Photo: James Bombales
A piece of Toronto’s famous Kensington Market is up for sale and it costs only $2.5 million.
Since hitting the market in late spring, the building at 226 Augusta — which comprises three commercial retail tenants and a two-bedroom apartment — has had a couple offers, but none that stuck.
“If it was an easy sell, we wouldn’t be having this conversation, it’d be gone already,” said the owner’s realtor, Phil Pick.
This isn’t the first time the neighbourhood has seen a building that houses one of its charming mom-and-pop shops or homey cafes list in the millions.
Both 229 and 227 Augusta Ave. — home to the Sunwah Fruit Market — are also currently on the market for $2,708,888 and $1,990,888 respectively.
Pick, who’s done the lion’s share of the business in Kensington over the last 10 years, wouldn’t say why the owner of the Nassau spot was selling, but he suspects a speciality food or cafe will go in next.
“It’ll be something that’s trendy and with the market,” he said.
The fate of the building’s current tenants is unclear. “Maybe yes, maybe no,” Pick said, when asked whether they could be pushed out.
As for a Starbucks infiltrating the ‘hood? Probably not. Pick said the bigger companies are leery of coming to Kensington because of resistance from the existing community — including the heated campaign last year against Loblaws coming to the area.
“[The community doesn’t] want to see the gentrification of Kensington happen… so that becomes a sensitive issue and national tenants are shying away from it because they don’t want to have the controversy,” Pick said.
But with retail and rent prices rising every year, Kensington’s eclectic charm is coming at a higher and higher price.
“Kensington’s no different from the rest of Toronto… from a real estate value point of view. It’s continuing to go up and up and up, and I don’t see it coming to an end in the foreseeable future,” Pick said.
Here is a breakdown of some of the million-dollar properties up for grabs in Kensington right now on ICX: