A Toronto location of Canadian Tire that's not only one of the city's busiest but also one of the oldest could be demolished.

"Canadian Tire intends to submit an application for the redevelopment of the property at 839 Yonge Street, which is one of the oldest Canadian Tire stores in the country and holds a lot of historic value for the company," a Canadian Tire spokesperson tells blogTO.

The plan for the site is to potentially develop into a mixed use property, subject to obtaining approvals.

The Canadian Tire near Yonge and Davenport was already renovated to upgrade its look to the more sleek, modern style the brand has been embracing in recent years.

The site includes a historic component built in 1929 called the Grand Central Markets Building is heritage protected.

The Canadian Tire store near Yonge and Davenport. 

The redevelopment would upgrade the Canadian Tire store on Yonge even more, revitalizing it to better suit the needs of the new community it would be a part of.

The Canadian Tire spokesperson says they're currently in the early planning stages of the redevelopment, and don't yet have details on timing.