Farhi Holdings eying mixed-use plans for newly-acquired Westmount mall

Westmount Commons is coming under new ownership, with plans to turn the longtime southwest London shopping centre into a mixed-use development with new mid-rise residential units.

London-based Farhi Holdings Corporation (FHC) confirmed on Wednesday that it is purchasing the Wonderland Road South property from current owners, KingSett Capital, who bought the site in 2018 for $31.5 million.

"We ended up coming to terms with the previous owner and striking a deal," said Ben Farhi, an executive with FHC. "We see a lot of potential excitement with the property itself, both within the mall and what it's become."

FHC will take control of the property in the coming weeks. CBC News reached out to KingSett for comment, but did not receive a response before publication.

Originally built in 1971, the mall, formerly Westmount Shopping Centre, has diversified in recent history away from being solely retail, with most of its second floor now used as medical and professional offices.

Existing retail includes major tenants like Cineplex, Dollarama, Fit4Less, Reptilia, and Urban Planet.

"Our hope is to continue the momentum of regenerating the interior of the mall into a medical, professional office centre that is complemented by retail. We don't want to disrupt that mission," he said.

"We're hopeful to see the former Sears turn into a first-class medical centre with some professional offices around it, similar to what was already done on the west side of the building."

Unlike some of the corporation's downtown properties, Westmount Commons has ample parking, with 900 underground spaces and some 2,000 spaces outside, providing a prime opportunity for residential infill.

It's not the first time Westmount Commons has been pitched for multi-use redevelopment. In 2023, KingSett proposed adding multiple residential towers above the existing mall with 900 units.

Paul Van Meerbergen, whose ward includes Westmount Commons, said he was supportive of FHC's plan and was pleased to see the firm step up and purchase the property.

He said he was aware KingSett was looking to sell, and that FHC had expressed interest. News of the acquisition was first reported on Wednesday by the London Free Press.

"I think most people would much rather see an owner of major property like this who's based in London, lives in London, contributes to London," Van Meerbergen said.

"I think Westmount could very well be experiencing, very shortly, a real renaissance, if this is handled right. I think we have lots to look forward to in the neighbourhood."

FHC was one of several interested parties to bid on the property, Farhi said. Asked about the deal's value, he wouldn't provide an exact figure, but said it was a little under the $40 million reported by the Free Press.

In the short term, Farhi says the company will inject capital into the property and work with the mall's management company, McCor Management, to fill tenant vacancies over the next several months.

Longer-term, the plan is to have paperwork before the city for approval within the next year or two, he said.

"At the end of the day, we want to make sure that what we're going to do with the mall is going to be something that everyone is happy with here."