Approximately a year after Canada Post put its facility at Avenue Road and Melrose Avenue on the market, it has found a potential buyer.
Canada Post spokesperson Eugene Knapick said that a sales agreement is in place for Postal Station S at 1780 Avenue Rd., adding that operations will continue there until mid-2014.
The deal was expected to have been finalized by the end of July, confirmed CBRE Limited Real Estate, which handled the sale.
Last year, Canada Post put three properties up for sale, including Station S, to generate revenue and streamline its mail service. Station S was listed in several parts but was also available as a whole building.
CBRE said that listings of the Canada Post properties were distributed to a fixed group of potential bidders and that all parties had to sign non-disclosure agreements before gaining access to listing information.
Paul Baker, president of the South Armour Heights Residents’ Association, just north of the station, said he was unaware that the station was for sale, let alone that it had a potential buyer.
However, Baker feels that Canada Post owed nearby residents a more open and even-handed approach.
Last year’s sale of the historic Postal Station K on Yonge Street north of Eglinton Avenue to a condo developer was criticized by community members.
Baker said that the move was “fairly secretive” and hopes to not see a repeat of that situation.
“I think [Canada Post] should be more transparent,” said Baker. “My concern is with how they would be progressing [on Avenue Road].”
He claimed that in the past, some developers have proposed buildings exceeding the seven-storey maximum outlined in City of Toronto, City Planning’s Avenue Road Avenue Study.
“Is there going to be another fight in the future?” asked Baker. “I remain an optimist, but ‘hope for the best, plan for the worst.’ ”