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432 Wellington St W (Allied Properties, ?s, ?)

Kenojuak

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The Le Sélect property has been purchased by Allied for $15,200,000. It seems the current restaurant owners are out and that Allied will put in a new "operator". Not sure exactly what that means.

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From Le Sélect's goodbye newsletter:

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From Allied's website:

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Exactly, 15 million, sounds like MPAC wasn't really the problem here. Also, what second round? There hasn't yet been another reassessment due to Covid, it's the same assessment as when they started their campaign. Such pompous nonsense and victim playing. I get the whole small business angle, but these are multi-multi millionaires with a mansion in Forest Hill, prior to this sale.


Also, note how they don't mention their staff, there is zero consideration of those dedicated people, who are now jobless during a pandemic.
 
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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.
 

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