Nanaimo Portfolio
Nanaimo, British Columbia
Building
Stats
- Property Type Land - Residential, Multifamily - Low-Rise/Garden, Hospitality - Full Service
- Building size (SF) 118,470
- Size (Ac) 2.83
Overview
Avison Young is pleased to offer for sale the Nanaimo Portfolio, a set of three (3) neighbouring commercial real estate assets on Rutherford Road adjacent to Nanaimo North Town Centre. The Portfolio consists of a seventy-five (75) room hotel, The Grand Hotel Nanaimo, twelve (12) stratified income producing townhome units and a 1.20 acre (52,637 sf) mixed-use (residential with ground floor commercial) development site. The Portfolio provides a hotel operator, investor or developer with ample creative investment opportunities presented by the Portfolio’s flexible structure featuring stable cash flow, significant rental upside, stratified units and the opportunity to build a brand-new mixed-use project.
Highlights
Total portfolio scale: 2.826 acres of land
Income growth opportunity with rapid growth and returning travel/tourism
Population growth is up 10.3% over the last census survey
Return of students and increased migration grew rental demand faster than supply in 2021, leading to overall average rent increase 7.7%
Labour force grew by 3.5% annually between 2017 and 2021
Population is estimated to grow from 99,863 persons (2021) to 111,689 persons (2026), representing a 11.8% increase
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