Orchard Garden Plaza, a 43,636-square-foot shopping centre located at 1455 Harvey Avenue in the centre of Kelowna’s highway retail corridor, has been sold to Vancouver-based Coal Harbour Realty Advisors, on behalf of Colliers International.
The shopping centre houses tenants, such as Bulk Barn, The Dollar Tree and Burtch Animal Hospital on a site of nearly four acres. Coal Harbour Realty Advisors Inc plans to re-position the property, a move that will see the demolition of the 6,500-square-foot restaurant located in front of the strip portion of the shopping centre, which currently blocks the site lines from Harvey Avenue. Twenty-two additional parking stalls will take the place of the restaurant, and drive isle will be widened on-site.
Colliers International Retail Specialist Chris Wills, who represented the sellers of the property, said the shopping centre had recently attracted a lot of attention, having been almost 50 per cent vacant for awhile.
“This property offered good long-term investment fundamentals and a great opportunity for redevelopment,” said Wills, adding that private investors have a considerable appetite for retail investment properties in the Okanagan region.
The property’s prime location, the value-add opportunity and Kelowna’s projected strong economic growth attracted the purchaser.
“Small- to medium-sized retail centres such as Orchard Garden Plaza are very rarely made available for sale in Kelowna, contributing to this property’s appeal,” added Colliers International’s Eric Weber, who represented the purchaser.
