Sale of Surplus Spadina Property
at 23 Gloucester Grove
(Ward 28 - York Eglinton)
The Corporate Services Committee recommends the adoption of the following report (November20, 1998) from the
Commissioner of Corporate Services:
Purpose:
To authorize the disposal of the property municipally known as 23 Gloucester Grove.
Funding Sources, Financial Implications and Impact Statement:
Revenue of $250,000.00, less closing costs and the usual adjustments, subject to the revenue sharing agreement with the
Province pursuant to Clause No. 1 of Report No. 25 the former Metropolitan Corporate Administration Committee,
approved on December 4, 1996.
Recommendations:
It is recommended, subject to Provincial concurrence, that:
(1)the Commissioner of Corporate Services be authorized to accept this offer in the amount of $250,000.00 as detailed
herein;
(2)Council, pursuant to Clause No. 14 of Report No. 27 of the former Metropolitan Management Committee adopted on
September 28, 1994, waive the minimum required deposit of 10 per cent. of the purchase price;
(3)authority be granted to direct a portion of the sale proceeds on closing to fund the outstanding balance of Costing Unit
No. CP300J56170;
(4)the City Solicitor be authorized and directed to take the appropriate action, in conjunction with Province of Ontario
Officials and/or agents, to complete the transaction on behalf of the Corporation and he be further authorized to amend the
closing date to such earlier or later date as he considers reasonable; and
(5)the appropriate City officials be authorized and directed to take the necessary action to give effect thereto.
Council Reference/Background/History:
The Province of Ontario is the owner of 23 Gloucester Grove, subject to a 99year lease in favour of the City of Toronto.
By its adoption of Clause No. 1 of Report No. 3 of The Corporate Administration Committee on February 12 and 13,
1997, Metropolitan Council declared the property surplus pursuant to By-law No. 56-95 and authorized its disposal. The
procedures with respect to By-law No. 56-95 have been complied with, a utility canvass has been completed no
requirements have been identified.
Comments and/or Discussion and/or Justification:
Pursuant to the February 12 and 13, 1997 authority, negotiations were conducted with the tenants, Henry Lowi and
Yasmine Merri, and the following offer was received:
Property Address:23 Gloucester Grove.
Legal Description:Part of Lots 106, 107, 108 and 109, Registered Plan 2339, City of Toronto, together with and subject to
rights-of-way.
Approximate Lot Size:7.92 metres (26 feet) fronting onto Gloucester Grove,
30.48 metres (100 feet) depth.
Easement:N/A.
Location:South side of Gloucester Grove, west of Strathearn Road, south of Eglinton Avenue West.
Improvements:Detached, 3 bedroom, 2 storey dwelling.
Occupancy Status:Tenanted.
Date Interest Expressed:June 9, 1.997
Recommended Sale Price:$250,000.00.
Deposit:$12,500.00.
Purchaser:Henry Lowi and Yasmine Merri.
Closing Date:April 15, 1999.
Terms:Cash on closing, subject to the usual adjustments.
It is noted this is a sale to the existing tenant and is based on a market value appraisal as of the date the tenant expressed
written interest. By the adoption of Clause No. 5 of Report No. 9 of TheCorporate Services Committee, Council at the
meeting held on July 29, 30 and 31, 1998 directed that comparable sales data be provided in future reports of property
sales. Appendix"A" identifies three comparable properties located in the vicinity that sold at the time of the effective date
of appraisal.
Conclusion:
Completion of this transaction detailed above is considered fair and reasonable and reflective of market value as of June 9,
1997.
Contact Name:
Michelle deVey, Valuator-Negotiator, Real Estate Services
Telephone: (416) 392-8160, Fax: (416) 392-4828
E-mail: michelle_devey@metrodesk.metrotor.on.ca
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Appendix "A"
23 Gloucester Grove - Comparable Sales
The following three addresses represent recent comparable sales of properties that are quite similar to the residence which
forms the subject matter of this report. These three properties consist of detached, two-storey brick dwellings with three
bedrooms.
Approximate
Address Lot Size Sale PriceDate of Sale
103 Everden Road 25' x 132'$300,300.00August 5, 1998
141 Everden Road25' x 132'$281,600.00July 15, 1998
121 Everden Road25' x 132'$325,500.00October 9, 1998
