Westbank Shopping Centre up for sale

The Westbank Shopping Centre is up for sale.

Primaris Retail REIT, which owns 29 shopping malls across the country, including Kelowna’s Orchard Park Shopping Centre, is selling the leasehold of the Westbank Shopping Centre, a parcel that includes all but the large Zellers and former Extra Foods stores on the site.

The portion for sale is listed at 73,910-square-feet, is 99 per cent leased  and includes tenants such as White Spot, Wendy’s, TD Canada Trust, Starbucks, Landmark Cinemas, Tim Horton’s, Blockbuster Video, Lammle’s, Liquor Depot, The Source, Westbank Shoes and Wok Box. The site is described as an 8.6 acre, L-shaped parcel.

Neither Zellers nor the former Extra Foods building are included but are listed as “shadow” anchors. Extra Foods closed in November when the large nearby Real Canadian Superstore opened.

No asking price is listed in the sales brochure, put out by Vancouver realtor Avison Young. But it says the Bank of Montreal holds a $9.45 million mortgage on the centre. The current 10-year term is set expires in 2015. The outstanding balance of the mortgage is $8.3 million.

The net operating income for the centre in 2011 is estimated at $1.447 million. 

The mall is located on Westbank First Nation land, at the corner of Highway 97 and  Gosset Road, and the lease covering the land the mall is located on will expire in 2091, according  Avison Young, which is handling the sale.

The mall was the first major retail development in  the Westbank area when it was built in 1996. Since then, it has been expanded and there have been several other commercial retail developments built on nearby WFN land, including large Home Depot, Canadian Tire, Walmart and London Drugs and Staples stores, as well as several smaller stores, restaurants and services such as banks. 

Avison Young says the site is passed by 45,000 vehicles each day.



Just Posted

Keeping the Okanagan on the Federal Radar

Kelowna-Lake Country MP Stephen Fuhr’s column

Letter: Not a pretty picture, driving around Kelowna

Kelowna letter-writer says there’s a lot to dislike driving around Kelowna

Reel Reviews: Fear or love

We say, “Once again, one worth seeing, one not.”

Two people safe after falling through ice

Kelowna Fire Department urges caution around icy waters during warm weather

Missing Kelowna woman sought

RCMP are asking for assistance in locating Christine Olsen-Meissnitzer

REPLAY: B.C. this week in video

In case you missed it, here’s a look at replay-worthy highlights from across the province this week

Anti-pipeline protestors block Kinder Morgan tanker near Seattle

Protest was spurred on by the 28 anti-Kinder Morgan activists arrested in Burnaby

Captain Cal Foote is Rockets’ MVP

The Rockets hand out their annual team awards Sunday at Kelowna Community Theatre

Some surprises in new book about B.C. labour movement

“On the Line” charts history of the union movement back to the 1800s

Cancer fundraiser takes to Okanagan Lake

Penticton and Naramata joining growing fundraising event

Elke’s Garden Tips: Good time to prepare

Lake Country garden columnist talks about what to do at this time of the year

Letter: Crying fowl over goose cull witness

Kelowna letter-writer says Canada geese come with many issues

Letter: I was born in Kelowna in 1930…

Kelowna letter-writer has some ideas on how things should run nowadays

B.C. cyclist races to first win of the season in New Zealand

Casey Brown captures Enduro title by more than two minutes at Crankworx Rotorua

Most Read