This is an offering of a well located, good quality office building built by the seller in 1993 and has been continuously occupied since that time. Note that the Federal Government was and is the tenant and a high standard of construction as well as building maintenance is required to keep the lease in good standing. The building itself is 7700 sqft in size with a net rentable area of about 7400 sqft of which +/- 4680sqft is occupied by Service Canada and the balance by another Federal Government agency. The building provides ample parking with multiple spots at the rear of the building as well as 5 angle parking spaces at the side of the building on 19th, these belong to the property as well. The leases in place are 2 years in length which expire at the end of July this year, The Service Canada lease has already been negotiated and will continue for a further 2 years until the end of July 2021, the other lease will not continue so this space will be vacant as of August 1st this year (and available for showings after this point). The lease is a gross lease (the Lessor pays for all expenses including utilities and janitorial services; however, cost escalators are in place to account for increased expenses). The Seller has made available three years of financial information in order for a Buyer to calculate a reliable 3net rental rate, these records are indicating a cap rate in excess of 6.5%. All of this information is available to qualified buyers upon receipt of a signed Disclosure Statement. Excellent holding property just steps from the Courtenay Riverwalk and easy access to all of the city's amenities.
Building And Land
Major Business Type:
Jun 03, 2019
RE/MAX Ocean Pacific Realty (CX)
Data was last updated June 17, 2019 at 03:10 AM (UTC)