RE:Our make-up in 3 or 4 yearsThe biggest risk I can see in getting to there over the next few years is the rezoning of the existing office spaces. Not too worried about selling the retail/office spaces over the next few years, the properties are relatively vanilla compared to the Bow. Toronto is infamous for their rigid zoning rules and it can take years to work this out.
I'm looking at the application for rezoning at 145 Wellington and the original submission was Aug 2019 and the last resubmission was done in Sept 2020 with no update since then. Meanwhile, H&R will still be collecting rent so they're not just sitting on the properties, but I don't believe investors are putting any potential value on the ability of these properties to rezone.