903-915 Kalamalka Lake Road, Vernon

Large commercial property in Vernon sells for $4.4 million

August 21, 2023

Brendan Shykora, Vernon Morning Star — A large commercial property in Vernon has sold for $4.4 million.

The 2.7-acre property is located across from the Vernon Golf and Country Club at 903-915 Kalamalka Lake Road. It was sold in an off-market deal to Vancouver-based Vedderbrook Properties, according to Jeff Hancock of William Wright Commercial Real Estate.

Vedderbrook Properties owns roughly 12 properties, including two recently purchased in Kelowna, and is looking to further expand in the Okanagan, Hancock told The Morning Star.

Hancock said the buyer will likely redevelop the Vernon property.

The sale closed about a week ago and was under contract around the beginning of May.

“I think it’s a great location and it’s in an area of Vernon that’s really starting to change, and I think you’re going to start seeing a lot more newer light industrial and service commercial development in that area which is going to be obviously helpful for the City of Vernon,” Hancock said.

The site has multiple buildings with the tenants being mostly smaller businesses, including a furniture shop, a pool supply store and more.

According to an online listing, the site is a fully leased, income-producing property with long-term tenancies, and is “significantly underutilized.”

The property spans over 250 feet of street frontage and up to 410 feet of lot depth.

Read the full article published by Vernon Morning Star.

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This communication is not intended to cause or induce breach of an existing agency agreement. E&OE: All information contained herein is from sources deemed reliable, and have no reason to doubt its accuracy; however, no guarantee or responsibility is assumed thereof, and it shall not form any part of future contracts. Properties are submitted subject to errors and omissions and all information should be carefully verified. All measurements quoted herein are approximate.