1950 BLANSHARD STREET
FOR SALE/LEASE
1950 BLANSHARD STREET VICTORIA, BC
STRATA RETAIL & OFFICE FOR SALE OR LEASE ACROSS FROM SAVE-ON FOODS MEMORIAL CENTRE
Anne Tanner
Colleen Austin
Personal Real Estate Corporation Managing Director 250 410 3001 [email protected]
Sales Associate Commercial Sales & Leasing 250 410 3003 [email protected]
Suite 700 - 700 West Georgia Street / PO Box 10023, Pacific Centre / Vancouver, BC V7Y 1A1 / 604 683 3111 / 1 877 788 3111 / cushmanwakefield.com
FOR SALE/LEASE
1950 BLANSHARD STREET VICTORIA, BC
LOCATION The property is located on the gateway to downtown core which is comprised of mostly of commercial properties, but the area is diversifying and now includes multiple residential developments. The property is located near to a number of significant locations including Save-on-Foods Memorial Centre, Downtown Victoria, Rock Bay Commercial District, Crystal Pool and Fitness Centre, and Royal Athletic Park. Frontage of the site is on two sides, Blanshard Street & Discovery Street, with a total frontage of 239 feet. Conveniently positioned walking distance to all of downtown’s amenities with public transportation points on Douglas Street and Blanshard Street nearby.
DAYTIME POPULATION 0 (WITHIN 1 KM)
4%
88%
3%
NEIGHBOURHOOD The neighbourhood of 1950 Blanshard Street (1) is primarily comprised of commercial properties, but the area is diversifying and now includes multiple strata residential projects. The population in the neighbourhood has very strong projected growth that is in-line with the city’s expected growth rate. The Property is located near to a number of significant locations including Save-on-Foods Memorial Centre (2), Downtown Victoria, Rock Bay Commercial District, Crystal Pool and Fitness Centre (3) and Royal Athletic Park. A number of properties in the surrounding area of the Property are being developed and are currently at different stages in their development time line, including Hudson Mews at 770 Fisgard Street (4); The Union at 517 Fisgard Street (5), a mixed-use property located on the shoreline of the Selkirk Waterway at 2950 Jutland Road (6); two mixed-use office/retail towers located downtown at 1515 Douglas Street (7); as well as a 6 storey mixed-use strata residential building at 1002 & 1012 Pandora Avenue (8). The neighbourhood contains a substantial amount of rental housing (65.1% of occupied dwellings) though this will change in the coming years as multiple current condominium developments are completed. In addition over the next 3 & 10 years, when more condo owners begin to populate the area, the projected average household incomes is expected to increase by 15 and 47 percent respectively.
0-14 yrs 15-64 yrs 65+ yrs Employees
6%
POPULATION PROJECTIONS RADIUS
2008 TO 2013
2013 TO 2016
2016 TO 2018
2018 TO 2023
0 - 1.0 KM
1.4%
6.2%
3.6%
14.7%
0 - 2.5 KM
1.8%
2.9%
1.8%
6.0%
0 - 5.0 KM
0.9%
1.9%
1.2%
3.8%
2013 OCCUPIED DWELLINGS OWNED
RENTED
51.3%
48.5%
2013 AVERAGE HOUSEHOLD INCOME RADIUS
INCOME
0 - 1.0
$38,327
0 - 2.5
$59,832
0 - 5.0
$70,922
FEATURES The proposed new building has a total gross building area of 58,287 square feet that includes the underground parkade and will be constructed of reinforced concrete. The building’s exterior will be glass, metal paneling & bare concrete. The use will be ground floor retail (9,957 sf), second floor office (11,087 sf) and the next five floors will be multi-family residential (37,243 sf). The residential component is proposed to include 65 units which are broken down into 62 one-bedrooms and 3 bachelors. GVRDS has assumed a 95% efficiency for the commercial space. The underground parking is proposed to accommodate 27 parking spots which will be designated for use by the commercial portion of the building.
CAPITAL REGION STRATA MARKET The Capital Region has had a steady demand for strata assets over the past few years. Sales of strata properties in the region totaled $33 million in 2013, a high in recent history for strata sales. The region had a total of 177 transaction over the last three years and of those transactions 33% were located in Victoria—this is reflective of Victoria being the commercial core of the Capital Region. Victoria, with the highest total volume of transactions at $32.1 million in the last three years, has been the key municipality driving sales growth of strata properties. Another city with a significant volume of sales transactions is Langford which grossed $16.2 million from 2011 to 2013.
AVAILABLE SPACE Retail/Ground Floor Second Floor Office
9,957 sf 11,087 sf
STRATA PURCHASE/SALE RATES
LEASE RATES
Main Floor Second Floor
$22.00 psf, net $18.00 psf, net
$450.00 psf $350.00 psf
TAXES & STRATA FEES (EST. 2014) $10.00 psf, net
PARKING 27 underground parking stalls
COMPLETION DATE September 2016
FOR SALE/LEASE
1950 BLANSHARD STREET VICTORIA, BC
Anne Tanner
Colleen Austin
Personal Real Estate Corporation Managing Director 250 410 3001 [email protected]
Sales Associate Commercial Sales & Leasing 250 410 3003 [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 Cushman & Wakefield Ltd. 09/15 bg
1950 BLANSHARD STREET VICTORIA, BC
STRATA RETAIL & OFFICE FOR SALE OR LEASE ACROSS FROM SAVE-ON FOODS MEMORIAL CENTRE
Anne Tanner
Colleen Austin
Personal Real Estate Corporation Managing Director 250 410 3001 [email protected]
Sales Associate Commercial Sales & Leasing 250 410 3003 [email protected]
Suite 700 - 700 West Georgia Street / PO Box 10023, Pacific Centre / Vancouver, BC V7Y 1A1 / 604 683 3111 / 1 877 788 3111 / cushmanwakefield.com
FOR SALE/LEASE
1950 BLANSHARD STREET VICTORIA, BC
LOCATION The property is located on the gateway to downtown core which is comprised of mostly of commercial properties, but the area is diversifying and now includes multiple residential developments. The property is located near to a number of significant locations including Save-on-Foods Memorial Centre, Downtown Victoria, Rock Bay Commercial District, Crystal Pool and Fitness Centre, and Royal Athletic Park. Frontage of the site is on two sides, Blanshard Street & Discovery Street, with a total frontage of 239 feet. Conveniently positioned walking distance to all of downtown’s amenities with public transportation points on Douglas Street and Blanshard Street nearby.
DAYTIME POPULATION 0 (WITHIN 1 KM)
4%
88%
3%
NEIGHBOURHOOD The neighbourhood of 1950 Blanshard Street (1) is primarily comprised of commercial properties, but the area is diversifying and now includes multiple strata residential projects. The population in the neighbourhood has very strong projected growth that is in-line with the city’s expected growth rate. The Property is located near to a number of significant locations including Save-on-Foods Memorial Centre (2), Downtown Victoria, Rock Bay Commercial District, Crystal Pool and Fitness Centre (3) and Royal Athletic Park. A number of properties in the surrounding area of the Property are being developed and are currently at different stages in their development time line, including Hudson Mews at 770 Fisgard Street (4); The Union at 517 Fisgard Street (5), a mixed-use property located on the shoreline of the Selkirk Waterway at 2950 Jutland Road (6); two mixed-use office/retail towers located downtown at 1515 Douglas Street (7); as well as a 6 storey mixed-use strata residential building at 1002 & 1012 Pandora Avenue (8). The neighbourhood contains a substantial amount of rental housing (65.1% of occupied dwellings) though this will change in the coming years as multiple current condominium developments are completed. In addition over the next 3 & 10 years, when more condo owners begin to populate the area, the projected average household incomes is expected to increase by 15 and 47 percent respectively.
0-14 yrs 15-64 yrs 65+ yrs Employees
6%
POPULATION PROJECTIONS RADIUS
2008 TO 2013
2013 TO 2016
2016 TO 2018
2018 TO 2023
0 - 1.0 KM
1.4%
6.2%
3.6%
14.7%
0 - 2.5 KM
1.8%
2.9%
1.8%
6.0%
0 - 5.0 KM
0.9%
1.9%
1.2%
3.8%
2013 OCCUPIED DWELLINGS OWNED
RENTED
51.3%
48.5%
2013 AVERAGE HOUSEHOLD INCOME RADIUS
INCOME
0 - 1.0
$38,327
0 - 2.5
$59,832
0 - 5.0
$70,922
FEATURES The proposed new building has a total gross building area of 58,287 square feet that includes the underground parkade and will be constructed of reinforced concrete. The building’s exterior will be glass, metal paneling & bare concrete. The use will be ground floor retail (9,957 sf), second floor office (11,087 sf) and the next five floors will be multi-family residential (37,243 sf). The residential component is proposed to include 65 units which are broken down into 62 one-bedrooms and 3 bachelors. GVRDS has assumed a 95% efficiency for the commercial space. The underground parking is proposed to accommodate 27 parking spots which will be designated for use by the commercial portion of the building.
CAPITAL REGION STRATA MARKET The Capital Region has had a steady demand for strata assets over the past few years. Sales of strata properties in the region totaled $33 million in 2013, a high in recent history for strata sales. The region had a total of 177 transaction over the last three years and of those transactions 33% were located in Victoria—this is reflective of Victoria being the commercial core of the Capital Region. Victoria, with the highest total volume of transactions at $32.1 million in the last three years, has been the key municipality driving sales growth of strata properties. Another city with a significant volume of sales transactions is Langford which grossed $16.2 million from 2011 to 2013.
AVAILABLE SPACE Retail/Ground Floor Second Floor Office
9,957 sf 11,087 sf
STRATA PURCHASE/SALE RATES
LEASE RATES
Main Floor Second Floor
$22.00 psf, net $18.00 psf, net
$450.00 psf $350.00 psf
TAXES & STRATA FEES (EST. 2014) $10.00 psf, net
PARKING 27 underground parking stalls
COMPLETION DATE September 2016
FOR SALE/LEASE
1950 BLANSHARD STREET VICTORIA, BC
Anne Tanner
Colleen Austin
Personal Real Estate Corporation Managing Director 250 410 3001 [email protected]
Sales Associate Commercial Sales & Leasing 250 410 3003 [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 Cushman & Wakefield Ltd. 09/15 bg
