Single Tenant Investment Opportunity

804 Richmond Street Chatham, Ontario

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Property OverviewLennard Commercial Realty Ltd. (the “Advisors”) has been retained by the Vendor to offer for sale a 100% freehold interest in a single tenant freestanding retail property located at 804 Richmond Street, Chatham, Ontario (the “Property” or “Kelseys”)

The Property is located along a major commercial artery in Chatham, Ontario and is fully leased to Kelseys with a corporate guarantee from Recipe Unlimited Corporation, a publicly traded company on the Toronto Stock Exchange (TSX: RECP). Professionally managed and owned, 804 Richmond Street was developed for the use and occupancy of a single tenant restaurant.

OpportunityThe Property provides for an investor with an excellent opportunity to acquire a carefree single tenant retail asset, fully leased to Kelseys on a long term basis since 2001.

• 100% leased to Kelseys Original Roadhouse• Corporate guarantee by Recipe Unlimited (over 1,300 restaurants)• Long term tenant since 2001 (fully renovated in 2015 to current standards)• 5,000 SF freestanding restaurant situated on 1.11 acres• Located along major arterial road and in close proximity to Hwy 401• Triple net lease with no day-to-day management• Free and clear offering

Property LocationThe Property is located in Chatham, Ontario, a single-tier municipality in Southwestern Ontario that was created in 1998 by the merger of Kent County and its smaller municipalities. Chatham-Kent’s economy base is in the automotive and energy sector, along with a $4 billion dollar agriculture and agri-food industry which is modern, highly complex and internationally competitive. With a growing population of approximately 108,000 people, Chatham-Kent has access to all major services and is near multiple US border crossings in Detroit/Michigan and Sarnia.

The Property is strategically located along Richmond Street, a major arterial road that runs east-west and is in close proximity to Highway 401. Richmond Street is mostly developed by established highway commercial uses, including freestanding restaurants, hotels, car dealerships and institutional and industrial

buildings. The immediate area will be transformed with an influx of new development to occur on the former Navistar building located just 800 metres east. This 80 acre parcel of land is fully serviced and will be home to an attractive new commercial and industrial development.

Property Description804 Richmond Street is a single tenant retail property that is fully leased to Kelseys Original Roadhouse, a chain of restaurants owned and operated by Recipe Unlimited. Recipe is a publicly traded company on the Toronto Stock Exchange (TSX: RECP) and offers a corporate indemnity with over 1,300 restaurants including notable brands such as The Keg, Swiss Chalet, Montana’s, East Side Marios, Harvey’s etc. The Property is comprised of 5,000 SF (with an outdoor patio) and is situated on 1.11 acres of land providing ample parking to its steady customer base. The restaurant was design built for Kelseys in 2001 and subsequently leased on a long-term basis. Most recently the tenant agreed to an early 10 Year extension in 2015 and completely renovated the restaurant to the most current standards. The existing lease with Recipe Unlimited goes until August 2026 with an excellent rental increment in May 2024 of approximately 7.4%. Furthermore, the Kelseys Chatham location also reports annual sales and has proven to be a long-standing successful restaurant chain.

Offering Price

$2,000,000

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Total Population 108,177

Median Age 45.9

Average Household Income $72,849

Chatham-Kent Demographics

Distances to Major Cities

Windsor 70 km | 1 hour

London 99 km | 1 hour and 19 minutes

Sarnia 80 km | 1 hours and 7 minutes

Hamilton 210 km | 2 hours and 13 minutes

Toronto 266 km | 3 hours

Toronto

Oshawa

Collingwood

Mississauga

Hamilton St. Catharines

London

Sarnia

Windsor

St.Thomas

Chatam-Kent

Guelph

Kitchener

Markham

Detroit

USA Border Crossing

USA Border Crossing

Chatham-Kent is a single-tier municipality in Southwestern Ontario and is home to more than 108,000 people. It has a strong presence in the automotive and energy sector and leads the multi billion dollar agriculture and agri-food industry. Chatham has access to all major services and is centrally located between Windsor, Sarnia and London and is only a short driving distance to two major U.S. border crossings.

Neighbouring Retail Overview

Keil Dr S

Richmon

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Hwy 401

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80 A

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Develo

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Site

*Sales RepresentativeStatements and information contained are based on the information furnished by principals and sources which we deem reliable but for which we can assume no responsibility. Lennard Commercial Realty, Brokerage 2021.

201-60 Columbia Way, Markham, ON L34 0C9 905.752.2220 lennard.com

Yash Kumar*, Senior Vice President | Investment Services 905.917.2031 yash@lennard.com