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The downtown building that was once home to Ottawa’s flagship Hudson’s Bay Company store is being sold to the owner of developer Claridge Homes.
Court documents show that a numbered company agreed to purchase the three vacant retail properties on March 19.
CBC confirmed the company is owned by Claridge Homes CEO Bill Malhotra, while the sale agreement was signed by his son Neil Malhotra, who is named in the court documents as the numbered company’s chief financial officer.
The properties listed in the court document are 73, 85 and 87 Rideau St., which cover a good portion of the north side of Rideau Street from Sussex Drive to William Street.
CBC reached out to Neil Malhotra. He declined to comment.
The sale remains subject to court approval. The court filing states FTI Consulting Canada, which is acting as the receiver for the property, intends to seek approval in the near future.
When the court approves the transaction, it starts a countdown to the closing date, which is 20 business days later.
Sale price redacted
The nation’s oldest retailer, The Hudson’s Bay Company filed for bankruptcy and liquidated its stores last year.
As for its downtown Ottawa location, for sale signs were posted on the vacated buildings in late last year by CBRE, which was hired to market the properties to potential buyers.
CBRE was running a national campaign with a focus on buyers in the Ottawa market and signed 16 confidentiality agreements, according to court documents.
The property became a designated heritage building in 2024, which means its exterior attributes will have to be protected by future tenants.
Three other properties in Vancouver, Calgary and Windsor also have potential buyers.
The court documents say the cost of maintaining, insuring and safeguarding the properties that have been vacant since last June are “substantial.”
“The receiver determined that marketing these properties for sale was prudent and appropriate,” according to the documents.
The sale price for the properties mentioned in the documents has been redacted.