Westbank Hub North, one of the largest open-air shopping centres in West Kelowna, was officially listed for sale last week, according to a sales brochure.
The shopping centre is located at 2115-2170 Louie Drive, on the western side of Highway 97 at the intersection with Elk Road. The property consists of four legal parcels — 2121, 2130, 2151, and 2170 Louie Drive — and is home to a Walmart, Dollarama, Anytime Fitness, London Drugs, and several quick-service restaurants.
BC Assessment values the respective individual parcels at $9,548,000, $4,828,000, $21,017,000, and $41,781,000 for a total assessed value of $77,174,000 dated to July 1, 2025.
Westbank Hub North is owned by GWL Realty Advisors — the real estate arm of The Canada Life Assurance Company — on behalf of an institutional client, although the land is leased from the Westbank First Nation as part of a prepaid 100-year lease that has 80 years remaining, according to the sales brochure.
The property is located within the commercial core of West Kelowna along Highway 97 that is historically known as Westbank, where much of the land is owned by the Westbank First Nation.
The shopping centre was constructed in 2008, spans a total of 23.0 acres, and is home to 256,863 sq. ft of leasable space, 99.2% of which is currently leased. The property also includes a total of 1,231 parking spaces.
The Listing
Westbank Hub North was listed last week by Jon Buckley, David Morris, Jack Allpress, and Curtis Leonhardt of Marcus & Millichap alongside Peter Gibson, Falisha Saggu, and Kyle Grundy of Cushman & Wakefield on an unpriced basis.
- Address: 2115-2170 Louie Drive, Westbank
- Year Built: 2008
- Site Area: 23.0 acres
- Existing Leasable Area: 256,863 sq. ft
- Current Occupancy Rate: 99.2%
- Price: Unpriced
- Listed By: Marcus & Millichap (Jon Buckley, David Morris, Jack Allpress, and Curtis Leonhardt) and Cushman & Wakefield (Peter Gibson, Falisha Saggu, and Kyle Grundy)
The listing team calls Westbank Hub North “one of the region’s most dominant open-air retail centres, generating stable, resilient cash flow,” thanks in large part to being anchored by Walmart’s “bond-like” quadruple net lease that results in “virtually zero landlord responsibilities.”
Westbank Hub North. (Marcus & Millichap, Cushman & Wakefield)
“Westbank Hub North’s five largest tenants, Walmart, London Drugs, Dollarama, Anytime Fitness, and CIBC comprise 88.7% of the rentable area and 77.1% of total base rent, offering highly desirable stability and downside risk mitigation with credit tenant leases,” they added. “The tenant profile is rounded out with nationally recognized [food and beverage] and service-based tenants that serve diversified consumer needs and will consistently draw large volumes of customers.”
That tenant profile means 96.5% of the leasable area is tied to national and international tenants with “unmatched credit-worthiness” and many of whom have investment-grade credit ratings, all of which translates to high financial stability. The average lease rate is currently $26.37 per sq. ft, which is considered below-market and includes a mark-to-market opportunity of $3.16 per sq. ft (12%).
“The Kelowna Census Metropolitan Area grew 15.2% from 2020 to 2025, making it one of the fastest-growing large urban centres in Canada,” the listing team also noted. “The City of Kelowna and West Kelowna are projected to grow by 10.1% and 13.5%, respectively, over the next five years, underscoring the region’s continued status as one of British Columbia’s fastest-growing areas.”
Furthermore, the average home price in West Kelowna was $865,000 as of 2024 and average household income is around $146,000, a healthy average that bodes well for discretionary spending and thus investment in local commercial real estate.
This is the second large shopping centre listing in the Okanagan Valley in the past year. Last year, the 22-acre Cherry Lane Shopping Centre in Penticton was listed for sale and was later sold to Jim Pattison Developments.
