This shopping mall was constructed by the Oxford Properties and is the sixth largest shopping mall in Canada. And fourth and third largest shopping mall in Ontario and Toronto consecutively. he second day of May, 1973 is quite a memorable day for all the people living in Canada since in that very day, Scarborough Town Center was made open for public. This shopping mall was constructed by the Oxford Properties and is the sixth largest shopping mall in Canada. And fourth and third largest shopping mall in Ontario and Toronto consecutively.
Description Some other shopping malls, constructed by Oxford in Canada include Square One Mississauga with 1.7 million sq. ft. retail place, Yorkdale Toronto with the same retail space, Galeries de la Capitale Quebec City with 1.5 million sq. ft. retail place etc. Major retailers present in the mall, in terms of the retail area are Hudson’s bay with 23,472 m2. Then there is Sears with 21,515 sq. m. of retail place. Though, between 2018 this mall may close if the lease is bought back by the mall owners. After that, there are Walmart Supercentre, Cineplex Cinemas, Dollarama, Old Navy and H & M. Some other popular retailer includes Jack Astor’s, Milestone’s, The GAP, American Eagle Outfitters. Interesting facts and figures Let’s have a look at some of the interesting facts about Scarborough Town Centre. The per square foot sales of this Town Centre is around $645 and annual CRU sales figure is $300 million. Number of stores present in the centre is more than 250 and total annual sale is $445 million. More than 22 million people visit the mall every year. The parking capacity is 5,796 stalls and the daily vehicle traffic count is 410,000. In normal occasion, visitors spend around 85 minutes in the mall. One of the key attraction of the mall is definitely the Player’s Coliseum with 12-screen theatre and capacity of 3,500 seats. Other than that, the centre offers a range of services including complimentary stroller, walkers, wheelchairs available at the Guest Service desk. Babysitting is also available at Kornelia’s Korner. Walk of Fame The walk of fame is another most attractive area of the Scarborough Town Centre. In the year 2006, 10 eminent person of Scarborough community were inducted in the walk of fame. The walk of fame stars are placed behind the main atrium and in front of H & M. The list of inductees includes, Dr. Lloyd N. Carlsen, the man who founded the burnt-unit. Educator Dr. R. H. King, NBA player Jamaal Magloire, Dr. Charles C. Macklin. Then there are artist Doris McCarthy, Lieutenant Governor of Ontario, The honorable David Onley, hockey player Vicky Sunohara, pioneer David Thompson, artist Wes Williams and last but not the least geriatric care entrepreneur Dr. Joseph Yu Kai Wong. Security and safety The security and safety system of the mall has always been tight and tough. Security coverage is available for 24 hours and 365 days a year. The STC security team is always discreet and careful regarding the rules and regulation of the center. They ensure always that each of the visitors abide by the system of the centre. The security centre is located near the #7 entrance. Finally, the largest shopping centre of east end of Toronto, located at Highway 401 and McCowan Road, the thriving two-level shopping mall attracts around 60,000 visitors on a daily basis. And is the gateway to brands like Victoria’s secret, Aritzia, Forever 21, lululemon, Sephora etc. Rumi Realty Point is a local brokerage specialized in Scarborough real estate market. Rumi team of professionals offers end to end services for commercial, residential and real estate investment projects.
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Buying a commercial property is never an easy job. You need to be either an expert or you need to take help of the experts. Here are some of the important factors and processes of making a successful commercial real estate deal. If you think nobody cares whether you are alive or not, just give a miss to a few mortgage payments and you will get the answer. This is a very familiar statement in the commercial real estate world.
It is true by all means that in the real estate world, there is no place for the novices. It’s of very little doubt that if you want to deal in real estate especially in commercial real estate, vast knowledge about this field is the prime necessity. This is not only about the money. The world is full of millionaires making unsuccessful real estate deals. Becoming familiar with the market condition is important for a successful deal. And this is something that doesn’t come easily. So what exactly it takes to buy a commercial real estate property? Well, this is not a matter of one or two things. Even the experts have failed in this field. What you need to do is to plan the whole thing in advance. Calculate the risk of buying property in advance There is no doubt that if the deal goes well, you can make a handful of cash but start with considering the negative aspects. What if the deal doesn’t pay off? It is often seen that leasing property is a much better option than buying one. May be the hot property of today becomes not so popular in near future. May be the area you have chosen for the commercial property becomes ‘not-so-happening’ tomorrow. These scenarios may seem to be impossible today but the history of commercial real estate has witnessed such things before. Consult with a team of experts You may not be a commercial real estate expert. Had you been so, you would have not taken any interest in this article. So, the best way is to start by consulting an expert or a team of expert. Imagine you are going to invest in commercial real estate in Scarborough; you should always get in touch with an expert consultant who not only exchanges some important advice, also offer some property options as well. The advantage of working with a native consultant is the knowledge they offer about the local commercial real estate market. Don’t miss out to have a chat with a proficient tax consultant during the process. How much your business can afford and what would be the amount to be paid for tax is a complex calculation and certainly requires professional help. Choose the right property There are a lot of things to consider while selecting the property for your investment. The first thing to consider is the location. This is the prime factor. You always want to be in good touch with the main commercial place of the city. An ideal commercial real estate should be surrounded with all the required amenities. Customers should find the place convenient to reach. Once the location is finalized you need to look at the physical condition of the commercial property. If this is a new one, it’s fine. But if the property is a used one then consider what the property was used for? Consider the legal limitations as well if there is any. Make sure that the place allows you to do what you need to do in your business. The opportunity of expansion of the property (if the business grows as per the plan) or leasing the property (if it doesn’t work out) should be available. This is a prime consideration at the time of buying. Make the purchase Now that you are done with the location verification and with all other important things, it’s time to talk to the owners about the payment procedure. In the earlier days banks used to offer attractive financing options but that has become the story of past. In order to grab a good deal from your bank, you have to maintain your business account quite rightfully. If everything is fine, you will not find any difficulty buying you commercial real estate property in Scarborough or anywhere else. Rumi Realty Point is a local brokerage specialized in Scarborough real estate market. Rumi team of professionals offers end to end services for commercial, residential and real estate investment projects. Despite having a marginal downfall in the worldwide real estate market, Scarborough, Toronto, is one of the areas that has been able to put up a great show. There are few factors about the place that are actually driving the growth of real estate market. Dealing with properties or real estate has always been a great concern for the people from all walks of life. There is no secret to the fact that buying or selling property is not a cakewalk and one needs to take lots of major and minor factors into account to successfully accomplish the deal. However, that doesn’t hold anyone back from investing in properties to meet their financial as well as family requirements.
As far as the worldwide real estate market is concerned, things seem to be going through a bad patch over the last few years or so and studies and reports are claiming that the demand for properties is going downwards. That’s true to a large extent but the picture is not just the same in everywhere. Take example of Scarborough, Toronto. Real estate overview in Toronto While the demand for buying or selling properties is on a rise, there’s been a comparative downfall in the demand for rental houses since the end of the last year. This clearly suggests that people are more interested in buying or selling properties rather than putting them up for rent. There must be reason for that! According to the studies by one of the largest brokerages in GTA, Re/Max Hallmark Realty Ltd, the average price of detached home in Toronto has crossed the $1 million range but the biggest profits are being made from the houses sold below the million dollar range. The part of the city that is leading in this rising game is Birchcliffe/Cliffside with a whopping 25.4 percent price hike in the home rate figuring $724,187 as of June compared to $577,567 in the last year. The next in the list is Cliffcrest/Scarborough Village/Guildwood with a percentage of 23.9 per cent. The rate which was $609,047 last year has risen to $754,437. The Rouge/Malvern area has experienced a growth of 19.2 percent. The property price has risen to $621,912 from $521,643. Apart from that, areas such as Parkdale, High Park and North York have also experienced substantial growth. Properties in Scarborough is in great demand The moderate and soothing climate can also be another good reason to help growing the real estate market of this place substantially. It is the home to an earthen cliff formation popularly known as Scarborough Bluffs. However the climate is modest because of its southerly location in the country and the proximity towards Lake Ontario. The summer is humid and warm and the winter is cold. However the condition varies significantly based on the proximity to the lake. Areas close to the lake are noticeably cooler in hot summer days as well. Last but not the least, the economical growth of Scarborough has also contributed to the recent advancement of the real estate industry in this place. Aside from these reasons, the availability of properties attracts the buyers by offering them the suppleness of choosing the right residential property as per their needs. More so, the lower interest rate and the political safety are also amongst factors that the buyers or even the sellers would like to ensure. Considering all these major and minor factors, this can be said that investing in properties in Scarborough is safer with great potential returns. Rumi Realty Point is a local brokerage specialized in Scarborough real estate market. Rumi team of professionals offers end to end services for commercial, residentialand real estate investment projects. |
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