Doctor buys downtown properties
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Jun 11, 2014  |  Vote 0    0

Doctor buys downtown properties

Ancaster News

By Craig Campbell, News Staff

An Ancaster doctor has made a successful offer to purchase three local heritage properties across from his four-year-old family practice on Wilson Street East.

Nader Sayed Fahmy’s bid of $2.1-million for 398, 402 and 406 Wilson St. E. was accepted by Canada Trust last Tuesday in a court-ordered sale to pay off the previous owner’s mortgage. A closing date of July 4 was set by the court.

Fahmy’s current landlord, Allen Greenspoon, offered $10,000 more for the building but Canada Trust preferred the slightly lower offer because it has fewer conditions.

A total of six offers from five bidders were received for the central Ancaster block of three properties.

Fahmy made his offer under his corporation, Ancaster Crown Jewel. He did not respond to three phone messages requesting information on his plans for the large section of downtown Ancaster.

An original deadline of April 29 was set to consider offers for the three properties.

According to an affidavit sworn by realtor Jay Brohman on April 29, three offers had been received by that date. The highest bid at the time came from Greenspoon, at $1.9 million. Although Greenspoon’s offer was deemed reasonable, the parties agreed not to accept any of the three offers and to further market the properties. A new date of June 3 was set for the court to consider offers.

In a June 3 affidavit, Brohman stated three further offers had been received, including $1.7 million from two individuals, Greenspoon’s $2,110,000 and Ancaster Crown Jewel’s $2.1-million.

On June 3, the court issued an order giving Canada Trust approval to accept Ancaster Crown Jewel’s offer.

The building at 398 Wilson St. E., known as the Marr House, is designated under the Ontario Heritage Act. The building at 402 Wilson St. E. is the new home of a Brown Dog Coffee Shoppe franchise, and is included in the City of Hamilton’s registry of buildings of historic or architectural interest.

The building at 406 Wilson St. E. is residential and also included in the city’s historical interest registry.

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