,900 480 to 1,935 153

CAPITOL

Davisville Condos

Rockport

6/7/2021

6/1/2025

$1,719

$930,900 to $2,928,900 635 to 1,685 79

70 (89%)

Untitled Toronto - North Tower Untitled Toronto - South Tower

Reserve Properties and Westdale Properties Reserve Properties and Westdale Properties

2/22/2020

9/1/2024

$1,608

$606,900 to $1,671,900 307 to 1,094 295

278 (94%)

2/1/2020

9/1/2024

$1,563

$588,900 to $2,521,900 302 to 1,661

457

434 (95%)

Times Group Corporation

Sixty Five Broadway

7/29/2019

2/1/2025

$1,463

$579,900 to $1,611,900 435 to 1,111

389

285 (73%)

Y&S - Yonge & Soudan

Tribute and TENBlock 2/20/2019

12/1/2024

$1,536

$459,990 to $1,999,990 412 to 1,224 304

278 (91%)

Line 5 Condos - South Tower

Reserve Properties and Westdale Properties Reserve Properties and Westdale Properties

1/17/2019

4/1/2024

$1,643

$691,900 to $2,880,900 353 to 1,656 423

402 (95%)

Line 5 Condos - North Tower

10/16/2018

3/1/2024

$1,616

$474,900 to $1,644,900 347 to 1,009 485

474 (98%)

PURPOSE BUILT RENTAL

First Occupancy Date

Average Monthly Rent (per sq. ft.)

Source: bhhstoronto.ca

Stabilized Occupancy Date

Size Range (sq. ft.)

Vacancy Rate

# Development

Builder

Monthly Rent Range

Units

THE WHITNEY ON REDPATH

E18hteen

KG Group

6/1/2020

3/1/2021

$4.55

$2,450 to $3,295

472 to 794

315

0.0%

Rockport Group and Woodbourne

The Montgomery

1/1/2019

3/1/2020

$4.29

$2,343 to $6,394

519 to 1,101

228

4.8%

3 4 5 6 7

The Parker

Fitzrovia

5/1/2022

N/A

$5.67

$2,470 to $4,980

350 to 886 349

16.6%

Minto Roehampton

Minto Communities

4/1/2007

4/1/2008

$4.39

$2,489 to $3,461

510 to 878

148

0.7%

eCentral at ePlace

RioCan Living

2/1/2019

7/1/2020

$4.35

$2,244 to $4,744

454 to 1,253 401

2.2%

The Whitney on Redpath

Benvenuto Group

8/1/2022

11/1/2022

$5.17

$2,270 to $9,000

325 to 1,592 180

45.6%

Vivere

GWL Realty Advisors

2/1/2010

2/1/2011

$4.09

$2,290 to $3,364

520 to 858

141

3.5%

8 9 10 11

Lillian Park - 44 Lillian St

Shiplake Properties

10/1/2019

6/1/2021

$4.39

$2,222 to $3,340

497 to 836

272

0.0%

Lillian Park - 33 Dunfield

Shiplake Properties

1/1/2020

3/1/2022

$4.47

$2,000 to $2,930

417 to 773

288

0.3%

Balliol Park - 99 Davisville Shiplake Properties

6/1/2016

1/1/2017

$3.90

$2,350 to $3,300

547 to 956

179

0.0%

Balliol Park - 118 Balliol

Shiplake Properties

9/1/2016

8/1/2017

$4.29

$2,100 to $3,200

432 to 773

342

0.6%

18 // 57-93 Balliol Street

Source: urbantoronto.ca

Conceptual Renderings

Source: Altus and Urbanation, 2023

Oretta Restaurant

Source: oretta.to

David A. Balfour Park

MIDTOWN TORONTO - ONE OF THE CITY’S MOST HIGHLY COVETED NEIGHBOURHOODS

The offering is ideally situated within Midtown Toronto, being in close proximity to both St. Clair and Yonge-Eglinton, and is a 2-minute walk from Davisville Subway Station providing direct transit connections across the City. The area is also home to an abundance of amenities and services, including an array of local retailers, restaurants, bars, cafes and grocery stores, providing convenience for residents and workers of the neighbourhood. Notable retailers and restaurants in the area include Indigo, Oretta, Loblaws, Sephora, Stock T.C, Cibo, West Elm, Shoppers and Farm Boy. There are also a number of parks and recreational facilities, including Mount Pleasant Cemetery, June Rowlands Park, Kay Gardner Beltline Park and Sherwood Park. The Yonge-Eglinton node has witnessed unprecedented growth and development over the past decade, benefiting from the significant investment in infrastructure along the Eglinton corridor. Through the development of the Eglinton Crosstown LRT, and future Ontario Line at Don Mills and Eglinton Ave, the Yonge-Eglinton node is positioned to be the next major transit hub in the City making the offering an exceptional opportunity to capitalize on the demand and momentum of the area.

Farm Boy

Stock T.C

Source: torontolife.com

Source: stocktc.com

80 TRANSIT SCORE

71 BIKE SCORE

98 WALK SCORE

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NEARBY

AMENITIES

RECREATION 1. Oriole Park 2. Davisville Tennis Club 3. Striation 6 Fitness Centre 4. David Balfour Park 5. Eglinton Park 6. Maurice Cody Community Centre 7. North Toronto Memorial Community Centre

7 7

2 EGLINTON

6 6 6 6

Eglinton Park

1 3

INSTITUTIONAL

DAVISVILLE

1. Greenwood College School 2. Toronto Prep School 3. Upper Canada College 4. Sunnybrook School 5. Willowdale High School 6. Maurice Cody Junior Public School 7. Deer Park Junior and Senior Public School

Yonge Eglinton Centre

Source:yongeeglintoncentre.com

RETAIL

ST CLAIR

1. Sobeys Urban Fresh 2. Farm Boy 3. Loblaws 4. Yonge Eglinton Centre 5. Metro 6. Cineplex Cinemas 7. Shoppers Drug Mart

Upper Canada College

Source:ucc.on.ca

OFFERING

PROCESS

CBRE has been retained by the vendor as the exclusive advisor to seek offers for the disposition of 57-93 Balliol Street in the City of Toronto. Interested purchasers will be required to execute and submit a Confidentiality Agreement (“CA”) to LSGGTA@CBRE.COM prior to receiving additional information on the offering. All inquiries regarding the Property or for further information should be directed to the advisors below.

CLICK TO SIGN CA

TRANSACTION REQUIREMENTS:

Interested parties are invited to submit a proposal on a purchaser’s form of Letter of Intent on the initial offer date, which will be announced by the advisors. From the submissions, one or more of the proposals may be short listed to proceed to the next stage of the process where it is the intent of the vendor to enter into a binding Agreement of Purchase and Sale on the vendor’s form (to be provided in the data room) for the Property. All participants in the process do so of their own accord. Neither the vendor nor CBRE make any representation or warranty, or any agreement whatsoever, that the vendor will accept any Agreement of Purchase and Sale, before or after negotiations, which may be extensive, that the vendor will accept the highest or any price offered or, that the vendor or CBRE, shall compensate any participant for any costs incurred in its participation in the process.

Offers will be evaluated on, among other criteria, the consideration offered for the Property, the prospective Purchaser’s ability to complete the transaction, and the proposed conditions of closing.

OFFER SUBMISSION DATE: TUESDAY, NOVEMBER 28TH, 2023 BY 3PM (EST)

All offers are requested to be submitted to both:

Lauren White | lauren.white@cbre.com

Mike Czestochowski | mike.czestochowski@cbre.com

ADVISORS:

Lauren White* Executive Vice President +1 416 495 6223 lauren.white@cbre.com

Mike Czestochowski** Vice Chairman +1 416 495 6257 mike.czestochowski@cbre.com

Emelie Rowe* Sales Associate +1 416 495 6306 emelie.rowe@cbre.com

Evan Stewart Sales Representative +1 416 495 6205 evan.stewart@cbre.com

**Broker *Sales Representative

This disclaimer shall apply to CBRE Limited, Real Estate Brokerage, and to all other divisions of the Corporation; to include all employees and independent contractors (“CBRE”). The information set out herein, including, without limitation, any projections, images, opinions, assumptions and estimates obtained from third parties (the “Information”) has not been verified by CBRE, and CBRE does not represent, warrant or guarantee the accuracy, correctness and completeness of the Information. CBRE does not accept or assume any responsibility or liability, direct or consequential, for the Information or the recipient’s reliance upon the Information. The recipient of the Information should take such steps as the recipient may deem necessary to verify the Information prior to placing any reliance upon the Information. The Information may change and any property described in the Information may be withdrawn from the market at any time without notice or obligation to the recipient from CBRE. CBRE and the CBRE logo are the service marks of CBRE Limited and/or its affiliated or related companies in other countries. All other marks displayed on this document are the property of their respective owners. All Rights Reserved. Mapping Sources: Canadian Mapping Services canadamapping@cbre.com; MapPoint, DMTI Spatial, Environics Analytics, Microsoft Bing, Google Earth.

24 // 57-93 Balliol Street

BALLIOL ST

MERTON ST

ADVISORS: FOR MORE INFORMATION ON THIS OFFERING, CONTACT OUR

Mike Czestochowski** Vice Chairman +1 416 495 6257 mike.czestochowski@cbre.com

Lauren White* Executive Vice President +1 416 495 6223 lauren.white@cbre.com Emelie Rowe* Sales Associate +1 416 495 6306 emelie.rowe@cbre.com

CBRE Limited, Brokerage 2005 Sheppard Ave E, Suite 800 Toronto, ON M2J 5B4

Evan Stewart Sales Representative +1 416 495 6205 evan.stewart@cbre.com

*Sales Representative **Broker www.cbre.ca/mclsg

All outlines are approximate.

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