Huge Toronto waterfront block listed for the first time in 50 years in Toronto

The expansive property occupies spans more than 3000 square metres overlooking Lake Macquarie at 20 - 22 Renwick Street.

According to Walkom Real Estate listing agent Kate Rundle, the four-bedroom, three-bathroom home was believed to have been constructed as the lakeside getaway for the the Arnott family who created the iconic Australian biscuit brand, Arnott's.

The company was founded in 1865 and opened its first bakery in Morpeth before moving it into Newcastle.

Set on 3,191 square metres, the property is one of the largest residential waterfront blocks in Toronto.

"It's a double block which is very rare," Ms Rundle said.

The property is on the market for the first time in 50 years and is set to go to auction on November 25.

Interest from buyers has been widespread with enquiries coming from buyers in the Lake Macquarie and Newcastle area as well as Sydney and Tamworth.

"We have had a lot on enquiry in the week since it went on the market," she said.

"I've had a lot from Sydney with people looking to retire up here and buyers from country areas too."

Inside is brimming with original period features such as high ceilings, timber floors and a fireplace, all of which are a glimpse into its past as a grand home.

The weatherboard home is surrounded by established gardens, including fruit trees, magnolias, red cedar, poinsettias, New Zealand Christmas bush, hibiscus and frangipani.

Ms Rundle said the home was ready to undergo a major restoration or a complete rebuild.

Arguably one of the biggest selling points is the panoramic north-east lake outlook which takes in views from Belmont to Bolton Point.

"It's one of the best in Toronto because you don't have to turn your head for the view - it's a 180-degree view right in front of you and it's elevated," she said.

"A lot of homes are right on the water, but this one is not level with the water so you have a wider, elevated view than a lot of the other properties."

Ms Rundle said the size of the double block, which has a 30.48 metre frontage, could easily accommodate a second home.

"You could build a second home subject to council approval or someone might like the luxury of all that land," she said.

"The gardens are beautiful and well established."

A price guide was not available, however, waterfront property in Toronto is increasingly commanding a high price tag.

The top price for a waterfront home in the suburb came in March 2022 with the $4.7 million sale of a modern four-bedroom house at 149 Brighton Avenue.

Other significant waterfront sales include a four-bedroom home on 3526 square metres at 3 Brighton Avenue that sold for $3,075,000 in 2020 and, more recently, the $2.9 million transaction of four-bedroom house on 747 square metes at 14 Anzac Parade in September.

The median house value in Toronto is $691,000, according to CoreLogic.

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