523 RICHMOND STREET, London East (East B)

$2,250,000

For sale: Other

Other at 523 RICHMOND STREET, London East (East B)
Property type
Commercial Retail
MLS®
MLS® X14109900
Neighbourhood
East B

One-of-a-kind opportunity to purchase an exceptional commercial property with a fully equipped restaurant in the heart of London's vibrant Richmond Row. Located at 523 Richmond Street, this beautifully rebuilt building showcases artistic design, exceptional craftsmanship and over 7,700 sq. ft. of finished space, including a large finished basement. The impressive restaurant layout features private dining space, a spectacular outdoor courtyard ideal for dining and special events, and a front patio overlooking Richmond Street. Liquor-licensed capacity for 187 indoor seats plus 94 patio seats, subject to applicable approvals. A separate Richmond Street entrance leads to an approximately 1,200 sq. ft. upper-level apartment, currently rented and providing supplementary income. Outstanding exposure in a lively, walkable downtown destination surrounded by shopping, dining and entertainment. A fantastic opportunity for an owner-operator or investor to acquire a distinctive property with extensive restaurant infrastructure. The entire property could be available with vacant possession, subject to existing tenancy arrangements and applicable requirements.

Sold data

Homes in East B — recent sold market

Homes in East B took a median of 26 days to sell over the last 90 days, with the quickest quarter selling within 12 days and the slowest quarter taking more than 51, across 30 recorded sales.

That clock counts only the listing each home finally sold on. Measured from the first time these properties came to market, including any earlier listings that were withdrawn and re-entered, the median is 42 days.

The median sale price was $632,400.

Homes sold for about 3.4% below asking on average, so there was room to negotiate.

About 10% of sales closed above the list price.

Around 30% of sellers reduced their price before finding a buyer.

Median days to sell
26
Median sale price
$632,400
Sale-to-list ratio
96.6%
Sold above asking
10%

Based on 30 recorded sales in the last 90 days — a small sample, so treat these figures as indicative. Aggregate statistics only; individual sale prices are not shown.

Schools

Schools in London East (East B)

London East (East B) has 116 Fraser Institute–rated schools (97 elementary and 19 secondary), averaging 5.5/10.

Rated schools
116
Elementary
97
Secondary
19
Average rating
5.5 / 10

Top-rated schools in London East (East B)

  • John Dearness — elementary, LondonFraser rating 9.8/10
  • St George — elementary, LondonFraser rating 9.1/10
  • Jack Chambers — elementary, LondonFraser rating 8.8/10
  • Sir Arthur Currie — elementary, LondonFraser rating 8.8/10
  • London Central — secondary, LondonFraser rating 8.7/10
  • Ryerson — elementary, LondonFraser rating 8.7/10

School ratings from the Fraser Institute's Ontario school report cards.

Currently for sale

Homes for sale near 523 RICHMOND STREET