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Two months after Greyhound announced it was suspending service in Canada, the large bus station in the heart of downtown London, Ontario, went on sale.
The property at 101 York Street at the intersection of Talbot Street is a prime real estate location and the city’s zoning allows for residential, commercial, commercial and office use.
“It’s a good proximity to many downtown amenities including the river. It’s a one acre plot, so it’s a good size for someone to redevelop and do something creative with it, to continue to change the downtown landscape and keep improving the downtown area †said Greg Harris of CBRE, the commercial real estate agent responsible for selling the property.
There is no sale price on the ad.
“It’s one block from Budweiser Gardens, and there are a lot of new residential developments that have one in the immediate vicinity. Whatever happens at this site, it will benefit downtown.”
Greyhound Canada announced in May that it was shutting down all bus service in the country. This week, Megabus announced it will provide transport between London and Toronto, with a possible extension to Windsor, but for now, buses will depart from the Flying J truck stop near the highway. 401.
“Now is the time to restart, to reimagine what kind of city center we want and what it will look like in five, 10 or 20 years,” said Barbara Maly, director of Downtown London, the improvement organization business for the core.
“Sadly, we lost Greyhound, but with every misfortune there is an opportunity, a bright light, and that could really be a big redevelopment. The potential is there.â€
Sale possible by fall
It’s rare for a large property like the Greyhound Terminal to go on sale in a downtown area, Harris said.
Some buyers have already expressed interest in the property, he added.
“It’s possible, according to our timeline, that a deal will be done by the fall,” said Harris.
The closure of a transport hub is a loss for the city center, Mr Coun said. Jesse Helmer. He said it is important that inexpensive transport between communities is available in the core.
“Having a place where the buses can enter downtown, whether it’s this property or one of these parking lots that’s empty right now, I think that’s really important,†Helmer said. “Having an intermodal transport stop, where city buses already pass, makes a lot of sense. It doesn’t have to be this particular property, but I wouldn’t want it to become another surface parking lot, because we’re not that downtown. ”
The York Street property is an L-shaped site and is very close to a handful of new residential towers that are under construction and have been proposed in blocks.
“The property is currently being upgraded with a 14,335 square foot bus station and a 3,410 square foot garage with three service areas and a washing area. The bus station and garage are constructed with a concrete slab at floor level. floor, concrete block walls, steel rafters, tin roof decking, tar and gravel roof and brick veneer exterior, â€according to the listing.
Subway Restaurant has a lease in the building until 2025.
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