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Former National Post HQ Back on Market

Receiver Appointed to Find a Buyer for 1450 Don Mills Rd., Self-Storage Could Be Part of its Future
January 25, 2018
The former head office of Postmedia Network Canada Corp. and The National Post has hit the market again, as part of a court-appointed receivership sale.

CBRE Ltd. has the listing, and while no price has been set, Brad Walford, associate vice president with the real estate company, said the suggested range to buyers is $25 million to $30 million.

The building at 1450 Don Mills Rd. was the long-time home of Postmedia and its predecessor companies before the publishing entity moved its head office to 365 Bloor St. E. In 2012, Postmedia sold the property for $24 million to The Rose and Thistle Group Ltd.

"It hasn’t changed much (since the media occupied the site)," said Walford, referring to the 156,952-square-foot building, which under current zoning could add 140,000 square feet.

The building received some notoriety in 2013 when it became part of a lawsuit between famed diet doctor Stanley Bernstein and Norma and Ronauld Walton, co-founders of Toronto-based Rose and Thistle.

An Asian investment group ended up taking the building over with plans to be an owner-occupier as a private school, but Walford said the enterprise "never got off the ground" and the location ended up back in the hands of the mortgage holder, Trez Capital Mortgage Investment Corp., in 2017.

Bids are being accepted on Feb. 27 for the three-storey building, which CBRE touts as an "excellent branding opportunity" with access to public transit route and direct connection to Don Mills subway station. The site also boasts proximity to Hwy. 401, DVP and Eglinton Crosstown LRT.

"There is some money to be spent on the building," said Walford, noting the previous private school owners had failed to turn off the air conditioning and it was still running on Dec. 15, 2017, when the receiver took possession. "They figured out the AC had been running the whole time and the cooling tower was busted. There was an ice block almost four feet high."

Walford said the building is "far from a tear down" and he is getting interest from the self-storage industry for the old media headquarters.

Garry Marr, Toronto Market Reporter  CoStar Group   
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