$11 million commercial property for sale near downtown Kelowna
A commercial property in the heart of Kelowna has gone up for sale for $11,760,000.
The property is 1873-1875 Spall Road, just south of Harvey Avenue. The property currently has four tenants; Bluetail Sushi, M.C. College, Spall Business Centre, and Modern Paint and Floors.
The listing agent Kris McLaughlin is a Personal Real Estate Corporation with Re/Max.
McLaughlin is advertising the 1.96-acre property as a development opportunity, according to a press release from Re/Max.
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“This is an outstanding development site in Central Kelowna,” McLaughlin said in the release. “The property’s strategic location, only a block south of the Harvey Avenue-Highway 97 corridor, makes it a prime opportunity for densification.”
The land is zoned for a variety of uses; commercial, residential, or mixed.
“We see a variety of potential development options for this site, including a new commercial building, rental or affordable housing or even a six-storey hotel,” McLaughlin said.
McLaughlin said the property is a good investment because the current tenants will make it profitable until it's time to develop.
“This is an excellent commercial investment property, as the 24,882 square-foot building’s multiple tenants will provide great holding income until the property is ready for development,” McLaughlin said.
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