Notes to Financial Statements
Note 12: Building purchase
On June 23, 2010, the College purchased eight floors of a 15-floor commercial condominium building at 101 Bloor Street East. The vendor retained the bottom six floors, including the valuable ground floor retail space. The total cost of the property purchased was $20.5 million, which has been recorded in capital assets. The College has completed $8.2 million of building improvements during the fiscal year with the remainder of the improvements to be completed in 2011 and is expected to cost an additional $5 million.
The purchase was made in contemplation of the lease rate at 121 Bloor East increasing substantially in 2012. During the latter half of 2010, the College moved to the new premises and ceded all liability for the old premises to the vendor of 101 Bloor East.