Colliers International Kelowna announces the sale of Orchard Garden Plaza, a 43,636-square-foot shopping centre located on Harvey Avenue in the centre of Kelowna’s highway retail corridor.
Vancouver-based real estate investment group Coal Harbour Realty Advisors Inc. has acquired Orchard Garden Plaza at 1455 Harvey Avenue in Kelowna, adding to its existing portfolio of investment properties in the city.
Right in the centre of Kelowna’s main highway retail corridor, Orchard Garden Plaza is a 43,636-square-foot retail shopping centre situated on 3.088 acres, housing tenants Bulk Barn, The Dollar Tree and Burtch Animal Hospital.
Coal Harbour Realty Advisors Inc plans to re-position the property, a move that will see the demolition of the standalone 6,500-square-foot restaurant located in front of the strip portion of the shopping centre and currently impeding the site lines from Harvey Avenue. Twenty-two additional parking stalls will take the place of the restaurant. The real estate investment group will also widen the drive isles on-site.
Colliers International Retail Specialist Chris Wills, who represented the sellers of the property, said the shopping centre had recently attracted a lot of attention, having been almost 50% vacant for quite some time. And private investors have a considerable appetite for retail investment properties in the Okanagan. Wills stated, “This property offered good long-term investment fundamentals and a great opportunity for redevelopment.”
The property’s prime location, the value-add opportunity and Kelowna’s projected strong economic growth attracted the purchaser. Colliers International’s Eric Weber, who represented the purchaser, noted, “Small- to medium-sized retail centres such as Orchard Garden Plaza are very rarely made available for sale in Kelowna, contributing to this property's appeal."
“We are excited about the planned changes to Orchard Garden Plaza, including renaming the property ‘CENTRE 97’,” Wills added. “The redevelopment plan will greatly add to the visibility of the complex from both Harvey Avenue and Burtch Road, making it attractive to new tenants.”