NLIS 4
April 12, 2000
(Works, Services and Transportation)

Sale of King George V Building

I am happy to inform Members of the House of Assembly today that our government has reached an agreement in principle with Nolan Hall on the sale of the King George V Building on Water Street, in St. John�s.

A total of seven parties expressed interest in acquiring the building and responded to an invited proposal call by government. The proposals included plans to demolish King George V, requests for government funding to re-develop the building, and offers to purchase the building for various prices. With its plans to restore the heritage features of the building and its offered purchase price of $70,000, Nolan Hall was the successful proponent. Of all proposals submitted to my department, Nolan Hall offered the best scenario for the province. Nolan Hall offered the best proposal for redevelopment of the property and have stated they will restore and retain the building�s heritage features, which is very important to the people of the province, especially in St. John�s.

Nolan Hall has an excellent track record for preserving heritage buildings, and as part of this deal they have agreed to begin restoration of the building�s exterior immediately. Redevelopment and refurbishment of the interior will take place within the next 12 to 18 months.

This a good deal for the people of the province. King George V has been vacant since late 1998 and because of the costs associated with maintenance and repairs, it is in the province�s best interest to sell the building. We are pleased that the building will be sold to an established company, such as Nolan Hall, which is committed to its refurbishment and preservation. The Department of Works, Services and Transportation and the Government of Newfoundland and Labrador are very pleased to make this announcement today and expect the sale to be finalized by the end of April.

2000 04 12                                                         4:35 p.m.