1155 Ellis Street & 1166 St Paul Street, Kelowna

New owners of $9 million North End Kelowna site bought long term investment

August 10, 2023

Rob Munro, iNFOnews.ca — Two properties between the Train Station Pub and the Kelowna Ready Mix plant in Kelowna’s downtown North End have been sold for $9 million.

Central Kitchen and Bar and Central Sports Club (formerly Sunplex Sports Club) operate out of the building at 1155 Ellis St. while the 1166 St. Paul St. property is a parking lot.

The businesses need not fear any immediate need to relocate.

“It wasn’t a developer that purchased it,” realtor Jeff Hancock told iNFOnews.ca. “It’s an operating business that bought it. They have long standing interests in the downtown area. It’s more of a holding property for them at this point. There’s no plans for immediate redevelopment.”

Hancock and Shelby Kostyshen, both realtors with William Wright Commercial, handled the deal as an “off market” offering. That means it was never listed for sale but they approached potential buyers.

It’s across the street from One Water Street but the current city plans call for a maximum of only six storeys there.

The two properties total almost one acre but, potentially, could be consolidated with the two-acre Kelowna Ready Mix site some time in the future, Hancock said.

The selling price was $9 million for properties that BC Assessment valued at $7.7 million.

“It’s a big number but it’s a great piece and these guys have a long-term vision,” Hancock said. “They have other interests in the area so it makes good sense to them from a long term perspective.”

It’s also about half a kilometre from the Tolko mill site that is currently in the planning stages for a major redevelopment.

Read the full article published by iNFOnews.ca.

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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.