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

Vernon one of Canada’s most dangerous places

Penticton, Kamloops, Kelowna, Lake Country and Salmon Arm also make Maclean’s list

Fence to go up along part of Mission Creek

360 metres of chain-link fence to go up in Mission Creek Regional Park

Uber official says public needs to push for ridesharing in B.C.

Mike van Hemmen tells Kelowna Chamber of commerce ridesharing would be ‘win-win-win’

Three-vehicle accident on Highway 33

Crews are on the scene of the multi vehicle collision about 10 kms east of Kelowna

Cram the Cruiser back in Lake Country

The annual fundraiser will be held Dec. 2 at the Save On

Okanagan ski hills open for the season

Both Big White and Silverstar Resort open for the 2017-18 season Thursday

Four years for discharging shotgun in home, school break-in

Yvon Martel also threatened his wife and broke into an elementary school

Traci Genereaux: Gone, but not forgotten

COLUMN: Family, friends want justice for Vernon teen

An adopted cat is the best 10 pounds you’ll gain this season

BC SPCA encouraging families to add a forever feline friend during adoption event Nov. 24 to Dec. 3

Up close and personal roots performance on Vernon stage

The Vernon and District Performing Arts Centre Society presents William Prince Nov. 29-30

B.C. co-ops relieved with Ottawa’s housing strategy

Federal government to have a new co-operative housing funding model in place by 2020

Letter to the editor: Missing woman’s parents appreciate search effort

To take part in the banner drop, poster distribution and the drone… Continue reading

B.C. NDP referendum plan sparks legislature battle

David Eby says public will decide on proportional referendum

Hammy has been freed of his threads, a purple antler remains

The iconic Prince Rupert buck with a piece of hammock attached to his antlers was caught by COs

Most Read