A well-known retail complex in Downtown Vancouver has officially been put up for sale, according to the commercial real estate brokers who have listed the property.
The small shopping centre is likely recognizable to any Vancouverite who has passed through Downtown as it sits at the intersection of one of Vancouver's most-visited streets for entertainment, Granville Street, and one of its most-visited streets for shopping, Robson Street.
Sitting at 798 Granville Street, the complex has had Best Buy (previously Future Shop) and Winners as two of its anchor tenants for well over a decade. Other retailers include Café Crêpe, North Face, Vans, Claire's, and Sleep Country, among several others. The property is currently 100% leased, according to the brokers.
According to BC Assessment, the complex was originally constructed in 2002 and has over 90,000 sq. ft of leasable retail space, in what is undoubtedly one of the prime retail locations in Downtown Vancouver and the Granville Entertainment District.
View from Granville Street.(Google Maps)
A 2017 City of Vancouver Council report regarding an application to allow two large video signs on the property lists developer Bonnis Properties as the registered owner.
Bonnis Properties previously proposed the redevelopment of the retail block directly across the street, at 800-876 Granville Street, which is home to the Commodore Ballroom and Commodore Lanes bowling alley, among other retail and entertainment spots. (The proposal would retain much of the existing building and see a commercial tower built on top.)
Bonnis Properties is also currently redeveloping 950 Granville Street, which consists of another large stretch of Granville Street next to the Vogue Theatre and The Roxy. The property was demolished over a year ago and a four-storey commercial building is planned to take its place. According to Avison Young, the building will have over 50,000 sq. ft of space available, 16,000 sq. ft (the fourth floor) of which is currently available for lease, with the space available in Q1 2024.
The proposal for 800-876 Granville Street.(Bonnis Properties)
The proposal for 950 Granville Street.(Bonnis Properties)
It's unclear why Bonnis Properties is selling 798 Granville Street, but the property is being marketed as having "exceptional development upside potential with a base density of 11.0 FSR."
STOREYS was unable to reach Bonnis Properties, who does not have a website. STOREYS did not receive a response from the listing broker after reaching out earlier this week.
The listing team for 798 Granville consists of Martin Moriarty and Mario Negris of Marcus & Millchap, along with Jim Szabo, Tony Quattrin, and Vincent Minichiello of CBRE.