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Home For Sale British Columbia Penticton 2884
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Store Front For Sale By Owner

Commercial building for sale




610 Main St, Penticton, British Columbia V2A 5C9 Canada
Description

Imagine. A development potential property.

610 Main St. in Penticton currently is home to the "Sage & Vine Bistro", but with the existing C3 zoning, which allows for a full foot print, 24 meter high commercial/residential development.

The City of Penticton currently offer incentives for new projects in the revitalization of the downtown area which include 100% tax relief for a 5 year period on improvements and 50% reduction on building permit fees and development cost charges. This proposal falls within the scope of the long range plans of the city and would provide a remarkable visual entry tower to the downtown area, bringing more population to the core.

Current rental income from this property is $1,365 . per month.

There are two very different possible directions for the development of the property:

1) The most common approach would be to demolish and clear the existing site and create a 40 unit multi-purpose new structure to fit the site. Architects and designers could then create the leasehold improvements for the future owners or tenants.

2) A very unusual idea could be to save the existing heritage building as a turn-key improvement. Envision an engineered steel frame structure as a base for a new building, to span over the entire present building. This would allow all of the licensed and approved operating permits of the restaurant to remain in place. This would allow for an 8 storey residential tower with 32 units as per the artists concept drawings.

This concept brings the developer in at a very low base or per door cost of approximately $16,500 per door, allowing for a good return on investment for the sale of the new units and a return for the ground floor.

A very interesting concept that I would be pleased to discuss with you.

Price: $529,000
Property Sub-Type: Store Front
Listing ID: 2884

Map of: 610 Main St, Penticton, British Columbia V2A 5C9 Canada

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