During the Allied First Quarter 2021 results conference call earlier today, Michael Emory indicated that a lease was now in place with a major Canadian restaurant operator, with the rent commencing on July 1 of this year. Obviously, the date on which the operator takes possession of the premises, and the actual reopening date would be different, depending on circumstances at the time. The restaurant is to be reopened and operated as Le Select, as opposed to being just renting out the space for the operator to relaunch a new concept from scratch.
Other details mentioned include the lease has a ten year term, however Allied would have the option to regain possession at the five year interval, if circumstances for redevelopment of the site come into place faster than currently being anticipated. If the option to take back the space after five years is not taken, the lease would run its full ten year term, with redevelopment of the site anticipated in the ten year timeframe.