AAA Investment Opportunity - Colliers Canada
FOR SALE > FULLY LEASED WITH DEVELOPMENT POTENTIAL
AAA Investment Opportunity 250 ALBERT STREET, NANAIMO, BC
Contact Us JASON WINTON +1 250 740 1060 Ext. 2 [email protected]
BRAD BAILEY +1 250 740 1060 Ext. 1 [email protected]
Colliers International 335 Wesley Street, Suite 105 Nanaimo, BC V9R 2T5 MAIN: +1 250 740 1060 FAX: +1 250 740 1067 www.collierscanada.com/nanaimo
FOR SALE > FULLY LEASED WITH DEVELOPMENT POTENTIAL
AAA Investment Opportunity 250 ALBERT STREET, NANAIMO, BC
Opportunity To acquire a fully leased investment property in downtown Nanaimo with future development potential. The property comprises two buildings and a total of 21,248 square feet (19,114 square feet of which is leased to TD Financial until June 30th, 2018). Over $1 million dollars were spent on building upgrades and tenant improvements in 2006.
Location 250 Albert Street is located on the corner of Albert Street and Dunsmuir Street just two blocks from Nanaimo’s downtown core and its amenities, including the brand new Nanaimo Conference Centre, and in proximity to all major transportation routes. Surrounding properties are predominantly office and retail buildings and multi- and single-family residential. Immediately adjacent to the subject property is Nanaimo City Hall and across the street is the new City Hall Annex.
Area Description 250 Albert Street is only blocks to Nanaimo’s waterfront and harbour, arts and culture district, and downtown core. Within minutes are all major ground transportation routes, BC Ferry Terminals and downtown float plane terminals.
The downtown core has seen tremendous growth and revitalization over the past few years highlighted by the opening of the Port of Nanaimo Convention Centre in 2008 and the construction of over 350 new residential units including the 19-storey “Pacifica” waterfront development. Additionally, an $18.5 million cruise ship facility is now open at Nanaimo’s downtown wharf, as well as the Port Place Mall redevelopment. All of these developments are within a three-minute walk of the subject property.
Site Information The subject property comprises 0.67 acres or 29,185 square feet and is irregular in shape. It features ±188 feet of frontage on Dunsmuir Street, and approximately 170 feet of frontage on Albert Street. The property has good exposure and visibility to both of these streets. The site is at road grade along Dunsmuir Street with a moderate downward slope to the northeast to the rear of the property along Albert Street. Pedestrian and vehicle access are available from Dunsmuir Street. There is also a pedestrian access point on the lower level from Albert Street. The building provides asphalt paved parking for approximately 20 vehicles. There is abundant street parking and a large pay parking lot directly across the street to the west.
Improvements MAIN BUILDING – 250 ALBERT STREET
Floor Breakdown Ground Floor: 11,235 SF Lower Floor: 7,879 SF Total Net Leasable Area: 19,114 SF Main Floor: >S ecure reception lobby area at front
entrance >H igh, vaulted cedar and beam ceilings >L arge boardroom, 5 enclosed perimeter
offices some with city/harbor views >L arge open office configuration > Secure storage file room
> 1,200 lb. 2 stop elevator
> Shower room
> Central staff/printing area
>P edestrian exit to Albert Street with
> Mens/ladies washrooms
Lower Floor: >L arge kitchenette and separate large
staff room >F irst aid room, training room, 2 meeting
rooms > Mens/ladies washrooms
small patio area, perimeter walk and railing ANCILLARY BUILDING – 490 DUNSMUIR STREET >T otal of 2,134 square feet over two
floors – main and lower level >E xcellent
exposure to traffic Dunsmuir and Albert Street
> Secure storage/file room
> Lower level common washroom
> Electrical/mechanical rooms
> 2 – 100 amp electrical panels
>O ne enclosed office, large open office
area with open ceilings
on
Site Improvements The site possesses two buildings. The main building totals 19,114 square feet on two floors (ground and lower) and has had in excess of $1 million in renovation and tenant improvements invested since 2006 including: new front entrance; exposed vaulted ceilings, new lighting and carpeting; predominantly open office area with some perimeter closed offices; upgraded multi-stall washrooms on each floor; high speed data wiring throughout; new roof; and new heat pumps. Construction consists of reinforced concrete walls and footings, concrete slab floors with brick and stucco exterior. Flooring is composed of commercial grade carpet, flooring, and ceramic tile. The professionally designed interior is modern with a high quality finish and fixturing. The building features 600 amp electrical service and an electric hot water boiler system. The roof was replaced in 2006. The structure has been well maintained and upgraded and has significant economic life remaining.
Occupancy 250 Albert Street is currently fully leased until July 31, 2018 to TD Financial dba TD Auto Finance. 490 Dunsmuir is leased to an optometrist Dr. Stanley Eng. Both leases are completely triple net. Dr. Eng is up for renewal as of Feb 28th 2013 and is in renewal negotiations.
Net Income The average annual net rental income from July 1st, 2013 is $218,803
Current Zoning DT7 Quennell Square Zone
Legal Description PID: 008-892-881 Lot 1, Block 21, Section 1, Nanaimo District, Plan 584 as shown on Plan 494R, except that part shown outlined in red on Plan 428 BL. PID: 008-892-911 The Westerly 40 feet of Lot 5, Block 21, Section 1, Nanaimo District, Plan 584 as shown on Plan 494R, Except that part shown outlined in red on Plan 428 BL. PID: 008-892-920 Amended Lot 2 (DD 59361-N), Block 21, Section 1, Nanaimo District, Plan 584.
Assessed Value (2014) Land Improvements Total
$649,000 $825,000 $1,474,000
Taxes (2014) $36,358.59
Purchase Price Three Million, One Hundred and Fifteen Thousand Dollars ($3,115,000.00)
Capitalization Rate 7.02%
FOR SALE > FULLY LEASED WITH DEVELOPMENT POTENTIAL
AAA Investment Opportunity 250 ALBERT STREET, NANAIMO, BC
FLOAT PLANE TERMINALS
NANAIMO CONFERENCE CENTRE
PORT PLACE MALL
CITY HALL
Contact Us JASON WINTON +1 250 740 1060 Ext. 2 [email protected]
BRAD BAILEY +1 250 740 1060 Ext. 1 [email protected]
Colliers International 335 Wesley Street, Suite 105 Nanaimo, BC V9R 2T5 MAIN: +1 250 740 1060 FAX: +1 250 740 1067 www.collierscanada.com/nanaimo
This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. Colliers International is a worldwide affiliation of independently owned and operated companies. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or induce breach of an existing listing agreement. Colliers Macaulay Nicolls Brokerage Inc. (Victoria).
AAA Investment Opportunity 250 ALBERT STREET, NANAIMO, BC
Contact Us JASON WINTON +1 250 740 1060 Ext. 2 [email protected]
BRAD BAILEY +1 250 740 1060 Ext. 1 [email protected]
Colliers International 335 Wesley Street, Suite 105 Nanaimo, BC V9R 2T5 MAIN: +1 250 740 1060 FAX: +1 250 740 1067 www.collierscanada.com/nanaimo
FOR SALE > FULLY LEASED WITH DEVELOPMENT POTENTIAL
AAA Investment Opportunity 250 ALBERT STREET, NANAIMO, BC
Opportunity To acquire a fully leased investment property in downtown Nanaimo with future development potential. The property comprises two buildings and a total of 21,248 square feet (19,114 square feet of which is leased to TD Financial until June 30th, 2018). Over $1 million dollars were spent on building upgrades and tenant improvements in 2006.
Location 250 Albert Street is located on the corner of Albert Street and Dunsmuir Street just two blocks from Nanaimo’s downtown core and its amenities, including the brand new Nanaimo Conference Centre, and in proximity to all major transportation routes. Surrounding properties are predominantly office and retail buildings and multi- and single-family residential. Immediately adjacent to the subject property is Nanaimo City Hall and across the street is the new City Hall Annex.
Area Description 250 Albert Street is only blocks to Nanaimo’s waterfront and harbour, arts and culture district, and downtown core. Within minutes are all major ground transportation routes, BC Ferry Terminals and downtown float plane terminals.
The downtown core has seen tremendous growth and revitalization over the past few years highlighted by the opening of the Port of Nanaimo Convention Centre in 2008 and the construction of over 350 new residential units including the 19-storey “Pacifica” waterfront development. Additionally, an $18.5 million cruise ship facility is now open at Nanaimo’s downtown wharf, as well as the Port Place Mall redevelopment. All of these developments are within a three-minute walk of the subject property.
Site Information The subject property comprises 0.67 acres or 29,185 square feet and is irregular in shape. It features ±188 feet of frontage on Dunsmuir Street, and approximately 170 feet of frontage on Albert Street. The property has good exposure and visibility to both of these streets. The site is at road grade along Dunsmuir Street with a moderate downward slope to the northeast to the rear of the property along Albert Street. Pedestrian and vehicle access are available from Dunsmuir Street. There is also a pedestrian access point on the lower level from Albert Street. The building provides asphalt paved parking for approximately 20 vehicles. There is abundant street parking and a large pay parking lot directly across the street to the west.
Improvements MAIN BUILDING – 250 ALBERT STREET
Floor Breakdown Ground Floor: 11,235 SF Lower Floor: 7,879 SF Total Net Leasable Area: 19,114 SF Main Floor: >S ecure reception lobby area at front
entrance >H igh, vaulted cedar and beam ceilings >L arge boardroom, 5 enclosed perimeter
offices some with city/harbor views >L arge open office configuration > Secure storage file room
> 1,200 lb. 2 stop elevator
> Shower room
> Central staff/printing area
>P edestrian exit to Albert Street with
> Mens/ladies washrooms
Lower Floor: >L arge kitchenette and separate large
staff room >F irst aid room, training room, 2 meeting
rooms > Mens/ladies washrooms
small patio area, perimeter walk and railing ANCILLARY BUILDING – 490 DUNSMUIR STREET >T otal of 2,134 square feet over two
floors – main and lower level >E xcellent
exposure to traffic Dunsmuir and Albert Street
> Secure storage/file room
> Lower level common washroom
> Electrical/mechanical rooms
> 2 – 100 amp electrical panels
>O ne enclosed office, large open office
area with open ceilings
on
Site Improvements The site possesses two buildings. The main building totals 19,114 square feet on two floors (ground and lower) and has had in excess of $1 million in renovation and tenant improvements invested since 2006 including: new front entrance; exposed vaulted ceilings, new lighting and carpeting; predominantly open office area with some perimeter closed offices; upgraded multi-stall washrooms on each floor; high speed data wiring throughout; new roof; and new heat pumps. Construction consists of reinforced concrete walls and footings, concrete slab floors with brick and stucco exterior. Flooring is composed of commercial grade carpet, flooring, and ceramic tile. The professionally designed interior is modern with a high quality finish and fixturing. The building features 600 amp electrical service and an electric hot water boiler system. The roof was replaced in 2006. The structure has been well maintained and upgraded and has significant economic life remaining.
Occupancy 250 Albert Street is currently fully leased until July 31, 2018 to TD Financial dba TD Auto Finance. 490 Dunsmuir is leased to an optometrist Dr. Stanley Eng. Both leases are completely triple net. Dr. Eng is up for renewal as of Feb 28th 2013 and is in renewal negotiations.
Net Income The average annual net rental income from July 1st, 2013 is $218,803
Current Zoning DT7 Quennell Square Zone
Legal Description PID: 008-892-881 Lot 1, Block 21, Section 1, Nanaimo District, Plan 584 as shown on Plan 494R, except that part shown outlined in red on Plan 428 BL. PID: 008-892-911 The Westerly 40 feet of Lot 5, Block 21, Section 1, Nanaimo District, Plan 584 as shown on Plan 494R, Except that part shown outlined in red on Plan 428 BL. PID: 008-892-920 Amended Lot 2 (DD 59361-N), Block 21, Section 1, Nanaimo District, Plan 584.
Assessed Value (2014) Land Improvements Total
$649,000 $825,000 $1,474,000
Taxes (2014) $36,358.59
Purchase Price Three Million, One Hundred and Fifteen Thousand Dollars ($3,115,000.00)
Capitalization Rate 7.02%
FOR SALE > FULLY LEASED WITH DEVELOPMENT POTENTIAL
AAA Investment Opportunity 250 ALBERT STREET, NANAIMO, BC
FLOAT PLANE TERMINALS
NANAIMO CONFERENCE CENTRE
PORT PLACE MALL
CITY HALL
Contact Us JASON WINTON +1 250 740 1060 Ext. 2 [email protected]
BRAD BAILEY +1 250 740 1060 Ext. 1 [email protected]
Colliers International 335 Wesley Street, Suite 105 Nanaimo, BC V9R 2T5 MAIN: +1 250 740 1060 FAX: +1 250 740 1067 www.collierscanada.com/nanaimo
This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. Colliers International is a worldwide affiliation of independently owned and operated companies. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or induce breach of an existing listing agreement. Colliers Macaulay Nicolls Brokerage Inc. (Victoria).
