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BMO 294 Bernard Av 19,086 SF Retail Building Kelowna, BC V1Y 6N4 For Sale 5% Cap Rate
Investment Highlights
- A landmark BMO branch at the iconic intersection of Bernard Avenue and Water Street, positioned at one of Downtown Kelowna.
- Situated at the gateway to Kelowna’s downtown waterfront district, with immediate access to Okanagan Lake, City Park, hotels, restaurants, etc.
- The Subject Property is held in a bare trust, providing purchasers with the potential option to acquire shares of the nominee corporation.
- 100% occupied by Bank of Montreal, one of Canada’s Big Five banks, with continuous operations at the Subject Property since 2001.
- Surrounded by luxury residential towers, hotels, office buildings, and major lifestyle amenities, with more than 1,600 residential units planned.
- UC1 Downtown Urban Centre zoning supports a broad range of mixeduse development, including retail, office, hotel, financial institution, etc.
Executive Summary
Marcus & Millichap's Western Canada NNN Group has been exclusively engaged to market the 100% freehold interest in 294 Bernard Avenue, Kelowna, British Columbia (the "Subject Property"). The Subject Property is a three-storey, mixed-use commercial building totalling 19,086 SF, 100% leased to Bank of Montreal (dba "BMO") on a recently extended triple-net (NNN) lease expiring May 31, 2031. Situated at the iconic corner of Bernard Avenue and Water Street in the heart of Downtown Kelowna, the Subject Property benefits from immediate proximity to Okanagan Lake, a rapidly densifying residential and hospitality precinct, and Kelowna's premier high street retail corridor. The offering presents a rare opportunity to acquire a trophy, single-tenant flagship asset underpinned by one of Canada's largest and most creditworthy financial institutions, located on one of the most recognizable commercial corners in the Okanagan.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Storefront
Building Size
19,086 SF
Building Class
C
Year Built
2001
Cap Rate
5%
Tenancy
Single
Building Height
3 Stories
Building FAR
1.51
Lot Size
0.29 AC
Zoning
UC1 - Downtown Urban Centre
Parking
6 Spaces (0.31 Spaces per 1,000 SF Leased)
Exceptionally walkable
100/100
Moderately drivable
70/100
Some public transit
50/100
Very bikeable
80/100
Nearby Major Retailers
Contacts
-
Curtis Leonhardt -
Jon Buckley -
David Morris -
Joe Genest -
Andrew Gormley -
Marcus & Millichap
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Videos
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Photos
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BMO | 294 Bernard Av
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