On December 7, 2006 Canadian Tire Corporation, Ltd. completed the sale of approximately 40 acres of surplus lands in the Leslie Street and Sheppard Avenue area of Toronto to Concord Adex Investments Ltd. of Vancouver for total proceeds of $149.7 million. In addition to the purchase price, Concord Adex will make significant infrastructure investments in the local road network and toward the creation of a community park. The lands are located at the site of Canadian Tire's former warehouse property and the site has been zoned for four million square feet of residential use, representing approximately 4,000 residential units. Canadian Tire will retain approximately three acres of land for future use and will also retain the existing Canadian Tire store site, which includes a Mark's Work Wearhouse store.
The Canadian Tire legal team was led by Neil Skinner, legal counsel, real estate and construction, of Canadian Tire, with the assistance of Stephen Belgue and Jeffrey Shore of Goodmans LLP. Concord Adex was represented by Edmund Smith, Andrew Webster, Kim Kovar and Randy Hooke of Aird & Berlis LLP.