Colliers International Kelowna has announced the sale of Orchard Garden Plaza, a 43,000 square-foot shopping centre located on Harvey Avenue and Burtch Road.
A Vancouver-based real estate investment group (Coal Harbour Realty Advisors Inc) has bought the strip mall and plans to re-position the property along Kelowna’s busiest retail corridor.
Included in their re-positioning plans, is the demolition of the standalone 6,500 square foot restaurant building that is situated out front of the strip portion of the shopping centre, impeding the site lines from Harvey Avenue. In its place, 22 additional parking stalls will be added, along with widening the drive isles on site.
The centre is currently home to the Bulk Barn, The Dollar Tree and Burtch Animal Hospital.
Colliers International Retail Specialist Chris Wills, who represented the sellers of the property, said that the shopping centre had attracted a lot of attention recently as the property has been almost 50 per cent vacant for quite some time.
“This property offered good long-term investment fundamentals and was a great opportunity for redevelopment,” said Wills, adding private investors have a considerable appetite for retail investment properties in the Okanagan.
Eric Weber of Colliers International, who represented the purchaser of the property, noted the location and a projected increase in business in the Okanagan led to the sale.
“Small to medium-sized retail centres such as Orchard Garden Plaza, are very rarely made available for sale in Kelowna. This shopping centre will be a nice addition to the purchaser’s existing portfolio of investment properties in Kelowna,” he said, noting the property will be renamed Centre 97.
“The redevelopment plan will add greatly to the visibility of the complex from both Harvey Ave and Burtch Road, making it attractive to new tenants,” added Wills.