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For sale
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$8,250,000

Est. $38,649/mo mortgage

0bd·0ba

149 WELLINGTON Street · London East, N6B 2K7

MLS® X13137662

131 days on market131 days on market

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

Directions
Old East Village

London East, ON

Vibrant arts district with walkable streets and character homes.

Schools

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.

Amenities

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.

Lifestyle

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

Mortgage (5.07%, 25yr)$38,649
Property tax$4,971
Insurance (est.)$1,719
Utilities (est.)$250
Total monthly$45,589
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

$8,250,000

Listed May 16, 2026

On the market
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

519-859-4579 · colin@searchlondonhomes.com

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