Middlesex County has handed over the keys to two of its downtown London properties. At a media conference this morning, Chief Administration Officer of Middlesex County, Bill Rayburn, revealed the purchaser of their 50 King Street and 399 Ridout Street properties.
“Yesterday, the Warden got the authorization to sign this sales agreement, and today, we are proud to announce York Developments as the purchaser of the property,” says Rayburn.
York Developments plans to not only invest in the properties but enhance them. President of York Developments, Ali Soufan, spoke about the interest the company has had in the historic properties for countless years. “We’ve been interested in these properties for many years, the opportunity arose several months back when the County was somewhat accepting solicitor offers.”
Ali Soufan of York Developments speaks at the Middlesex County Council about the agreement of the sale of the 50 King St. and 399 Ridout properties. pic.twitter.com/L0lwHZMjDP
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Soufan mentions that they will collaborate with contractor EllisDon. He elaborates on their current, and future partnership with the contractor. “A project of this magnitude required their (EllisDon) expertise, they’re currently building a significant project for us within the city, and we thought we would take those qualities and relationships and continue to build on them through these new purchases.”
Rayburn says the agreement permits the County to maintain their occupancy of 399 Ridout Street for the next four years while the transition becomes complete. While terms of the deal were not disclosed, Rayburn is excited about the deal made with Soufan.
Rayburn says Soufan’s commitment to these types of historic properties will exceed the County’s expectations with the sale.
