A smaller footprint, but a bigger downtown profile.

The London Free Press will continue its 162-year history in downtown London after parent company Postmedia Network Inc. announced the sale of the newspaper’s building Tuesday to a division of Farhi Holdings Corp., owned by Shmuel Farhi.

The Free Press will move to 210 Dundas St., in the heart of the downtown, in the former Pathways Skill Development building.

“It follows our corporate strategy to divest ourselves of real estate. It does not make sense to own these buildings built for another time and another purpose,” said Phyllise Gelfand, Postmedia’s vice-president of communications.

Money from the sale will go to pay corporate debt, she added. “It is not our core strategy to own real estate.”

The Free Press, like most newspapers, has seen changes in its business and the large brick building at 369 York St., which has been its home for more than 50 years, was built for the heyday of the newspaper era.

The Dundas Street site is being renovated for the newspaper’s operations, but it’s not yet known when the move will take place, Gelfand said.

Farhi owns the Dundas Street building.

The fact The Free Press remains in the city’s core is “great news” for London, said Gerald Gallacher, board chairperson of Downtown ­London.

“It will be a great spot and, hopefully, something great will go in there (at 369 York St.),” said Gallacher.

“There is a lot of potential for that site.”

The Free Press will remain in its York Street building, leasing it until it moves to Dundas Street.

Postmedia declined comment on the selling price for the building and land. Documents filed with the land registry office did not reveal the total.

“The Free Press is significant to the city and now it has not moved far from where it opened,” said London historian Dan Brock.

“It will have a more significant profile now” than on the edge of the core on York Street, he said. “You are just around the corner from where you were 52 years ago.”

Farhi is expected to announce his plans for 369 York St. in coming weeks, said Gelfand.

Farhi declined comment Wednesday.

According to a listing by realty firm Gleed Commercial, 210 Dundas leases for $14.73 a square foot ($158.56 a square metre) with 3,635 sq. m available.

NDebono@postmedia.com

Twitter.com/NormatLFPress

The London Free Press's homes through its history

1849: Canadian Free Press begins publishing weekly

1852: Josiah Blackburn buys the newspaper.

1853: Located on the east side of Talbot Street, north of Dundas Street.

1855: Begins publishing The London Free Press daily and Daily Western Advertiser.

1855: Located on the north side of North Street (now Carling) between Talbot and Richmond streets.

1868: Moves to 430 Richmond St., near Carling.

1931: Moves to 442 Richmond St.

July 1965: Moves to 369 York St.

Quote

“According to Harry Gorman, who started at The Free Press in 1853, ‘At the time The Free Press office was in a small, one-storey brick building on Talbot Street, immediately in the rear of what was then the R. & D. Macfie’s dry goods store, now Somerville’s grocery, I believe.’ ”

— W.A. & C.L. Goodspeed, History of the County of Middlesex, Canada.



210 Dundas St. (MIKE HENSEN, The London Free Press)