Athlone Court on Oak Bay Avenue is for sale at an undisclosed price.
Offers will be considered on or after Nov. 21.
Interest is already high in the shopping and office complex in the heart of the Oak Bay Village, which was built in 1985. Representatives from Colliers International were in Vancouver on Wednesday to meet with potential buyers and when they return will be talking with interested parties in the capital region, said Ken Cloak, associate vice-president in Colliers Victoria office. The property was listed on Monday.
“We have had significant interest,” Cloak said. “We would anticipate that we should receive multiple offers.”
It is rare for this type of property comes on the market, he said. Commercial centres with grocery and liquor store anchors are desirable because they generate foot traffic, leading shoppers to patronize other businesses in the complex.
Athlone Court covers 45,203 square feet, with Fairway Market as anchor tenant. Others include a jewelry store, bank, liquor store and travel agent.
It is fully leased and includes 101 underground parking stalls and 22 surface spots. Part of the development faces Hampshire Road.
“Athlone Court, with its variety and choice of goods and services, is the retail and commercial epicentre for the Village and, as such, is the destination of choice for the residents of this affluent community,” the listing says.
In Oak Bay, barriers are stringent when it comes to development of similar uses, the listing said. Thus “ensuring that the outlook for both occupancy and rental levels at Athlone Court remain secure for the long term.”
B.C. Assessment records state that property is owned by Austin Industries Ltd., of Victoria, and is assessed at $11.155 million.
New marble tiles were installed in the interior courtyard in 2009 and the fibreglass roof was replaced in 2005.
The complex has a net operating income of $1.258 million as of Jan. 1, 2014, the listing states.
Colliers is also listing a six-unit apartment block at 1420 Hampshire Rd., adjacent to Athlone Court. The 1952 property is located on an 11,170 square foot site and priced at $1.4 million. Offers will also be considered as of Nov. 21.
