westbank shopping centre, west kelowna, bc

westbank shopping centre,
West kelowna, BC
KELOWNA
BRIDGE CONNECTING
WEST KELOWNA
TO KELOWNA
OKANAGAN
LAKE
WESTBANK HUB
CENTRE NORTH
WAL-MART
LONDON
DRUGS
WESTBANK
HUB CENTRE
HOME
DEPOT
HI
GH
Y#
WA
CANADIAN
TIRE
97
STAPLES
FUTURE
SNYATAN
FASHION
CENTRE
REAL CANADIAN
SUPERSTORE
OL
DO
KA
ZELLERS
NA
GA
NH
IGH
E
PROP
RT Y
WA
Y
Gosset Road
for sale
73,910 sf open-air shopping centre
E. & O.E.: The information contained herein was obtained from sources which we deem reliable and, while thought to be
correct, is not guaranteed by Avison Young Commercial Real Estate (B.C.) Inc. or PRR Trust and 0685264 B.C. Ltd.
Location & Market
Fundamentals
• Westbank Shopping Centre is situated
on Highway 97 (Okanagan Highway)
in the Westbank neighbourhood of
West Kelowna. The Property is bound
by Highway 97 to the southeast,
Gosset Road to the southwest, Old
Okanagan Highway to the west, and
Bering Road to the north.
• L ocated at the junction of the
Okanagan Connector and the
Coquihalla Highway (Hwy 97), The
District of West Kelowna (or “West
Kelowna”, formerly known as
“Westside District Municipality”),
is regarded as the “Key to the
Okanagan” due to its position as
the first community reached when
traveling east to the Okanagan via
the Okanagan Connector.
• The retail node along Highway 97
in West Kelowna continues to draw
tenants of national and international
calibre. In addition to Westbank
Shopping Centre, other notable
centres include Westbank Towne
Centre, Westridge Centre, Governor’s
Landing, Westbank Hub Centre and
Westbank Hub Centre North. Major
retailers in the area include Wal-Mart,
Home Depot, Canadian Tire and Real
Canadian Superstore.
westbank shopping centre
Opportunity
Avison Young is pleased to present the opportunity to acquire a 100% leasehold interest in
Westbank Shopping Centre, West Kelowna, B.C. The Property is 99% leased and comprises
a 73,910 square foot open-air shopping centre configured in seven buildings conveniently
Original
situated on an 8.6 acre “L-shaped” lot, shadow anchored by Zellers.
rentable area breakdown
major tenants
Recreate PMS
Local Tenants 21%
http://www.wendys.com/
Found from Website PDF
(Recreate PMS)
Vacant Units 1%
national & regional
Tenants 78%
shadow anchor
lease EXPIRy profile
• Shadow anchored by Zellers which
occupies an adjacent site on the
northwest corner of the same City
block.
25,000 sf
20,000 sf
• Prominent Highway location provides
exposure to an enviable 45,000 +
vehicles per day.
15,000 sf
10,000 sf
• Highway exposure and convenient
access from four adjacent roadways
make Westbank Shopping Centre
very accessible.
5,000 sf
0 sf
•
•
•
Recent renewal activity has reduced near term leasing risk.
Lease rollover is low, averaging less than 8% per year, for the next four years.
Of the national and regional tenants over 1,500 sf, the first expiry is not until
October 2014.
executive summary
LEGAL DESCRIPTION
Lot 15-6-13 and 15-6-14, Tsinstikeptum
Indian Reserve No. 9 as shown on Canada
Lands Survey Records Plan No. 77131
land lease
investment highlights
Prepaid until May 31, 2091
NET RENTABLE AREA
3 Strong exposure and access along Highway 97 (433 feet), with over 45,000 vehicles
passing the Property daily
73,910 square feet
OCCUPANCy
3Situated within the Westbank retail node, which encompasses approximately
1,000,000 sf and includes major retailers such as Wal-Mart, Canadian Tire, London
Drugs, Home Depot, Staples, Save-On-Foods, and Canadian SuperStore
99% leased
SITE AREA
3 The Property is 99% leased, of which 78% is leased to national and regional tenants
8.6 acres
3 Recent renewal activity has secured several tenancies minimizing near term
rollover risk
ZONING
Retail Commercial (land use governed
by Westbank First Nations)
3 Ample on-site parking exists with 503 surface stalls, reflecting a generous
ratio of 6.8 stalls per 1,000 square feet of gross leaseable area
PARKING
3 The Property enjoys convenient access and egress from all perimeter
roadways fronting the project
FINANCING
3 Originally constructed in 1996, with an addition in 2004, the project has been well
maintained and managed benefitting from institutional ownership
503 surface parking stalls
Bank of Montreal first mortgage with an
original principal amount of $9,450,000
at an interest rate of 5.90%, with a 10year term (maturing April 1, 2015), 25year amortization and monthly payment
of $59,901.15. The outstanding balance,
as at January 1, 2011, is approximately
$8,305,709.
3 Opportunity to increase rents and grow income as the Westbank retail node
continues to mature
BE
RI
Shadow anchored by Zellers.
G
RO
AD
BERING ROAD
Former
Extra
Foods
1ST AVENUE NORTH
AY
9
7
The Bank of Montreal subject to borrower
qualification, is prepared to provide
additional financing.
N
HW
ACquisition Structure
SS
Prospective purchasers should consider
the acquisition of the nominee company
as it may have a positive impact on land
transfer tax payable
Original
HIG
GO
ET
RO
AD
Recreate PMS
http://www.wendys.com/
AY 97
NOI
HIGHW
Year 1 (2011) Projected $1,447,014
1
ST
AV
EN
UE
NO
RT
H
Found from Website PDF
(Recreate PMS)
GOSS
ET RO
AD
for sale
westbank shopping centre,
West kelowna, BC
property
Vancouver
kelowna
SINGLE FAMILY
HIGH DENSITY
DEVELOPMENT SITE
future snyatan
fashion centre
Commercial
Development Site
BERIN
HIG
G RO
AD
ERTY
PROP
OL
DO
KA
NA
GA
Recreate PMS
#97
AY
HW
Original
Commercial
Development
Site
http://www.wendys.com/
Found from Website PDF
(Recreate PMS)
NH
IG
HW
AY
GOSSET ROAD
For more information please contact:
Michael Gill
Robert Levine
Mark Hannah
Rob Greer
Principal
604.647.5067
michael.gill@avisonyoung.com
Principal
604.647.5066
bob.levine@avisonyoung.com
Principal & Managing Director
604.647.5065
mark.hannah@avisonyoung.com
Principal
604.647.5084
robert.greer@avisonyoung.com
Suite 2100, 1055 West Georgia Street
PO Box 11109 Royal Centre, Vancouver, BC, Canada V6E 3P3
P 604.687.7331
E. & O.E.: The information contained herein was obtained from sources which we deem reliable and, while thought to
be correct, is not guaranteed by Avison Young Commercial Real Estate (B.C.) Inc. or PRR Trust and 0685264 B.C. Ltd.