Strata Lot 5 (Uptown Business Park)

601 Boleskine Road, Saanich BC

Date Purchased November 2017	Date Sold March 2019
Purchase Price $2,156,000	Sale Price $2,300,000
Site Area 2.03 acres	Gross Leasable Area 11,568 SF

Property Description

Strata Lot 5 is an 11,568 sq. ft. warehouse and showroom strata unit located in the Uptown Business Park in Saanich, BC. This 116,600 sq. ft. light industrial/warehouse/distribution/retail property is centrally located at 601 Boleskine Road, Saanich, BC, within walking distance to Uptown Shopping Centre, the largest and newest shopping mall in Greater Victoria. The property is comprised of three levels. The top floor which fronts Boleskine Road is predominantly store front retail and consists of five retail strata units totaling 46,692 sq. ft. The industrial portion is made up of the rear or lower two floors which is accessed off Tennyson or Barbon and consists of five industrial strata units totaling 69,908 sq. ft. The property has a large lower parkade level which is electronically gated and accessed from the rear. Strata Lot 5 is part of the lower/warehouse level of the property and features 23’ clear ceilings and three loading docks.

Churchill completed a major renovation project at the property in 2011 – 2017. Upgrades included refurbishment to all existing units (interior/exterior), resurface/upgrade of the parking membrane on the upper level and bringing the entire property up to current building and fire codes.

The Strata Lot 5 Property is occupied by a strong tenant with a national footprint – EMCO Corporation. Founded in 1906, in London, Ontario, EMCO is a plumbing, HVAC and refrigeration specialty company, known as a leading industrial materials distributor with more than 200 distribution warehouses and showrooms across Canada.

Churchill REIT acquired a 100% interest in Strata Lot 5 in November 2017 for $2,156,000. The property was divested in March 2019.