If you’ve ever wondered what kind of rental Torontonians who have money to burn can afford to live in, look no further than this Toronto penthouse.
Located at 500 Wellington Street West, this 3,900 sq ft rental will run you a jaw-dropping $27,500 per month. For context, that’s $330,000 for just one year of living here.
It’s a three-bedroom, three-bathroom unit that comes with a 2,200 sq ft private terrace with its own pool, hot tub, and outdoor kitchen.
Inside, there are 10-foot ceilings, floor to ceiling windows, a gourmet kitchen, a wood-burning fire place, and marble-finished bathrooms.
Unsurprisingly, the downtown Toronto building was originally built to ooze luxury.
“Designed by award winning Freed Developments and Core Architects, 500 Wellington Street West was meant to differentiate itself from other buildings through location, quality, and exclusivity,” Strata.ca agent Milan Mitrovic told Daily Hive.
“There are only 16 units in this condo, which has 10 floors. Units range anywhere between 2,400 to 6,055 square feet.”
Because the building is so out of reach for many renters and buyers, the amount of transactions within the building is rather limited.
“Only one unit has been rented out in the past year, and the most recent sale occurred in 2018,” Mitrovic said.
The average condo in the surrounding neighbourhood is rented out at approximately $3.27 per square foot, Mitrovic says, which is much lower than this unit’s approximately $7.05 per square foot.
“Under that logic, some may ask, ‘How can you justify an asking price of $27,500 per month for 3,900 square feet?'” Mitrovic said. “That’s simple. This unit is not ‘average.’ This luxury penthouse comes with a raised glass pool, hot tub, a gourmet Scavolini kitchen, and a 2,200 square foot private terrace, just to name a few features.”
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The neighbourhood that the building’s in is very desirable, too. Sat near the corner of Wellington and Portland, it’s close to the restaurants and nightlife along King Street West.
“You can’t beat the location,” Mitrovic said. “This building is located in the heart of downtown, just steps away from Harbourfront, the CN Tower, and all the fantastic bars and restaurants along King West. When you add all these factors together, the price tag of $27,500 is worth it, for the right tenant.”
If anyone’s interested in splitting this Toronto rental, you cover the first $27,000 and I’ll get the rest. Sound good?