573 King Street East has been sold for $9.5M and will be home to a new healthy food eatery. Ashlar Urban Realty’s Fraser McKay tells us his firm was originally intending to lease the building's 9k SF ground-floor space. But a prospective tenant expressed interest in buying the entire 18k SF building—built in the early '80s—and a deal came together “pretty quickly” after that. Regent Street Commercial Corp’s Vanessa Oliver, who represented the buyer, says her client's plan is to build a restaurant space plus a commissary kitchen to supply future locations. "They're looking at this as a long-term investment."
We visited the property to snap Vanessa and Fraser, seen here flanked by Ashlar’s Liam Sauro and Regent Street’s Cathleen Harnick, who also worked on the deal. Fraser says there's ample opportunity in the King East area, particularly with the West Don Lands development nearing completion ahead of next summer’s Pan Am Games. “There’s a ton of growth and excitement around here,” he tells Bisnow, noting the slew of new condos being built. That’s what attracted Vanessa’s client to 573 King East. Amid all that residential construction, they recognized the area is "under-serviced in the food category,” she says.
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