In one of the largest land deals in Toronto’s history, our recent sale of 215 Lakeshore Boulevard East on October 13th has made headlines across a variety of real estate news outlets. See what industry pundits have said regarding the deal below.
Greybrook Realty Partners Inc. had big plans for its four-acre parcel of land on Toronto’s waterfront at 215 Lake Shore Boulevard East but an offer from Chinese real estate Greenland Group (Canada) turned out to be too good to turn down.
Politis stressed that his company never had any plans to sell the site but noted “everything is for sale at the right price.”
He believes “Greenland is going to do very well, based on what they are paying on a per foot basis – it was an easy call for us – but I think they are going to do really well too.”
“With the scarcity of any land yet alone prime land like this at this stage of the development process which is more or less ready to go, that kind of land is priced at a premium.”
State-owned Greenland is casting its vote for Toronto as the next Asian investment destination, after the developer purchased a condo development site at 215 Lake Shore Boulevard East in the city’s waterfront area from Greybrook Realty Partners for C$166 million ($124.5 million).
Think detached homes in Toronto are expensive? A Chinese state-owned developer just spent about $166 million on a large waterfront property in the city.
Greybrook CEO Peter Politis said Greenland Group, with over USD $58B in assets/developments worldwide (including Toronto’s King Blue, above) was seeking a development opportunity “of a specific size and scale to build a landmark project” in Toronto. He said he’s looking forward to watching the property come to life in the coming years. “We’re confident it will be a financial success for the new owners.“