149 WELLINGTON Street
London East, N6B 2K7·MLS® X13137662·
Listing courtesy of Century 21 Landunion Realty INC.·Updated Jun 5
Listing price
$8,250,000
Est. $39,293/mo
Days on market
Listed May 16, 2026
Description
Shovel-Ready Development Opportunity in SOHO Downtown London.Rare opportunity to acquire a premier high-density development site in the heart of Downtown London, Ontario. This approximately 1.1-acre parcel is ideally positioned beside the Convention Centre and just steps from the Transit Station, restaurants, entertainment, and major downtown amenities.The property comes with approved site plans for an impressive 18-storey mixed-use residential tower featuring approximately 270 residential units and 5 ground-floor commercial units, with a total gross floor area of approximately 278,000 sq. ft.Under the City of London's new Official Plan and TSA zoning framework, there is additional potential to increase density by approximately 30 residential units and an additional 39,000 sq. ft. of GFA.There is currently an existing building on the site leased to a restaurant tenant, generating interim rental income.This is a versatile opportunity suitable for either a condominium development or a purpose-built rental project in one of Southwestern Ontario's fastest-growing urban centres.
Property details
Type
Vacant Land — Other
AI property estimate
82% confidence · 4 comparable sales analysed
Location & neighbourhood
London East, ON
Established neighbourhood with character homes and walkable local businesses south of downtown.
Monthly payment estimate
Land transfer tax
Ontario LTT
$192,725
First-time rebate
−$4,000
First-time buyer rebate of up to $4,000 may apply. Consult a lawyer for eligibility.
Price & listing history
Market conditions · East K
Avg. sold price
$682,400
+5.2%
Avg. days on market
18
−3d
Sale-to-list ratio
101.2%
+0.8%
Investment analysis
Est. monthly rent
$33,000
Rental yield
4.8%
Est. cash flow
-$17,199
Cap rate
3.2%
Best time to sell
Affordability
Minimum household income required
$1,882,466
Based on 20% down, 5.24% stress test rate, 25yr amortization, 32% GDS ratio.
Similar Listings
AI estimate
$7,837,500
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