270 RiveRside dRive Penticton, Bc
for SALE
270
Riverside Drive Penticton, BC
Partnership. Performance.
Redevelopment Opportunity with passive income
Struan Saddler*, Principal 604-647-5077 [email protected]
Plan KAP91771 Lot A DL 366 LD 54
Parcel Identifier 028-464-087
Building Info Ogopogo Motel: • 17 Units • Swimming pool • Parking & bbq area Riverside RV Park • 30 RV sites • Directly adjacent to amenities
Site Size 2.21 acres (96,267 sf)
Zoning CD (Comprehinsive Development)
Floor Space Ratio 2.5
Assessed Value (2015) Land: $1,741,000 Improvement: $174,000 Total: $1,915,000
Financial Summary Net Operating Income Approximately $150,000 (2016)
Opportunity This 2.21 acre (96,267 square feet), comprehensive development site is situated within the North Gateway Urban Village Plan within the City’s Official Community Plan. The future developer is not tied to the current design, however, the design principles and policies adopted by the City have all been achieved with the design as shown. Live/work townhouses (7) front onto Riverside to provide a commercial component for this mixed use area, while providing an active commercial streetfront along the major street leading to the beach, as outlined in the North Gateway Urban Village Plan. In addition, the City has granted a density increase going from 2.0 FSR up to 2.5 FSR when the development provides (at occupancy permit) a 13,000 sf publicly dedicated and landscaped greeenway along the south edge of the property, with an additional 4000 sf of nondedicated public open space adjacent. Urban design is an important element to this future development, current schematics include a townhouse podium that contains/fronts the interior parking facilities and also provide terraced gardens above. The result is residential edging to the project with windows and doors on the greenway and streets. Unit types vary from townhouses to live/work studios, garden units and within the towers condominium view units. This mix of units provides a broad customer appeal and allows upwards of 80% of the total units unimpeded 360 degree views.
n u te s )
Legal Description
Penticton Lakeside
ay 97
270 Riverside Drive, Penticton B.C.
City approved 218 unit redevelopment project located at the western entry of the City of Penticton. The property is surrounded by the Penticton Golf Course, the Penticton river channel, a new shopping centre and low rise residential housing. The property location provides excellent proximity to the beaches, river greenway, parks and recreational amenities. Adjacent bus service and nearby downtown services and shops are a few more conveniences the property location boasts. Direct access to the highway 97 provides quick (40 minute drive) access to the City of Kelowna and access to the Coquihalla Highway via the Okanagan Connector.
w na ( 4 0 mi
Municipal Address
Location
H i g hw
Executive Summary
To Ke lo
270
Riverside Drive Penticton, BC
Financing Treat As Clear Title
Price $6,688,000 Source: Google
Views
Site Plan
Subject Property
Penticton Golf Course & Country Club
Source: Google
Partnership. Performance. Avison Young #2900-1055 W. Georgia Street Box 11109 Royal Centre Vancouver, BC V6E 3P3, Canada avisonyoung.com
© 2016 Avison Young. All rights reserved.
Struan Saddler*, Principal 604-647-5077 [email protected]
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.; DBA, Avison Young.
270
Riverside Drive Penticton, BC
Partnership. Performance.
Redevelopment Opportunity with passive income
Struan Saddler*, Principal 604-647-5077 [email protected]
Plan KAP91771 Lot A DL 366 LD 54
Parcel Identifier 028-464-087
Building Info Ogopogo Motel: • 17 Units • Swimming pool • Parking & bbq area Riverside RV Park • 30 RV sites • Directly adjacent to amenities
Site Size 2.21 acres (96,267 sf)
Zoning CD (Comprehinsive Development)
Floor Space Ratio 2.5
Assessed Value (2015) Land: $1,741,000 Improvement: $174,000 Total: $1,915,000
Financial Summary Net Operating Income Approximately $150,000 (2016)
Opportunity This 2.21 acre (96,267 square feet), comprehensive development site is situated within the North Gateway Urban Village Plan within the City’s Official Community Plan. The future developer is not tied to the current design, however, the design principles and policies adopted by the City have all been achieved with the design as shown. Live/work townhouses (7) front onto Riverside to provide a commercial component for this mixed use area, while providing an active commercial streetfront along the major street leading to the beach, as outlined in the North Gateway Urban Village Plan. In addition, the City has granted a density increase going from 2.0 FSR up to 2.5 FSR when the development provides (at occupancy permit) a 13,000 sf publicly dedicated and landscaped greeenway along the south edge of the property, with an additional 4000 sf of nondedicated public open space adjacent. Urban design is an important element to this future development, current schematics include a townhouse podium that contains/fronts the interior parking facilities and also provide terraced gardens above. The result is residential edging to the project with windows and doors on the greenway and streets. Unit types vary from townhouses to live/work studios, garden units and within the towers condominium view units. This mix of units provides a broad customer appeal and allows upwards of 80% of the total units unimpeded 360 degree views.
n u te s )
Legal Description
Penticton Lakeside
ay 97
270 Riverside Drive, Penticton B.C.
City approved 218 unit redevelopment project located at the western entry of the City of Penticton. The property is surrounded by the Penticton Golf Course, the Penticton river channel, a new shopping centre and low rise residential housing. The property location provides excellent proximity to the beaches, river greenway, parks and recreational amenities. Adjacent bus service and nearby downtown services and shops are a few more conveniences the property location boasts. Direct access to the highway 97 provides quick (40 minute drive) access to the City of Kelowna and access to the Coquihalla Highway via the Okanagan Connector.
w na ( 4 0 mi
Municipal Address
Location
H i g hw
Executive Summary
To Ke lo
270
Riverside Drive Penticton, BC
Financing Treat As Clear Title
Price $6,688,000 Source: Google
Views
Site Plan
Subject Property
Penticton Golf Course & Country Club
Source: Google
Partnership. Performance. Avison Young #2900-1055 W. Georgia Street Box 11109 Royal Centre Vancouver, BC V6E 3P3, Canada avisonyoung.com
© 2016 Avison Young. All rights reserved.
Struan Saddler*, Principal 604-647-5077 [email protected]
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.; DBA, Avison Young.
