|Address||621 King Street West|
|District||Trinity Niagara & King West|
|Deposit Structure||20% + 5%|
The Thompson Residences follows the success of 550 Wellington, a project by Freed Development that combines the popular Thompson Hotel with Residential Condominiums. Made famous for it's high quality and rooftop patio, 550 Wellington has become one of Toronto's premium addresses. Freed plan on extending that brand even further, with the "THOMPSON RESIDENCES", a residential development with the popular Thompson brand attached to it.
The exterior of the building is extremely unique, with the "boxy" feel giving it instant recognition. One of the key features of the Thompson Residences is the rooftop pool – the longest of it's kind in North America. Further, the rooftop will also include a manned bar making it a great place for residents to hang out.
Thompson Residences launched to much fanfare, as agents and clients alike lined up for hours for an opportunity to purchase.
|Similar Pre-Construction Developments|
|Similar Resale Developments|
Thompson Residences is a premium product located in King West. In order to compare it to other products, I selected a number of other premium level condominiums in todays pre-construction Market. There are a number of other developments in the area that I did not compare it to, such as Minto775, as the ammenities offered at Thompson are superior to those found in that development. I also included Fashion House, as it is the other Freed Development that is scheduled to be completed before Thompson Residences.
Thompson, with suites starting from $600 per square foot is priced well compared to other new developments. With the cost of land increasing, it is going to be increasingly difficult to find pre-construction developments less than $600 per square foot, and a project with the quality of Thompson stacks up very nicely against the competition. A product that is similar in that they are offering "hotel amenities" is Bisha, which is selling their premium product for $750 per square foot. Bisha borrows a lot from Thompson, including the manned bar on the rooftop and hotel services such as Room Service, Guest Services (dog walking, grocery delivery etc.).
|THOMPSON RESIDENCES||621 KING WEST||$600||2013||$0.49||$40,000||20%+5%|
|Charlie (Inventory)||430 King W||$700||2011||$0.45||$38,000||5%|
|M5V (Inventory)||375 King W||$700||2011||$0.44||$45,000||5%|
|Fashion House||556 King W||$550||2012||N/A||N/A||15%+5%|
|Bisha||56 Blue Jays||$750||Spring 2014||$0.57||$45,000||20%+5%|
It is also important to compare the development to the resale market. The closest development we can compare to is Thompson Hotel, as it shares many of the same high quality amenities such as the rooftop bar and louge. That development, which sits directly south of Thompson Residences resells units from $550-$600 per square foot, in line with Thompson Residences.
The developments in this area have seen growth rates from 8-11%, however, some of the developments are too new and have no appreciation data.
|Development||Price/Sq.Ft.||Approx Appreciation Rate|
|Hudson (438 King W)||$550+||TBC|
|Icon (250-270 Wellington)||$550-$570||9-11%|
|Glas (25 Oxley)||$550-$600+||Not Enough Data|
|Element (20 Blue Jays Way)||$550-$550||8-10%|
|Seventy5 (75 Portland)||$550+||8-10%|
|Thompson Hotel & Residence (55 Stewart)||$550-$600||Not Enough Data|
Overall, we believe Thompson Residences to be well priced given the premium product they are offering and the strength of the Thompson Brand will ensure the development holds it's value for years to come.
Thompson Residences is a catalogue listing on the TalkCondo database. There is no in-depth rental information for this development. If you would like detailed rental information for this development, please contact us using the form below.
ARTICLES ABOUT THIS DEVELOPMENT BY TALKCONDO
- Thompson Residences Prices to Increase
- Thompson Residences Released 20 Penthouse Suites
- 6 Best Pools Coming Soon to Toronto
- A Look Back at the Best New Developments of 2010
by Roy Bhandari on March 18, 2011
by Roy Bhandari on April 14, 2011
by Roy Bhandari on May 5, 2013
by Roy Bhandari on January 5, 2011
If you are interested in receiving more information about this development including floorplans and detailed pricing, please fill out the contact form below or call Roy direct at 416-835-9436. If you would like TalkCondo to send you new developments as soon as they launch to your inbox, sign up to our newsletter here.