Allied Expands Its King West Kingdom
Allied Properties has added another King West property to its portfolio. The REIT announced Tuesday it’s acquired 485 King St W for $8M. The property, located on the south side of King at the foot of Brant Street, between Spadina Avenue and Bathurst Street, has 13k SF of GLA and 3k SF of surplus land. A three-storey building built in 1896 as a textile warehouse, 485 King West has sat mostly dormant in recent years, with its windows boarded. (But now where will neighbourhood kids set all their ghost stories?) It is among the only remaining brick-and-beam buildings along this section of King West that hasn’t been redeveloped.
485 King West is between Allied’s 469 King West property and the buildings it owns at 489, 495 and 499 King West. The firm plans an intensification project that will incorporate all five King West properties, with a new office tower at King and Brant. (Prior to this deal, it was like trying to eat a sandwich without owning the meat between the bread.) Nearby, Allied recently bought 460 King West (above), formerly Global Village Backpackers hostel, for $15M. Allied now owns everything on the west side of Spadina between Adelaide Street and King West, and most of the entire stretch on the north side of King West between Brant and Spadina.