Stable Income Producing Property For Sale with Secure AAA Covenant
Location Contact 238 Government Street Curtis Leonhardt* Jon Buckley* Duncan 604 638 1999 604 630 0215 British Columbia [email protected] [email protected]
*Personal Real Estate Corporation For Sale 238 Government Street Duncan BC
Opportunity
The Vendor has exclusively retained Form Real Estate Advisors to facilitate the sale of 238 Government Street (the “Subject Property”). The Subject Property presents a well-managed, secure, and stable investment property centrally located and well positioned to fulfill its mandate for servicing the rapidly growing constituent base of the Cowichan Valley Regional District.
Salient Details
PID: 003-010-317 LOT 3 SECTION 17 RANGE & QUAMICHAN Legal Description: DISTRICT PLAN 24352 Lot Size: 64,905 SF (1.49 acres) Office Building: 15,472 SF Highlights Leasable Area: Courthouse: 14,446 SF Total Building Area: 29,938 SF Stable income producing property featuring long-term and secure tenancy generating Zoning: C-1 General Commercial significant cash flow and contractual commitment until 2027 Mixed Use Commercial and Medium or High OCP Land Use: Density Residential 87% of the property leased to AAA institutional grade tenant: The Province of British Columbia (Duncan Courthouse), which has operated in some capacity from the 35 parking stalls on site, plus the use of an location for over 50 years Parking: additional 44 stalls on adjacent city-owned lot secured by way of a 99-year land lease The Province of British Columbia (Duncan Courthouse) recently secured the location Occupancy: 97% for an additional 10 years Province of British Columbia (26,072 SF / 87%) Legal Services Society (2,722 SF / 9%) Tenants: Rental increase on October 1st, 2022 for an additional $14,466 per year Native Courtworker Counseling Assoc. (229 SF / 1%) Strategically positioned along Government Street, an essential thoroughfare in Duncan Year Built: 1969 offering exceptional visibility and exposure to both vehicular traffic and foot traffic Financing: Assume clear title Year 1 NOI: $420,139 Subject Property may be purchased by acquiring shares of the nominee and thereby avoiding property transfer tax Asking Price: Contact listing agent
02 For Sale 238 Government Street Ministry for Children Duncan BC & Family Development
Location Overview Cowichan Valley Duncan is the focal point of one of the fastest growing regions Economic Development located in the Mid-Island area. Duncan encompasses a rich mix of commercial, residential, and office developments. Specifically, 238 Government Street is situated in the heart of Downtown Duncan – a charming and eclectic destination that serves all members of the Cowichan Valley District. The Subject Property is strategically positioned in close proximity to the Island Highway (Hwy 1) – a series of highways following the eastern coastline of Vancouver Ministry of Island stretching from Port Hardy to Victoria. Agriculture
Duncan is home to essential government offices which help serve the entire Cowichan Valley Regional District. Specifically, 238 Government St. is nearby similar public service offices (see map). The Subject Property occupies 1.49 acres, featuring a five storey office tower and a single storey courthouse with access and Cowichan Valley Regional CANADA AVE frontage along Government Street and Somenos Street. District Headquarters Ministry of Social Market Overview Development & Innovation
Situated midway between Nanaimo and Victoria, Duncan serves as an economic hub for the entire Cowichan Valley Regional District, serving a population of over 80,000 people. Duncan and the greater Service Canada Cowichan Valley Regional District are experiencing a significant Centre Duncan City Hall surge in residential and commercial development including: • Westurban’s Magdalena, a 64 unit residential apartment building in Duncan slated for completion in Q4 2019 GOVERNMENT STREET • Brentwood Development’s Berkey’s Corner, a grocery anchored (49th Parallel) open air commercial centre slated for completion in Q3 2020 • The Hamlets at Duncan, a six storey 143 unit Care and Assisted Living development, currently under construction with completion expected in 2021 • Recently approved Kingsview Development plan that will see Subject Property 1,300 units added to the Maple Bay area of Duncan • Proposed development of Greenwood Manor located directly Leasehold Interest west of the Subject Property. Greenwood Manor is in the (Parking Agreement) planning and advisory stage and would be a 10 storey, 99 unit seniors oriented housing development. 03 For Sale 238 Government Street Duncan BC
Horseshoe Bay
Nanaimo
Vancouver Qualicum Beach
Port Alberni
Tsawwassen
Legend Lake Cowichan USA Trans-Canada Highway Duncan Vancouver » Nanaimo 20 Minutes via Harbour Air Mill Bay Horseshoe Bay » Nanaimo 1h 35m via BC Ferries
Duncan » Nanaimo 42 Minute Drive (50km)
Duncan » Victoria Victoria 55 Minute Drive (61km)
Canada - USA Border
2023 Estimates 5 KM Cowichan Valley Regional District Key Industries Population 27,640 87,968 Population Growth Rate (2023) 3.4% 3.7% Households 11,646 37,172 Average Household Income $90,365 102,364 Fishing Farming Forestry Tourism 04 Form Real Estate Advisors 1280-333 Seymour Street T 604 638 2121 Vancouver, BC V6B 5A6 F 604 638 2122
All communications and inquiries related to this opportunity, or requests for additional information or requests regarding procedures, must be made to the Form Real Estate Advisors Inc. agents named on the first page. No personnel of the Vendor or any of its affiliates should be contacted directly under any circumstance.
Disclaimer: None of the Vendor, its affiliates, Form Real Estate Advisors Inc. or any of their respective representatives makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this document, and interested parties should conduct their own independent analysis of the information contained or referred to herein. Nothing contained in this document is, or should be relied on as, a promise or representation, whether as to the past or the future. The Vendor, its affiliates, Form Real Estate Advisors Inc. and their respective representatives are under no obligation to accept any offer made by any person or entity regarding this opportunity.