Property Description
The properties are located on a Transite Supportive Corridor and walkable to Kelowna General Hospital. three (3) grocery anchored retail centres, multiple waterfront parks and SOPA Square, an iconic 14 storey mixed use project.
SOUTHGATE SHOPPING CENTRE:
HM Commercial Realty is pleased to present this exceptionally rare opportunity: a fully-leased, one-storey stripmall & 2 storey office building in the highly coveted Pandosy Village.
- 0.831 acres (36,200 SF).
- 21,237 SF GLA, fully leased to 13 tenants.
- Upside potential in the rents, plus upside through redevelopment and/or expansion.
- More than 360’ of frontage on Pandosy Street.
- Current NOI: $467,397 (4.25% CAP Rate).
- Great underlying land redevelopment priced at $103 per buildable SF
- UC5 Urban Centre Pandosy zoning currently allows for an FAR of 2.35, with an additional 0.3 FAR for Public Amenity and Streetscape Bonus, and another 0.3 FAR for rental only projects, allowing for a total maximum density of 2.95 FAR with all bonuses.
4 LOT LAND ASSEMBLY AT PANDOSY/WARDLAW
This is an extremely rare assembly of four lots with a corner location and support for mixed use development in the heart of Pandosy Village. This is a trophy site in this neighborhood.
- 0.57 acre assembly (24,824 SF site in four titles).
- Houses and parking lot with holding income.
- 2602 Pandosy St: UC5 Urban Centre Pandosy zoning currently allows for an FAR of 1.8, with an additional 0.25 FAR for Public Amenity and Streetscape Bonus, and another 0.3 FAR for rental only projects, allowing for a total maximum density of 2.35 FAR with all bonuses.
- 475-481 Wardlaw Ave: UC5 Urban Centre Pandosy zoning currently allows for an FAR of 1.6, with an additional 0.1 FAR for Public Amenity and Streetscape Bonus, and another 0.3 FAR for rental only projects, allowing for a total maximum density of 2.0 FAR with all bonuses.
- 100m to Lake Okanagan and short walk to 30+ trendy restaurants, schools, college, hospital and Kinsmen Park.
- Corner location on the main transit route with connections to downtown and UBC Okanagan.
- City supports higher-density development.
- Potential for share sale of a bare trust.
