Wayne Moore, Castanet – A prime piece of real estate in downtown Kelowna is up for sale.

Property that houses Monashee Manufacturing at the corner of Ellis Street and Clement Avenue as well as company offices further north on Ellis are up for sale.

The business itself has been in operation since 1935 and in the Armeneau family for 85 years.

“My dad bought the business in 1940,” said current owner Dale Armeneau.

Armeneau cited the increasing cost of doing business as one of the reasons for deciding to sell the property.

According to the real estate listing, yearly property taxes alone on the properties is nearly $320,000.

The real estate listing indicates both properties are being sold together.

While the overall asking price has not been made public, the accumulated 2024 assessment through BC Assessments is $24.8 million.

The 1.52 acre business site is zoned for high-density development.

“Located on the corner of Ellis Street and Clement Avenue, this never-before-available, high density, mixed-use, development site is situated across from the One Water Street residential development, Prospera Place arena and right in the heart of the city, making this scalable site highly desirable,” the listing states.

The office suite, listed at just over a third of an acre, is zoned for medium density development.

“This fantastic 6-storey wood-frame, mixed-use, development site is situated in the path of growth, with great proximity to all of the services and amenities offered in this area of the city.

The properties are listed by Jeff Hancock and Shelby Kostyshen at William Wright Commercial.

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Read the full article published by Castanet.