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6361-6373 Hammond Bay Rd 7,929 SF 100% Leased 4-Star Retail Building Nanaimo, BC V9T 5Y1 $24,098,673 USD ($3,039.31 USD/SF)
Investment Highlights
- Prime location in Nanaimo’s dominant retail corridor with direct access to Island Highway North.
- Long-term income security with a 5-year WALT and stable occupancy history.
- Significant redevelopment potential under Secondary Urban Centre designation.
- Fully leased to a strong tenant mix anchored by The Brick and national brands.
- Highly desirable Wendy’s drive-thru pad and recent major capital improvements.
- Projected NOI of $1.8M with built-in rental escalations
Executive Summary
Hammond Bay Centre presents a rare opportunity to acquire a fully leased, high-performing neighborhood shopping center in the heart of Nanaimo’s primary retail hub. Strategically located at the intersection of Hammond Bay Road and Island Highway North, the property benefits from exceptional visibility and over 530 feet of highway frontage, with traffic counts exceeding 25,000 vehicles per day. This 5.06-acre site comprises seven buildings totaling 60,650 SF and is anchored by The Brick, complemented by a strong mix of national and local tenants including Wendy’s, Coastal Community Credit Union, and Pizza Hut.
The center boasts a Weighted Average Lease Term (WALT) of 5.0 years, providing stable income backed by long-term tenancy, with over 65% of the leasable area occupied by tenants in place for more than 35 years. Recent capital improvements and a highly desirable drive-thru pad further enhance the property’s long-term value. Designated as a Secondary Urban Centre in Nanaimo’s OCP, the site offers significant redevelopment potential for low- and mid-rise residential projects, creating an attractive value-add component for investors.
With strong tenant covenants, consistent cash flow, and the ability to reposition or redevelop in the future, Hammond Bay Centre is an exceptional investment opportunity in a growing Vancouver Island market.
The center boasts a Weighted Average Lease Term (WALT) of 5.0 years, providing stable income backed by long-term tenancy, with over 65% of the leasable area occupied by tenants in place for more than 35 years. Recent capital improvements and a highly desirable drive-thru pad further enhance the property’s long-term value. Designated as a Secondary Urban Centre in Nanaimo’s OCP, the site offers significant redevelopment potential for low- and mid-rise residential projects, creating an attractive value-add component for investors.
With strong tenant covenants, consistent cash flow, and the ability to reposition or redevelop in the future, Hammond Bay Centre is an exceptional investment opportunity in a growing Vancouver Island market.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront
Building Size
7,929 SF
Building Class
B
LoopNet Rating
4 Star
Year Built
2023
Price
$24,098,673 USD
Price Per SF
$3,039.31 USD
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.12
Lot Size
1.55 AC
Zoning
CC-4 - North Nanaimo Urban Centre
Walk Score®
Very Walkable (80)
Nearby Major Retailers
1 of 18
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6361-6373 Hammond Bay Rd
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