An extraordinary rental development, built in Rosedale 1927, is in the process of being renovated and condofied and will go on sale this Friday.
Ancroft Place, a collection of 21 town houses on one side of a street facing south towards a ravine, have been rental properties ever since their construction, though the property's second owner,
Thomas Kellner, had received approval for a condo conversion back in 1987, an approval he never acted on, though it remained in force when, after his death and that of his wife, the property was bought by
Canlight Realty.
"The fact that it was registered as a condominium meant we could renovate the units," says Canlight president
Vernon Shaw. "It enabled us to spend the kind of money and do the kind of things that no landlord would ever dream of doing."
After taking possession in April, Canlight began renovations on the exteriors. "It looks like an incredible war zone today with all the trades," Shaw says.
The homes which range in size from 1,890 square feet to 2,700 and in price from $1,175,000 to $1,395,000 will undergo extensive interior renovations as they're purchased. The tenants, all still in residence, have been given the opportunity to buy their units and Shaw suspects maybe three or four of them will.
The history of the development, along with the fact of 21 heritage Rosedale homes are coming on the market for the first time, may result in quite quick sales.
"In my fantasy, that what happens," the British-accented Shaw says. "But a lot of my fantasies don't come true I've noticed."
Writer: Bert Archer
Source: Vernon Shaw
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