$8,250,000
Est. $38,649/mo mortgage
149 WELLINGTON Street · London East, N6B 2K7
MLS® X13137662
Listed May 16, 2026
Listing courtesy of Century 21 Landunion Realty INC.·Updated Jun 5
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.
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Property details
Building & lot
- Type
- Vacant Land, Other
- Lot size
- 237.43 × 191 ft · .50-1.99 acres
- Water & sewer
- Sewer
Fees & taxes
- Property tax
- $33,900/yr (2026)
Location & neighbourhood
DirectionsLondon East, ON
Vibrant arts district with walkable streets and character homes.
Lester B. Pearson School for the Arts on Trafalgar Street (grades 4 to 8) is a flagship specialty school serving artistically inclined students from across the city. Woodfield French Immersion Public School on Princess Avenue offers a French Immersion option for local elementary families.
Aeolian Hall is a nationally recognized live music venue, while the Palace Theatre hosts community theatre productions and the TAP Centre for Creativity provides studio and gallery space for visual and performing artists. The East Village Market at 630 Dundas Street features local vendors, and the Saturday Western Fair Farmers and Artisans Market is a major weekend draw.
Daily life in OEV is colourful, walkable, and unpredictable in the best way. There is nearly always something on, from art crawls to block festivals to impromptu sidewalk performances. The neighbourhood's strong sense of collective identity and its ongoing revitalization attract artists, young professionals, and families who want to live somewhere genuinely distinct from the suburban mainstream.
Monthly paymentest. $45,589/mo all in
Monthly payment estimate
Land transfer tax$192,725 on closing
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
Listed May 16, 2026
Affordabilityneeds $1,952,000 household income
Minimum household income required
$1,952,000
Based on 20% down, a 7.07% qualifying rate (the 5.07% contract rate plus two points), 25 year amortization and a 32% GDS ratio. Rounded to the nearest thousand.
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Your advisor
Oak and Key Real Estate Brokerage Inc.
Colin Abbot
Broker
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