William Wright Commercial presents the opportunity to purchase two downtown properties at 1664 Richter Street and 565 Leon Avenue in the City of Kelowna, BC.

1664 Richter Street

This 0.4 acre downtown corner lot boasts a 3-storey, 28,978 SF, fully leased income producing office building, with available upside on income. Long term redevelopment potential with the 2040 OCP future land use (UC). The property features a base rental income of approximately $419,000 per year, a strong tenant mix, enjoys high visibility from Highway 97, and has walkable access to numerous amenities. Opportunities abound with possible revenues from parking and signage, market rent increases, and heightened demand from increasing residential density.

565 Leon Avenue

The 0.14 acre lot serves as parking supply for 1664 Richter Street offering 26 additional stalls. The surface parking lot offers an attractive incentive in a competitive office leasing market due to limited availability in the downtown core. Additional income opportunities exist on new leases, with parking stalls in Kelowna’s downtown area renting for approximately $125/stall.

Future Land Use

1664 Richter Street is currently zoned UC1 (Downtown Urban Centre) and the Future Land Use designation is UC (Urban Centre). Based on the newly adopted 2040 Official Community Plan (OCP), the site has a proposed density of 7.2 FAR and 26 storeys. The lot dimensions are approximately 120ft x 145ft, and using comparable developments in the area on a similar lot size, it is likely that a higher FAR would be supported by city planning, with additional bonus density potential. Richter Street is also a transportation corridor providing further flexibility and support for increased density purposes. The inclusion of 565 Leon Ave could assist in ensuring parking requirements can be met with any development application.

Agents

Jeff Brown, Jeff Hancock, Victoria Mitchell, Shelby Kostyshen, Nick Renton

PLAN KAP32366 LOT 1 DISTRICT LOT 139 EXCEPT PLAN KAP83130 / PLAN KAP272 LOT 11 BLOCK 1 DISTRICT LOT 139

Immerse yourself in the vibrant pulse of Downtown Kelowna, a dynamic neighborhood experiencing a surge in density, and an array of shopping, dining, and beach access. The area boasts a diverse mix of office buildings, apartments, and residential towers, including the new UBCO downtown campus. Downtown Kelowna is a hub for indoor and outdoor events, hosting some of the region's finest restaurants that draw in tourists eager to savor the best of the Okanagan. Downtown Kelowna has a central exchange for BC Transit bus services incoming from all regions in the Central Okanagan. Newly installed bike lane framework has allowed for more pedestrian and cycling infrastructure to be brought to the downtown core resulting in increased options for daily commuting. Highway 97 allows for all types of vehicle traffic to access the downtown core and there are several main roadways that allow for multiple access points to the area.