- What A shopping centre on Vancouver Island is in play
- Why The property has nine acres of developable land
- What next The land can accommodate up to 720 residential units
A shopping mall on Vancouver Island has hit the market, seeking bids around $65m, Green Street News can reveal.
Nanaimo North Town Centre, in Nanaimo, is a 373,000 sq ft shopping centre on 50 acres, nine of which are developable land that can accommodate up to 720 residential units. Cushman & Wakefield has the marketing assignment on behalf of Shape Properties.
The mall, at 4750 Rutherford Road, is grocery-anchored by a Fairway Market. Other major tenants include Canadian Tire, Galaxy Theatres, London Drugs and Rona+. The weighted average lease term for tenants is five years and seven months.
About 9 km northwest of downtown Nanaimo, the mall is also 65 km from downtown Vancouver, which is across the Strait of Georgia.
Nanaimo is a city of about 90,000 people on southern Vancouver Island.
Shape Properties has a large retail portfolio that includes the Amazing Brentwood and the City of Lougheed shopping centre in Metro Vancouver.
