It was reported in November that Conrad Black had severed a 2.8 acre parcel of land from his Bridle Path estate and listed it for sale. The new lot is located at 24 Park Lane Cir. and is listed for $7.2 million by broker Barry Cohen. Black would retain approximately 6.5 acres of land including his residence at 26 Park Lane Cir.
News of the listing was received positively by the local ratepayers association.
“Our feeling is that this is a legitimate acreage because our minimum zoning is two acres,” said Maureen Wright, chair and president of the Edwards Gardens Neighbourhood Association. “Our board is naturally supportive of that, and we don’t see any impact on our neighbourhood or our community.”
It creates a premium lot in one of Toronto’s most exclusive areas and is emblematic of the rise in property value that has seen prices soar in the Bridle Path over the past decade.
Home builder Paul Miklas, of Valleymede Homes, has over 15 years of experience in the area, including three current projects. He is also an area resident and speaks highly of what the area has to offer. In his eyes the lot is a real prize for anyone looking to build a “mansion” in the area.
Miklas listed a number of assets that the property features. “What makes the plot so special is the depth. You can have an indoor pool in the main home and then on the outside … the lot would have ample space to feature impressive lounging areas or even putting greens.”
“If you go back to the year 2000, you were buying two acre lots in the Bridle Path for around $2 to $2.1 million. This just verifies the escalation equity. You’re just watching these lots because they’re becoming far and few between, and the demand for them increases their value” said Miklas. “I could show you properties in the Bridle Path that exceed that by another million dollars.”