Westbank shopping centre for sale with $75M price tag

A huge shopping centre on Westbank First Nation lands was listed for sale last week.

Westbank Hub North is an open-air shopping centre with Walmart, Dollarama, London Drugs, Starbucks, Anytime Fitness and CIBC.

The property at 2170 Louie Drive is valued at $41.7 million, 2130 Louie Drive is valued at $4.8 million, 2151 Louie Drive is valued at $21 million, 2115 Louie Drive is valued at $9.5 million, according to BC Assessment. Together the shopping centre is worth more than $75 million.

It’s currently owned by GWL Realty Advisors, but since it’s on First Nations land it’s leased from Westbank First Nation in a 100-year lease with 80 years left to go.

The listing real estate agency Marcus and Millichap is advertising that the major stores leasing locations in the shopping centre are reliable and aren’t likely to go anywhere.

“This makes the subject property one of the region’s most dominant open-air retail centres, generating stable, resilient cash flow,” the brochure reads.

Walmart, Dollarama and London Drugs hold options extending their leases to 2105, 2043 and 2038 respectively.

The main tenants, Walmart, London Drugs, Dollarama, Anytime Fitness and CIBC make up 88.7 per cent of the rentable area and 77.1 per cent of the total base rent.

According to the listing, 43,000 vehicles pass by the shopping centre every day. There are 1,231 parking stalls on the 23 acre plot.

The agency touts one of West Kelowna’s best attributes is that it’s so close to Kelowna.

“While it offers its own vibrant community, amenities, and lakeside lifestyle, West Kelowna benefits from being part of the larger Kelowna metropolitan area,” the brochure reads.

“This proximity allows residents and businesses to access Kelowna’s international airport, advanced medical facilities, and higher education institutions, while still enjoying more affordable housing and a relaxed residential environment.”