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270 Richmond Road 2,362 Sq

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FOR SALE 270 RICHMOND ROAD 2,362 SQ. FT. RETAIL/OFFICE BUILDING FOR SALE ERIK FALARDEAU* BRANDON YUKE* CBRE LIMITED Vice President Sales Associate Real Estate Brokerage 613.788.3791 613.788.2760 T: 613.782.2266 [email protected] [email protected] F: 613.782.2296 *Sales Representative THE OPPORTUNITY CBRE Limited (“CBRE” or the “Advisor”) has been retained by the Seller to act as its exclusive advisor to facilitate the sale of 270 Richmond Road (the “Property”), a newly expanded office/retail building located in Ottawa, Ontario. Situated in the heart of Ottawa’s Westboro neighbourhood, the Property occupies a prominent position at the corner of Richmond Road and Athlone Avenue. The 2,120 square foot site is now improved with a two- story office/retail building that has recently been expanded. The building is now a total of 2,362 gross square feet (plus basement). The existing main floor is comprised of a high-end kitchen display and design centre occupied by Design First Interiors. The newly expanded ground floor, street front space is vacant and ready for future tenant improvements. The second floor is partially occupied by Design First Interiors and includes an open workspace and a meeting room. The newly constructed mezzanine space is vacant and ready for further tenant improvements. The site is zoned TM - Traditional Mainstreet which permits a broad range of uses. Given its prominent Westboro location and flexibility of uses, 270 Richmond Road presents a unique opportunity for an owner-user or investor. The sale of the Property provides owner-users and investors alike the opportunity to acquire a partially leased building with in place income together with the option to occupy or lease newly created premises on the ground floor and mezzanine. Design First Interiors currently occupies approximately 1,517 square feet, and there is an additional 845 vacant square feet (ground and mezzanine) available for lease or owner occupancy. PROPERTY DETAILS Address 270 Richmond Road, Westboro ON. Total 2,362 sq. ft. Ground - 619 sq. ft. Size Vacant Space Mezz - 226 sq. ft. Leased 1,517 sq. ft. PIN 040200192 PT LT 89, PL 272 , PART 1 , 4R11369 ; OTTAWA/NE- Legal Description PEAN Zoning TM - Traditional Mainstreet Taxes (Final 2019) $19,831.00 ASKING PRICE $1,500,000.00 ERIK FALARDEAU* BRANDON YUKE* CBRE LIMITED Vice President Sales Associate Real Estate Brokerage 613.788.3791 613.788.2760 T: 613.782.2266 [email protected] [email protected] F: 613.782.2296 *Sales Representative FLOOR PLAN GROUND FLOOR WASHROOM VACANT VACANT VACANT DESIGN FIRST ERIK FALARDEAU* BRANDON YUKE CBRE LIMITED Vice President Sales Associate Real Estate Brokerage 613.788.3791 613.788.2760 T: 613.782.2266 [email protected] [email protected] F: 613.782.2296 *Sales Representative FLOOR PLAN SECOND FLOOR EXTERIOR PATIO VACANT DESIGN FIRST ERIK FALARDEAU* BRANDON YUKE* CBRE LIMITED Vice President Sales Associate Real Estate Brokerage 613.788.3791 613.788.2760 T: 613.782.2266 [email protected] [email protected] F: 613.782.2296 *Sales Representative NODE OVERVIEW | WESTBORO The Westboro market is bound by the Ottawa River to the north, Carling Avenue to the south, Parkdale Avenue to the east and Broadview Avenue to the west. Westboro has a more diversified tenant mix than the downtown core however, the federal government holds a significant office presence to the north at Tunney’s Pasture. Institu- tional landlords have begun developing land in Westboro and surrounding areas, primarily focused on transit oriented, mixed-use developments. Vacancy Ottawa West LEASING MARKET Westboro falls within the greater submarket of Ottawa West. Vacancy in the West-end has generally followed the same trend as the overall suburban market, with a 10-year average vacancy rate of 5.0%. However, vacancy has dropped to new lows, closing the second quarter of 2019 at 4.2%. The recent dip in vacancy can be attribut- ed to the private sector’s growth along the Queensway Corridor. Primary user groups along the Queensway consist of construction and engineering companies, legal firms and FIRE consulting practices. Small to medium size tech companies are generally found in Westboro, Wellington West and Hintonburg due to neighbourhood amenities, access to young talent seeking a “Live, Work, Play” lifestyle and non-traditional office supply. These tech users typically occupy 2,000 to 10,000 sq. ft. of office space. Rental Rates The average office net asking rental rate closed the second quarter of 2019 at $14.89 per sq. ft. Rental rates for this asset class are projected to grow at a steady pace, given the level of competition in the office leasing mar- ket. Retail rental rates in Westboro, Wellington West and Hintonburg range from $32.00 to $40.00 per sq. ft. depending on building quality, ownership structure and leasing incentives. ERIK FALARDEAU* BRANDON YUKE* CBRE LIMITED Vice President Sales Associate Real Estate Brokerage 613.788.3791 613.788.2760 T: 613.782.2266 [email protected] [email protected] F: 613.782.2296 *Sales Representative NODE OVERVIEW | WESTBORO 1 LCBO 2 RBC 3 CIRCLE K 4 LULULEMON 10 MOUNTRAIN 5 EQUIPMENT CO-OP 6 SCOTIABANK SHOPPER DRUG 7 MART 9 8 8 STARBUCKS 7 9 THE KEG 6 5 10 OTTAWA HONDA 4 FUTURE LRT STATIONS 270 RICHMOND RD 3 2 1 ERIK FALARDEAU* BRANDON YUKE* CBRE LIMITED Vice President Sales Associate Real Estate Brokerage 613.788.3791 613.788.2760 T: 613.782.2266 [email protected] [email protected] F: 613.782.2296 *Sales Representative.
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