The property which once housed Nortel is up for sale.
Quinte News has learned that the property at 250 Sidney Street, is part of a property sale, as large as 33.4 acres. A numbered company owned the site, and also owned the tenant in part of the building, Strathcona Energy Group (Karl and Susanne’s Hollett were directors for both companies)
The sale includes 250 Sidney Street, the buildings on the property and vacant land running along Palmer Road (269 Palmer).
D.W. Gould Realty Advisors are overseeing the sale on behalf of BDO. Sidney Street Property Corp. is the creditor on the site.
Derek Gould (D.W. Gould Realty Advisors) says the sale will in no way affect the current tenants on the property. He adds that someone can purchase and sever a portion of the site, and the size could depend on the deal. For example they could buy the entire 33 acres, or a portion of that. The asking price is $3.1 million.
A portion of the property has ongoing contamination concerns. Some of that contamination leaked onto the adjacent school property (Our Lady of Fatima), forcing the Algonquin Lakeshore Catholic District School Board to remove students for several months, placing them at George Vanier.
Karl and Susanne Hollett no longer own the site. Strathcona Energy and Fath PV Tech of Napanee are in receivership, with Fuller Landau in Toronto in charge of the receivership. There were millions of dollars in litigation against Strathcona Energy, however once the company went into receivership, the legal issues were stayed.
Gould says a company could move in to work in the main building, or they could purchase it and look for a tenant themselves. Machinery inside the building is not up for sale.
Meantime there is no word on the deal between Strathcona Energy and FedDev Ontario, which provided up to $1.95 million to the company, to bring 86 jobs to the city. One source says as much as $1.25 million had already been delivered to the company.