For $3.1M you could own this city block in downtown Penticton | iNFOnews | Thompson-Okanagan's News Source

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For $3.1M you could own this city block in downtown Penticton

A city block in downtown Penticton is on the market for $3,150,000.
Image Credit: SUBMITTED / Dan Jones
December 15, 2020 - 12:00 PM

Here’s a chance that doesn’t come around very often –  an opportunity to purchase a whole Penticton city block in the downtown area.

The property is listed at $3,150,000 and includes residential and commercial property at 795 Westminster Ave. W, between Power Street and Bassett Street.

“There is 300 feet of frontage and the property is about 100 feet deep,” Penticton realtor Dan Jones said today, Dec. 15.

The property is listed at 0.69 acres in size. Annual taxes for the block are pegged at $13,295.

Jones says discussions with the City include a proposal for a four-storey apartment building on the site, with commercial space on the ground floor.

The property includes the Villa Rosa Restaurant and several residences to the east. The restaurant isn’t included in the sale, as the owner prefers to lease back the business, he said.

“Some people are talking about townhouses, but I think the City prefers it remain commercial. They proposed townhouses at (nearby) El Rancho as well, but it was preferred to keep a commercial element there,” he said. “You can’t get properties like this anymore, close to Okanagan Beach. When they come up, everybody wants them.”

The property has been on the market for less than two weeks and Jones said he’s had several offers. 

This city block in downtown Penticton is up for sale.
This city block in downtown Penticton is up for sale.
Image Credit: SUBMITTED / Dan Jones

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