FOR SALE NNN SINGLE TENANT INVESTMENT OPPORTUNITY FORWITH FUTURE SALE REDEVELOPMENT POTENTIAL NNN SINGLE TENANT INVESTMENT33 SOUTH SHORE OPPORTUNITY ROAD | LAKE COWICHAN, BC WITH FUTURE REDEVELOPMENT POTENTIAL 33 SOUTH SHORE ROAD | LAKE COWICHAN, BC
6.75 % PRICE REDUCED Cap Rate
CURTIS LEONHARDT* JON BUCKLEY* 604 638 1999 604 630 0215 [email protected] [email protected]
*Personal Real Estate Corporation FORM RETAIL ADVISORS INC. FOR SALE NNN SINGLE TENANT INVESTMENT OPPORTUNITY WITH FUTURE REDEVELOPMENT POTENTIAL 33 SOUTH SHORE ROAD | LAKE COWICHAN, BC OPPORTUNITY SALIENT DETAILS
The Vendor has exclusively retained Form Retail Advisors Inc. (the “Agent”) to facilitate CIVIC ADDRESS 33 South Shore Road, Lake Cowichan, BC the sale of its 100% freehold interest in 33 South Shore Road (the “Subject Property”). 005-986-460; 007-637-918; 007-637-934; PIDS The Subject Property is a single-tenant, triple-net investment opportunity located in 007-637-942; 007-637-969 the Town of Lake Cowichan, located approximately 30 KM west of the Trans Canada Highway and the City of Duncan. Parcel A, (DD 89244-I) of Lot 1, Lot A, Plan VIP5614, District Lot 12, Cowichan Lake Land District, Lot 1, Block 16, Plan VIP 1231, District Lot 12, Cowichan LEGAL DESCRIPTION HIGHLIGHTS Lake Land District, Except Parcel A (DD 89244-I) Thereof, Lot 2, Block 16, Plan VIP 1231, District Lot • Large 39,400 square foot lot improved with a commercial building leased to FHC 12, Cowichan Lake Land Enterprises Ltd., (corporate covenant of Fields, a regional grocery and household goods chain) who recently renewed their lease for a further five (5) years, expiring SITE SIZE 39,400 SF (0.9 acres) August 2022 FRONTAGE 233.18 feet onto South Shore Road
• Strong regional covenant providing stable and consistent cash flow with significant BUILDING AREA 11,800 SF (+/-) future redevelopment potential, by way of waterfront residential development YEAR BUILT 1953 with major additions in 1960, 1970 and 1980 • Located in the central portion of the primary commercial development strip, with a mix of residential and commercial uses in the adjacent areas The property is improved with a 1 ½ storey IMPROVEMENTS commercial building, a paved parking lot and landscaped park area. • Subject Property benefits from having five separate legal titles which allows for greater flexibility for development ACCESS/EGRESS All directional access from South Shore Road
TENANT FHC Enterprises Ltd. (Operating as FIELDS)
SUBJECT PROPERTY OCCUPANCY 100%
ZONING C-3 (Lake Front River Front Commercial)
OCP Designated as General Commercial
PROPERTY TAXES $17,065
NOI* $70,800 / annum
FINANCING Available clear title
South Shore Road ASKING PRICE $1,050,000
CAP RATE ON ASKING 6.75% *For Fiscal Year ending August 31, 2018.
FORM RETAIL ADVISORS INC. FOR SALE NNN SINGLE TENANT INVESTMENT OPPORTUNITY WITH FUTURE REDEVELOPMENT POTENTIAL 33 SOUTH SHORE ROAD | LAKE COWICHAN, BC MARKET OVERVIEW BUILDING SITE PLAN
The Cowichan Valley is a region within the southern-central area of Vancouver Island encompassing the communities of Duncan, Lake Cowichan, Lady Smith, Cowichan Bay, Cobble Hill, Maple Bay, Shawnigan Lake, and more. The Valley is centrally located between the cities of Victoria to the south and Nanaimo to the north, making it a popular destination for tourists travelling through the Island. The region offers an abundance of outdoor activities, heritage farms and award-winning wineries.
The Town of Lake Cowichan is a vibrant and quaint community with a population of over 3,226 people and growing. Forestry, tourism and industrial/manufacturing are the key drivers of the local economy, as well as having large retirement community. Lake Cowichan is located within a maritime climatic zone and generally experiences warm, dry summers and mild winters.
The Cowichan Valley Highway (Highway 18) connects the Town to the Trans Canada Highway where it is connected to Victoria, Nanaimo and other communities. From there, travellers can board BC Ferries to reach the Lower Mainland. SOUTH SHORE ROAD Horseshoe Bay
Vancouver
Nanaimo
Tsawwassen Lady Smith
LAKE COWICHAN
FIELDS is a Canadian grocery and houseware retail chain Highway 18 with 62 stores operating across Western Canada with a focus Duncan on small communities. Founded in 1949, FIELDS has seen
Trans Canada Highway Sidney a long history, having changed ownership from Zellers to LEGEND the Hudson’s Bay Company and finally to its current owner 1H 24 MIN - FHC Enterprises Ltd., a privately-owned corporation based 54 MIN in Delta, BC. FIELDS is positioned to be the leading small 1H 35 MIN 1H 40 MIN town value merchant in Canada as well as servicing highway travellers. Victoria
FORM RETAIL ADVISORS INC. FOR SALE NNNFOR SINGLE TENANT INVESTMENT SALE OPPORTUNITY WITH FUTURE REDEVELOPMENT POTENTIAL NNN SINGLE TENANT INVESTMENT33 SOUTH SHORE OPPORTUNITY ROAD | LAKE COWICHAN, BC WITH FUTURE REDEVELOPMENT POTENTIAL 33 SOUTH SHORE ROAD | LAKE COWICHAN, BC
Cowichan Lake Road (3,799 VPD)
SUBJECT PROPERTY
2016 ESTIMATES & LAKE 15 MIN PROJECTIONS COWICHAN DRIVE South Shore Road
Population 3,226 5,052
Households 1,591 2,431
Average Household Income $72,492 $72,385 Lake Cowichan Secondary School % Pop. Change (2016-2021) 1.3% 1.3% DRAFT
FORM RETAIL ADVISORS INC. 1280-333 SEYMOUR STREET VANCOUVER, BC V6B 5A6 T 604 638 2121 F 604 638 2122 FORM.CA
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