investment opportunity - Form Retail
INVESTMENT OPPORTUNITY THE FALLS & DOUGLAS STREET REXALL VICTORIA, BC The Falls Commercial Strata Units 809 - 869 Douglas Street
Douglas Street Rexall 912 Douglas Street
JON BUCKLEY*
604 630 0215 [email protected] *Personal Real Estate Corporation
CURTIS LEONHARDT
604 638 1999 [email protected]
INVESTMENT OPPORTUNITY THE FALLS & DOUGLAS STREET REXALL VICTORIA, BC Westbank Projects Corp. has exclusively engaged Form Retail Advisors to facilitate the sale of both 809 - 869 Douglas Street and 912 Douglas Street located in Victoria, British Columbia
OPPORTUNITY
The Bay Centre
Rare opportunity to acquire prime retail assets in Victoria’s downtown core. The offering is comprised of two separate assets located in close proximity to each other along Douglas Street, one of the primary north/south arterials through Victoria and considered the main street of Greater Victoria. Offers to Purchase on the individual properties will
Fort Str eet
be considered:
CAC TUS CLU B CAFE
THE FALLS
• •
rexaLL • • •
Single tenant free standing building on a high profile corner at Douglas and Courtney Street 100% occupied by AAA national tenant, Rexall Drugs (Pharmx Rexall Drug Stores (B.C.) Ltd.), on a long term 15 year lease that commenced in 2011 Property received substantial improvements and upgrade in 2010 including replacement of the store front glazing, roof, HVAC units and upgrades to the structural, mechanical and electrical components
Broughto
n Street
Courtn e
y Stre et
Hu
mb
old
t S tre et
s Stree t
•
Comprised of just under 12,000 square feet of ground floor commercial strata space at the Falls - a landmark development in Victoria’s resurgent downtown Excellent tenant roster with a weighted average lease term of approximately 7.4 years remaining HSBC Bank of Canada and 7-Eleven account for 73% of the rentable area and over 75% of the Rental Revenue Balance of the rentable space occupied by Brown’s Social House, a casual restaurant / lounge concept with over 20 locations in Western Canada
Dougla
•
Greater Victoria Public Library
Court ne
y Stre et The Falls
Bu
rd e
tt
Av e
nu
e
INVESTMENT OPPORTUNITY THE FALLS COMMERCIAL STRATA UNITS VICTORIA, BC property information MUNICIPAL ADDRESS
809 - 869 Douglas Street, Victoria, BC
PID
027-962-598, 027-962-601
LEGAL DESCRIPTION
STRATA LOT 1&2 OF LOTS 95, 96, 97, 98 AND 104 VICTORIA CITY STRATA PLAN VIS6797 TOGETHER WITH ENTITLEMENT OF THE STRATA LOT;
ZONING
CA - 57 Central Area zoning designation for 813 Douglas Street. The designation permits a wide range of retail and office uses, more specifically those uses permitted under the CA-4 Zone, Central Area Office District.
PROPERTY DESCRIPTION
The Falls consists of ground floor commercial strata with two residential towers above of 18 and 13 storeys, containing approximately 155 luxury residences. Designed and constructed targeting LEED Silver designation, the development is an exquisite example of sustainable architecture.
LEASABLE AREA
11,911 square feet
PARKING
Use of 15 covered stalls
AGE OF IMPROVEMENTS
2009
TENANTS
HSBC Bank Canada Rumpel Investments Ltd. (o/a Browns Social House) 7-Eleven Canada Inc.
NET OPERATING INCOME*
YR 1: $458,838 YR 2: $471,544 YR 3: $477,446
EXISTING MORTGAGE
Existing mortgage to be assumed. Contact listing agent for details.
ASKING PRICE
Please contact listing agent.
STORAGE
* Year ending December 31, 2014
INVESTMENT OPPORTUNITY DOUGLAS STREET REXALL VICTORIA, BC PROPERTY INFORMATION MUNICIPAL ADDRESS
912 Douglas Street, Victoria, BC
PID
028-216-415
LEGAL DESCRIPTION
LOT A, OF LOTS 231 & 232, VICTORIA CITY PLAN VIP87927
ZONING
CA - 3C - Old Town District zoning allows for various uses including retail, financial institution, offices, residences above the ground floor and many others. Victoria’s Official Community Plan permits development of multi-unit residential and mixeduse, with commercial at grade (permitted FSR of 3.0).
PROPERTY DESCRIPTION
A single tenant freestanding building located on the northwest corner of Douglas and Courtney Street, 912 Douglas is tenanted by Rexall on a long-term 15 year lease that commenced in July of 2011.
LOT SIZE
9,677 square feet KEVIN MEIKLE**
EDGAR BUKSEVICS
ANNE TANNER*
SENIOR VICE PRESIDENT CAPITAL MARKETS GROUP 604.640.5834 [email protected]
SALES ASSOCIATE CAPITAL MARKETS GROUP 604.640.5859 [email protected]
VICE PRESIDENT COMMERCIAL SALES & LEASING 250.410.3001 [email protected]
CUSHMAN & WAKEFIELD LTD.
Suite 700 - 700 W Georgia St PO Box 10023, Pacific Centre Vancouver, BC V7Y 1A1 604.683.3111 1.877.788.3111 www.cushmanwakefield.com
* Personal Real Estate Corporation
LEASABLE AREA
8,982 square feet
Broughto
Pharmx Rexall Drug Stores (B.C.) Ltd.
NET OPERATING INCOME
July 2011 - June 2016 = $292,005 July 2016 - June 2021 = $320,747 July 2021 - June 2026 = $349,490
EXISTING MORTGAGE
Existing mortgage to be assumed. Contact listing agent for details.
ASKING PRICE
Please contact listing agent.
CCoouurtn rtneeyySS trtreeeet t
Dougla s
TENANT
Street
n Street
Courtne
y Street
INVESTMENT OPPORTUNITY THE FALLS AND DOUGLAS STREET REXALL VICTORIA, BC The Bay Centre
912 Douglas Street
Courtney Stre et
Bur dett
Subject Sites
FORM RETAIL ADVISORS INC. 1280-333 SEYMOUR STREET VANCOUVER, BC V6B 5A6 T 604 638 2121 F 604 638 2122 FORMRETAIL.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.
2013 Estimates & Projections
Doug las S treet
Fort Street
Courtney Stre et 809 - 869 Douglas Street
Ave n
ue
1 Km
3 Km
5 Km
10 Min
Population
14,901
86,708
154,679
143,724
Households
8,679
46,840
77,878
72,832
Average Household Income
52,234
61,453
68,974
66,957
Daytime Population
44,829
149,915
206,747
198,672
Douglas Street Rexall 912 Douglas Street
JON BUCKLEY*
604 630 0215 [email protected] *Personal Real Estate Corporation
CURTIS LEONHARDT
604 638 1999 [email protected]
INVESTMENT OPPORTUNITY THE FALLS & DOUGLAS STREET REXALL VICTORIA, BC Westbank Projects Corp. has exclusively engaged Form Retail Advisors to facilitate the sale of both 809 - 869 Douglas Street and 912 Douglas Street located in Victoria, British Columbia
OPPORTUNITY
The Bay Centre
Rare opportunity to acquire prime retail assets in Victoria’s downtown core. The offering is comprised of two separate assets located in close proximity to each other along Douglas Street, one of the primary north/south arterials through Victoria and considered the main street of Greater Victoria. Offers to Purchase on the individual properties will
Fort Str eet
be considered:
CAC TUS CLU B CAFE
THE FALLS
• •
rexaLL • • •
Single tenant free standing building on a high profile corner at Douglas and Courtney Street 100% occupied by AAA national tenant, Rexall Drugs (Pharmx Rexall Drug Stores (B.C.) Ltd.), on a long term 15 year lease that commenced in 2011 Property received substantial improvements and upgrade in 2010 including replacement of the store front glazing, roof, HVAC units and upgrades to the structural, mechanical and electrical components
Broughto
n Street
Courtn e
y Stre et
Hu
mb
old
t S tre et
s Stree t
•
Comprised of just under 12,000 square feet of ground floor commercial strata space at the Falls - a landmark development in Victoria’s resurgent downtown Excellent tenant roster with a weighted average lease term of approximately 7.4 years remaining HSBC Bank of Canada and 7-Eleven account for 73% of the rentable area and over 75% of the Rental Revenue Balance of the rentable space occupied by Brown’s Social House, a casual restaurant / lounge concept with over 20 locations in Western Canada
Dougla
•
Greater Victoria Public Library
Court ne
y Stre et The Falls
Bu
rd e
tt
Av e
nu
e
INVESTMENT OPPORTUNITY THE FALLS COMMERCIAL STRATA UNITS VICTORIA, BC property information MUNICIPAL ADDRESS
809 - 869 Douglas Street, Victoria, BC
PID
027-962-598, 027-962-601
LEGAL DESCRIPTION
STRATA LOT 1&2 OF LOTS 95, 96, 97, 98 AND 104 VICTORIA CITY STRATA PLAN VIS6797 TOGETHER WITH ENTITLEMENT OF THE STRATA LOT;
ZONING
CA - 57 Central Area zoning designation for 813 Douglas Street. The designation permits a wide range of retail and office uses, more specifically those uses permitted under the CA-4 Zone, Central Area Office District.
PROPERTY DESCRIPTION
The Falls consists of ground floor commercial strata with two residential towers above of 18 and 13 storeys, containing approximately 155 luxury residences. Designed and constructed targeting LEED Silver designation, the development is an exquisite example of sustainable architecture.
LEASABLE AREA
11,911 square feet
PARKING
Use of 15 covered stalls
AGE OF IMPROVEMENTS
2009
TENANTS
HSBC Bank Canada Rumpel Investments Ltd. (o/a Browns Social House) 7-Eleven Canada Inc.
NET OPERATING INCOME*
YR 1: $458,838 YR 2: $471,544 YR 3: $477,446
EXISTING MORTGAGE
Existing mortgage to be assumed. Contact listing agent for details.
ASKING PRICE
Please contact listing agent.
STORAGE
* Year ending December 31, 2014
INVESTMENT OPPORTUNITY DOUGLAS STREET REXALL VICTORIA, BC PROPERTY INFORMATION MUNICIPAL ADDRESS
912 Douglas Street, Victoria, BC
PID
028-216-415
LEGAL DESCRIPTION
LOT A, OF LOTS 231 & 232, VICTORIA CITY PLAN VIP87927
ZONING
CA - 3C - Old Town District zoning allows for various uses including retail, financial institution, offices, residences above the ground floor and many others. Victoria’s Official Community Plan permits development of multi-unit residential and mixeduse, with commercial at grade (permitted FSR of 3.0).
PROPERTY DESCRIPTION
A single tenant freestanding building located on the northwest corner of Douglas and Courtney Street, 912 Douglas is tenanted by Rexall on a long-term 15 year lease that commenced in July of 2011.
LOT SIZE
9,677 square feet KEVIN MEIKLE**
EDGAR BUKSEVICS
ANNE TANNER*
SENIOR VICE PRESIDENT CAPITAL MARKETS GROUP 604.640.5834 [email protected]
SALES ASSOCIATE CAPITAL MARKETS GROUP 604.640.5859 [email protected]
VICE PRESIDENT COMMERCIAL SALES & LEASING 250.410.3001 [email protected]
CUSHMAN & WAKEFIELD LTD.
Suite 700 - 700 W Georgia St PO Box 10023, Pacific Centre Vancouver, BC V7Y 1A1 604.683.3111 1.877.788.3111 www.cushmanwakefield.com
* Personal Real Estate Corporation
LEASABLE AREA
8,982 square feet
Broughto
Pharmx Rexall Drug Stores (B.C.) Ltd.
NET OPERATING INCOME
July 2011 - June 2016 = $292,005 July 2016 - June 2021 = $320,747 July 2021 - June 2026 = $349,490
EXISTING MORTGAGE
Existing mortgage to be assumed. Contact listing agent for details.
ASKING PRICE
Please contact listing agent.
CCoouurtn rtneeyySS trtreeeet t
Dougla s
TENANT
Street
n Street
Courtne
y Street
INVESTMENT OPPORTUNITY THE FALLS AND DOUGLAS STREET REXALL VICTORIA, BC The Bay Centre
912 Douglas Street
Courtney Stre et
Bur dett
Subject Sites
FORM RETAIL ADVISORS INC. 1280-333 SEYMOUR STREET VANCOUVER, BC V6B 5A6 T 604 638 2121 F 604 638 2122 FORMRETAIL.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.
2013 Estimates & Projections
Doug las S treet
Fort Street
Courtney Stre et 809 - 869 Douglas Street
Ave n
ue
1 Km
3 Km
5 Km
10 Min
Population
14,901
86,708
154,679
143,724
Households
8,679
46,840
77,878
72,832
Average Household Income
52,234
61,453
68,974
66,957
Daytime Population
44,829
149,915
206,747
198,672
