55 Athol Street East, Oshawa, ON
King St. E. & Simcoe St.
Located in the heart of Oshawa's Central Business District, the 87,000 square foot office building was acquired late 2002 by a syndicate of local doctors for $3.6M from Bell Canada. The group had limited conventional real estate experience and invited Smycorp to participate as an equity partner.
All leases were within 12-24 months of expiry. The building was repositioned and the net income has been improved from $400,000 per annum to close to $1,000,000 with three long-term leases to Ontario Power Generation, Bell Canada, and the Ministry of Finance. The partnership gained the necessary approvals to add 4 more floors and increase the gross floor area by 72,000 Square Feet, but instead decided to sell in 2008 for $12,130,750.