- What A Vancouver strip mall on bustling Kingsway is on the block
- Why The nine-unit retail property is fully occupied
- What next It has the potential to be redeveloped into a 14-storey building
A strip mall on one of Vancouver’s busiest streets is up for sale at a price that translates to an initial annual yield of 1.9%, Green Street News can reveal.
The property, at 2257 to 2273 Kingsway near the intersection with Nanaimo Street, is asking $18.9m. LeHomes Realty Premier has the marketing assignment.
The centre is in the Norquay Village neighbourhood, 7 km southeast of downtown Vancouver. The sales campaign touts the location as having high exposure and excellent visibility for retail businesses.
The building is 100% occupied. Tenants include Chicko Chicken, Hair Idol Salon and Phoenix Massage. There are nine units in total, and the longest lease in place will expire in 2027.
Marketing materials highlight the redevelopment opportunity for the property under the Norquay Village Neighbourhood Centre Plan, noting the possibility to rezone the land for a development of up to 14 storeys.
The plan’s stated aim is to improve housing options in the neighbourhood while providing amenities for residents.
