Two months after Greyhound announced it was suspending service in Canada, the large bus terminal in the heart of downtown London, Ont., has been put up for sale.
The property at 101 York Street, at the intersection of Talbot Street, is a prime real estate location and city zoning allows for residential, retail, commercial and office-use.
“It’s got good proximity to a lot of downtown amenities, including the river. It’s a one-acre parcel, so it’s a good size for somebody to redevelop and do something creative with, to just continue changing the landscape of downtown and to continue to improve the downtown core,” said Greg Harris of CBRE, the commercial realtor charged with selling the property.
“It’s a block from Budweiser Gardens, and there are a lot of new residential developments that have one up in the immediate area. Whatever happens on this site is going to be a benefit to the downtown.”
Greyhound Canada announced in May it was stopping all bus service within the country. This week, Megabus said it will provide transportation between London and Toronto, with possible expansion to Windsor, but for now, buses will leave from the Flying J truck stop near Hwy. 401.
Sale possible by fall
It’s uncommon for a large property such as the Greyhound terminal to come up for sale in a downtown core, Harris said.
Some buyers have already expressed an interest in the property, he added.
“It’s possible, based on our timeline, there could be a deal completed sometime by the fall,” Harris said.
The York Street property is an L-shaped site and is very close to a handful of new residential towers that are being built and have been proposed within blocks.
“The property is currently improved with a 14,335 sq. ft. bus terminal and a 3,410 sq. ft. garage with three service bays and one wash bay. The bus terminal and garage are constructed with a concrete slab on grade, concrete block walls, steel rafters, sheet metal roof decking, tar and gravel rood, and brick veneer exterior,” according to the listing.
The Subway restaurant has a lease within the building until 2025.