FOR SALE - Form Retail

FOR SALE
FOR SALE
SINGLE-TENANT STRATA INVESTMENT OPPORTUNITY
4340 SUNDIAL CRESCENT (STRATA LOTS 3 & 4)
WHISTLER, BC
SINGLE-TENANT STRATA INVESTMENT OPPORTUNITY
4340 SUNDIAL CRESCENT (STRATA LOTS 3 & 4)
WHISTLER, BC
JON BUCKLEY*
604 630 0215
jbuckley@form.ca
FORM RETAIL ADVISORS INC.
CURTIS LEONHARDT*
604 638 1999
cleonhardt @form.ca
*Personal Real Estate Corporation
JOE GENEST
604 398 4341
jgenest@form.ca
FOR SALE
SINGLE-TENANT STRATA INVESTMENT OPPORTUNITY
4340 SUNDIAL CRESCENT (STRATA LOTS 3 & 4)
WHISTLER, BC
PROPERTY HIGHLIGHTS
•
•
•
•
•
•
Single tenant strata investment opportunity secured with a long-term 30
year lease to Whistler Mountain Resort Limited Partnership (“WMRLP”),
operating as “Showcase Snowboards”
Whistler Blackcomb Holdings Inc. owns a 75% interest in each of
WMRLP and Blackcomb Skiing Enterprises Limited Partnership, which,
together carry on the company’s four season mountain resort business
Whistler Blackcomb Holdings Inc. trades publicly on the Toronto Stock
Exchange, with a current market cap of $1.07B (May, 2016)
Established in 1989, Showcase is the oldest snowboard shop, and one
of the most recognizable brands in Whistler
Secure income stream with ongoing rental escalations every five (5)
years until March 2031; Subsequent renewal options are based on the
previous term’s rent, plus CPI
Comprised of two strata lots, the 3,474 square feet (+/-) of leasable
area is located on the ground floor of the Sundial Boutique Hotel, in the
heart of the renowned Whistler Village stroll
With more than 8,000 acres over Whistler and Blackcomb
mountains, Whistler is the largest ski resort in North America
and a world-renowned year-round resort
e
an
eL
mb
co
ck
Bla
lag
Vil
y
Wa
SUBJECT UNIT
t
en
c
res
C
ial
nd
Su
is
Wh
Blackcomb Excalibur Gondola
ay
rW
tle
Whistler Gondola
FORM RETAIL ADVISORS INC.
FOR SALE
SINGLE-TENANT STRATA INVESTMENT OPPORTUNITY
4340 SUNDIAL CRESCENT (STRATA LOTS 3 & 4)
WHISTLER, BC
MUNICIPAL ADDRESS
4340 Sundial Crescent (Strata Lots 3 & 4), Whistler BC
LEGAL DESCRIPTION
Strata Lots 3 & 4 Plan VAS1570 District Lot 1902 Land District 1 Land District 36 & DL
3020, Together With An Interest In The Common Property In Proportion To The Unit
Entitlement Of The Strata Lot As Shown On Form 1 Or V, As Appropriate
PID: 002-497-387; 002-497-409
ZONING
CC1 - Tourist-oriented commercial focus for the Municipality. The permitted uses
include retail, restaurants, office, hotel, recreational facility including health club or
spa, child care facility, and theatre.
LEASABLE AREA
3,474 Square Feet
LEASE TERM
30 years commencing March 29, 2001
NOI/BASIC RENT
2016 to 2021: $305,712 / annum
2021 to 2026: $330,030 / annum
2026 to 2031: $330,030 multiplied by 5 year CPI Ratio
MANAGEMENT FEE
4% of Basic Rent
RENEWAL OPTIONS
Two (2) Five (5) year options at previous 5 year’s rent multiplied by CPI Ratio over the
same period
AGE OF IMPROVEMENTS
Constructed in 1986
TENANT
Whistler Mountain Resort Limited Partnership o/a “Showcase Snowboards”
ASKING PRICE
$7,950,000
FINANCING
Assume Clear Title
FORM RETAIL ADVISORS INC.
FOR SALE
SINGLE-TENANT STRATA INVESTMENT OPPORTUNITY
4340 SUNDIAL CRESCENT (STRATA LOTS 3 & 4)
WHISTLER, BC
WHISTLER
Whistler is a Canadian resort town in the southern Pacific Range of the Coast mountains
in British Columbia. It is located approximately 122 km north of Vancouver in one of
the most picturesque geographical regions in the world. Home to over 11,000 (2015)
permanent residents, and projections to grow by 9.4% by 2020, Whistler is one of the most
desirable places to live and allows residents to experience a combined lifestyle of work
and recreation. The average per day population is 28,280 and peaks during the height
of ski season at 45,000. Rated as one of the world’s top year round destination resorts,
Whistler experiences 2.1 million visitors annually, with this number expected to increase to
2.5 million by 2025.
The Village is the heart of the Whistler resort, located at the base of both Whistler and
Blackcomb Mountains. It is divided into several areas - the Village, Village North and
Upper Village. All the areas are connected by the paved, pedestrian-only Village Stroll.
There are an abundance of restaurants (some with patios), shops and galleries, and season
dependent free open air concerts, street entertainment and markets.
WHISTLER & BLACKCOMB SKI RESORT
Whistler and Blackcomb are the two iconic mountains which together create the Whistler
Blackcomb Ski Resort. It is a top destination for winter and summer activities, with both
mountains open all year-round. Whistler is home to popular attractions including skiing/
snowboarding, hiking, ziplining, treetop adventures, golfing, and the world-famous
Whistler Bike Park, Peak 2 Peak Gondola and Whistler’s Olympic Sliding Centre.
FUTURE DEVELOPMENT
Whistler Blackcomb has announced a 3-phase, $345 million master plan that will see the
resort build on its year-round recreational offerings:
•
•
•
Phase 1: ‘Renaisaance Project’, $100 million investment in new mountain adventure
experiences including a 163,000 square foot indoor adventure centre, a new high
speed lift, and major improvements to Whistler Blackcomb’s existing offerings
Phase 2: New Day Lodge and Snow School Facility, estimated cost $115 million
Phase 3: $150 million major revitalization of Blackcomb’s base area in the Upper Village
which will include upgraded day lodge and skiers’ plaza, new snow school facility, and
luxury real estate developments including 60 townhomes
FORM RETAIL ADVISORS INC.
Whistler Blackcomb’s $345-Million “Renaissance”
Plan is a very exciting growth initiative that will
increase year-round visitation to Whistler, insulate
the resort from variable weather conditions,
and strengthen Whistler’s position as one of the
premier mountain resort destinations in the world
SALE
FORFOR
SALE
SINGLE-TENANT STRATA INVESTMENT OPPORTUNITY
4340 SUNDIAL CRESCENT (STRATA LOTS 3 & 4)
WHISTLER, BC
SINGLE-TENANT STRATA INVESTMENT OPPORTUNITY
4340 SUNDIAL CRESCENT (STRATA LOTS 3 & 4)
WHISTLER, BC
WHISTLER
way
High
SUBJECT SITE
Highw
ay 99
1
VANCOUVER
Fly Time (Harbour Air): 45 Mins
Drive Time: 1 Hr 40 Mins
Train (Whistler Mountaineer): 3 Hrs 50 Mins
2016 ESTIMATES
& PROJECTIONS
1 KM
3 KM
5 KM
WHISTLER
Population
1,364
4,693
8,944
10,184
Households
482
1,825
3,644
4,223
$110,913
$110,227
$108,634
$107,317
Average
Household Income
US BORDER
US BORDER
FORM RETAIL ADVISORS INC.
1280-333 SEYMOUR STREET
VANCOUVER, BC V6B 5A6
T 604 638 2121 F 604 638 2122
FORM.CA
The information contained herein was obtained from sources
which we deem reliable and while thought to be correct, are
not guaranteed by Form Retail Advisors inc.
FORM RETAIL ADVISORS INC.