The new owner of the Coach Inn in downtown Owen Sound is planning to maintain its use in the immediate future, but acknowledges things could change in the long term.
The CEO of Mississauga-based investment firm BG Wealth Properties Craig Dunkerley confirms the purchase of the historic property at 10th Street and 2nd Avenue East in Owen Sound closed last Friday, Feb. 19.
Dunkerley did not disclose the price BG Wealth Properties paid, but did note the Coach Inn was previously listed by Sotheby’s International Realty Canada for $2.75-million.
The Coach Inn currently has a pub on the main level, while the upper floors contain monthly lease hotel rooms. Some of those short-term rentals are utilized for emergency housing.
In an email response to questions, Dunkerley says in in the immediate future they intend to continue to build on the work of the previous landlord and enhance the experience of guests through meaningful improvements such as refurbishing the floors and modernizing the fixtures.
In the longer term, Dunkerley says BG Wealth Properties will work with community leaders and city officials to determine the best way in which the Coach Inn can serve the people of Owen Sound.
“We recognize that the Coach Inn serves the community of Owen Sound in a unique and special way,” Dunkerley says in an email. “We respect the heritage and history of the Coach as a landmark in Owen Sound.”
The Coach Inn acquisition is the latest in an expanding portfolio in Owen Sound for BG Wealth Properties. According to its website, the firm owns dozens of commercial and residential units downtown, including 261-281 9th Street East, 942-944 2nd Avenue East, 948 2nd Avenue East and 950-946 2nd Avenue East.
Dunkerley says they chose to invest in Owen Sound after seeing the tremendous efforts of city council, the Downtown Improvement Area and economic development committee to revitalize the city, especially the downtown core.
“Owen Sound has tremendous growth potential where everyone in the community can benefit,” Dunkerley says.
The historic Coach Inn — formerly known as The Seldon House — is designated under the Ontario Heritage Act and listed on the city’s registry of Properties of Cultural Heritage Value or Interest.
According to a past Bayshore Broadcasting report, the former owner was awarded two city facade grants in 2019 for the restoration of exterior brickwork, replacement of steel trim and a refresh of windows and doors.
The building was originally constructed as a hotel in 1887. It underwent a major restoration project in the 1980s.