Popular Toronto restaurant that just permanently closed being given away for free
A popular Toronto restaurant that just suddenly closed down recently now appears to be listed for free on by a local real estate company.
The animated imagery in the post also says "Free restaurant. Yeah, you read that right" and says they have "free restaurants across the city" listing Dundas, Gerrard and Roncesvalles.
"This has nothing to do with me," Rose and Sons owner Anthony Rose (who still runs other restaurants like Fet Zun) "Our lease was up months ago."
Though CHI's website also terms the Rose and Sons listing "free restaurant," the listing states that rent is $8,600 and TMI would be $2,685.
Ori Grad, broker and managing director at CHI, explains to blogTO that the landlord just wants a new tenant to succeed in what is one of Toronto's most unusual restaurant spaces.
He says it was the end of the lease for Rose and Sons and they decided not to renew and moved their staff to other businesses, and that they "handed the keys over in a friendly way." He says the landlords are great and used to run People's Foods at the address.
Grad also says there are other restaurants that are technically "sold" for "free" but they usually don't hit the market due to the sensitive nature of the restaurant business and wanting to be mindful of current staff. Usually what new owners are buying is the lease, liquor license and chattels.
For the sale of Rose and Sons, there will be no name attached and there will be a new lease, but the liquor license will be transferred to the new business.
Grad says there was a Mexican group lined up for the space that walked away last minute, and there were others interested in the space but those parties have found something else, so they're still looking for new potential tenants.
As for the other "free restaurants across the city," they're all places with a similar situation to Rose and Sons, but that's all Grad could reveal. So if you're interested in finding out what deals could be had on restaurant spaces across town, you'll just have to inquire with CHI.
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