A string of commercial properties along Eglinton Avenue West in the Forest Hill neighbourhood of Toronto has sold after being on the market for around nine months. This is according to a transaction announcement provided to STOREYS by TD Cornerstone Realty Inc., the firm that brokered the sale. The block of buildings at 453, 465, 481, 483, and 491 Eglinton Avenue West was offloaded to Skye Capital Partners Ltd. for a collective $20,850,000.
Records obtained from Altus Group show that 453 Eglinton Avenue West was sold for $4,750,000 (at a rate of $634 per sq. ft), 465 and 481 Eglinton Avenue West were sold for $6,850,000 (at a rate of $622 psf) and 483 and 491 Eglinton Avenue West were sold for $9,250,000 (at a rate of $236 psf). All three transactions are dated August 14, 2025.
Notably, 491 Eglinton Avenue West is the head office of real estate developer and asset manager TAS, which is identified in the transaction records as the vendor in all three transactions. When contacted for comment, a spokesperson for the company clarified that TAS is a tenant in one of the buildings and provided property management services to the previous owner, but were not the seller.
Future redevelopment potential of 453, 465, 481, 483, and 491 Eglinton Avenue West/TD Cornerstone Realty Inc.
TD Cornerstone has indicated they are not at liberty to comment on the prior ownership of the properties.
The sales brochure prepared by TD Cornerstone describes the 0.49-acre property as having a frontage of 214 feet along Eglinton Avenue West and 57,726 sq. ft of gross leasable area (GLA) — 69% office, 24% retail, 7% residential. It also specifies that an occupancy rate of 84%, a weighted average lease term (WALT) of 3.5 years, and “stable cash flow profile through a staggered expiry schedule.”
Given the property’s situation, between the Chaplin and Avenue stations of the future Eglinton Crosstown LRT, the brochure makes particular note of the opportunity for intensification. “Current zoning allows for a six-storey mixed-use development and if rezoned, the site is expected to support up to 16 storeys based on the latest planning report from Bousfield,” it says.
“Additionally, there are several development applications containing a variety of built form in the neighbourhood. Two development applications in the immediate area include a 19-storey residential building at 444-446 Eglinton Avenue West and a 10-storey residential building at 346-356 Eglinton Avenue West. Active condominium developments have achieved 76% in sales at an average price of $1,429 psf.”
With files from Howard Chai.