Earlier this year, we entered into an Agreement of Purchase and Sale to sell our Laneway House at 1172(R) Queen Street East at a sale price of $2.5MM plus HST. We have received a $250k deposit and are cautiously optimistic that the sale will close in mid-2023. In the current residential real estate market, it is difficult to have certainty that any deal will close as expected, so we wanted to wait until the entire deposit was received prior to announcing this transaction.
We are very pleased with this sale and expect our construction costs to be about half of the sale price. We intend to use the proceeds to pay down debt and commence regular distributions to LP Unitholders. Once completed, we do not anticipate a further need to allocate LP income to major capital expenditures at any of our properties. This will allow us to begin distributing all free cash flow to investors on a regular basis.
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