Archdiocese of Halifax-Yarmouth offices for sale on Grafton Street
Buildings, which house Taz Records and Maritime Hobbies and Crafts, listed for $10.5M
Two buildings owned and operated by the Archdiocese of Halifax-Yarmouth, on a prime piece of real estate in downtown Halifax, are up for sale for $10.5 million.
The buildings, at 1521 and 1531 Grafton St., were originally the Saint Mary's Boys' and Girls' School. The offices of the archdiocese have been located there since 1984 and they take up about 40 per cent of the space, according to the financial administrator with the archdiocese.
Taz Records and Maritime Hobbies and Crafts are among the other occupants of the building.
"This is really just our attempt to repurpose an asset that we have that's really not providing the value that we'd like it to hopefully provide," said Peter Browne, the financial administrator.
"We're spending a lot of time on maintenance, a lot of money on maintenance. Maybe we'd be better served by being in a building that didn't cost so much to maintain. Or even a building that we rent to be in."
The buildings are listed with KW Commercial Advisors. Tom Gerard, a broker, said the buildings could be redeveloped into mixed use high-end apartments or condos with retail space on the lower floors — or even a hotel.
"I think more residential, more people living downtown, it is positive," said Gerard.
"It certainly reduces traffic if people are living downtown. It makes commuting overall better for Halifax."
He said the buildings are registered historic properties. Developers probably would not tear them down completely, said Gerard. The facades could be maintained and worked into the redevelopment.
Anyone interested in purchasing the property can submit a proposal, which is due before the end of September.
Browne said even if an offer is accepted this fall, the archdiocese may stay put for the next while. The archdiocese could stay as a leasee for the next two to five years, he said.
"The goal is to try and use more of our money for mission," said Browne. "We are kind of constrained by the buildings that we own. We're spending a lot of money on bricks and mortar."