The sale terms of Ottawa's Gladstone Theatre to an Ottawa real estate investment has been finalized, and don't fret-- the show will go on. It was listed for sale for just under $1 million in July, according to CBC. Months after, the theater was sold to The Properties Group Ltd through the efforts of the firm's partner, Brian Lahey. Moreover, the closing date of the sale is set for the end of October.
According to CBC, David Whiteley says that a three-year lease starting Nov. 1 has already been signed with the option to renew.
Steve Martin, the current owner of the property, put the art-deco theater up for sale because he did not want to continue with the stress of running the business.
According to CBC, the building's features include a stage, seats for 235 people, a box office, a main lobby with cantina or bar area and coat check. There is also a sound room, an office and accessible washrooms. The art-deco style, Gladstone Theatre opened and began operating in 2008 after Martin bought the old Great Canadian Theatre Company building in 2007 when that theatre company transferred to Wellington Street.
According to a Royal LePage Realty listing, the "fully renovated" building at 910 Gladstone Ave., just off Preston Street had a list price of $995,000.
On the other hand, for the information of the theaters patrons, the show will go on. As announced in the theater's website, "You may have heard news that the theatre building was up for sale and wondered what was happening with our season. Have no fear! Not only was the 2015-2016 season guaranteed as a condition of any sale, but plans are now in place to ensure that the building remains a theatre for decades to come."
