At 1364-1370 Queen Street East and 2-4 Greenwood Avenue, we filled our only retail vacancy in the portfolio by leasing the space at 1366 Queen Street East to Dashing Hounds Dog Grooming (www.dashinghounds.ca).
In 2020, as part of our major overhaul of this building, we reconfigured the main floor of this building to add more retail space and condense the residential/hotel space. This retail space at 1366 Queen was originally 325 square feet, very narrow and not very practical for most uses. Behind this space was a 2-storey residential apartment that had a kitchen/dining room on the ground floor and a bedroom and bathroom above it. We converted 250 square feet of the main floor of the residential apartment into additional space at the rear of the retail unit. The retail unit is now 575 square feet, and was leased at $40.70 per square foot net per year for 5 years. Because retail is the highest and best use for ground floor space, this allowed us to increase our income by increasing the usability of the original space and expanding the floorplate. Condensing the residential/hotel suite into a 331 square foot studio apartment has had a very minimal impact on the income potential for that unit because we only had one bedroom and one bathroom in the original configuration.
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