Creekside Kelowna land, motel for sale for $12 million an acre
An old motel next to Mission Creek and close to Okanagan Lake is for sale for $12 million.
The former Walnut Grove Motel is now used for monthly rentals and comes with 1.25 acres of land but, given things like setbacks from the creek, only 0.916 acres could be redeveloped.
“HM Commercial Realty is pleased to present this opportunity to purchase a highly coveted redevelopment site with holding income in Kelowna’s Lower Mission,” the listing reads.
It shows revenue from the 37 units bringing in more than $400,000 a year.
The one and two-bedroom units carry some of the most affordable rents in the city, with monthly rents for one bedrooms ranging from $710 to $1,000.
The average rental rate for one-bedroom apartments in Kelowna is near $2,000.
READ MORE: iN PHOTOS: This 16-foot-wide Okanagan lakefront lot on sale for $1 million
“The property is situated just steps from Okanagan Lake, backs on to Mission Creek, and is adjacent to Manteo Resort, Hotel Eldorado and Aqua,” the listing says. “Located just a few blocks south of Pandosy Village, and walking distance to restaurants, coffee shops, shopping and services.
The site is at 459 Truswell Rd. so it’s also steps away from Lakeshore Drive, the Mission Creek Greenway and the Cook Road boat launch.
The land is included in the Cook Truswell Village Centre zoning area so could be redeveloped into six storeys of housing, hotel or Airbnb rentals, the listing says.
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