Ken Cloak and Robert Down recently successfully completed the off-market sale of the Mill Bay Shopping Centre, a 90,000-square-foot neighbourhood retail centre, to Synergy Properties Ltd. of Vancouver. This food-anchored shopping centre serves the Town of Mill Bay, as well as the trading area consisting of the communities of the Cowichan Valley and Shawnigan Lake, 35 minutes north of Victoria on the Trans Canada Highway. The subject has a combined site area of 8.14 acres and is improved with a multi-tenanted, mixed-use centre, anchored by a 26,000-square-foot Thrifty Foods outlet, a provincial government liquor store and a free-standing Island Savings branch. In addition to serving the surrounding trading area, the subject also benefits from its location, which is immediately adjacent to Brentwood College and a five-minute drive to Shawnigan Lake School. These establishments are two of Canada’s premier private boarding schools.
The primary challenge with this project was finding a qualified purchaser willing to invest the time and energy required to work through the due diligence process with a vendor that had developed, expanded and self-managed the subject for the past 35 years. Colliers is pleased to have been able to identify the right party to act on an opportunity and facilitate growth of the client's real estate portfolios.
As a result of discussions with the vendor, Ken and Robert determined there was interest on the vendor's part to entertain offers on the property. Ken and Robert then brought forward an unsolicited OTP from Synergy Properties Ltd., which was subsequently accepted; the transaction concluded on July 31.