This property is Off-Market

1808 Bowen Road
Nanaimo, BC V9S5W4 ·

34,354 SF · Retail For Sale

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Westhill Centre

Price N/A Property Use Type Investment
Gross Leasable Area 34,354 SF Occupancy 100%
Property Type Retail Tenancy Multiple
Property Sub-type Neighborhood Center Lot Size 3.35 AC
Listing ID: 15908033 Date Created: 09/23/2008 Last Updated: 01/05/2009

Description

Westhill Centre is a fully leased neighbourhood retail/office centre, located in a high profile and strategic location in central Nanaimo, British Columbia.
The subject has a track record of steadily rising investment returns and has been professionally managed since its inception in 1997 by the local office of DTZ Barnicke.
This offering is comprised of three strata lots in a five lot bare land strata development. Anchor tenants include a Tim Hortons restaurant and a Pharmasave drug store, both free-standing. The largest building is two storeys and includes a mix of national and local retail outlets and professional/medical offices.
Demand for retail premises in all areas of Nanaimo increased during 2008 heightened by national tenants' desires to obtain a foothold in the region. With limited new supply and existing units in strip malls and enclosed centres becoming ever scarcer, lease rates felt upward pressure during the last three years. There is currently no new retail development planned for the Hospital Urban Node.

Nanaimo is located on the east coast of Vancouver Island, 113 km north of Victoria, and 55 km across the Strait of Georgia from Vancouver. As the second largest city on Vancouver Island, Nanaimo promises a lively and unique urban experience. A new conference centre set in the heart of the city is attracting waves of retail and service businesses.
Westhill Centre is a "blue chip" retail and medical office asset well positioned adjacent to the City of Nanaimo's growing Hospital Urban Node, in the midst of residential neighbourhoods. Westhill Centre is located on one of Nanaimo's main arterial routes and minutes away from Downtown, Vancouver Island University and the Island Highway.

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