Beautiful heritage building - 290 Garry St - only$146.75/sqft

Office for Sale
Catylist Listing ID: 30182661
Property Subtypes: Office Building
Building Size (RSF): 20,000 SF
Gross Land Area: 4,823 SF
Sale Price: $2,935,000
Unit Price: $146.75 PSF
Property Use Type: Net Leased Investment (NNN), Investment, Vacant/Owner-User, Business
Building Name: 290 Garry St.
Class of Space: Class C
Usable Size (USF): 18,500 SF
Sale Terms: Cash to Seller
Average Occupancy Rate: 100
Last Updated: 11/4/2018

Overview / Comments

290 Garry St. was designed by the Winnipeg Architectural firm of Pratt & Ross and was originally
owned/built in 1911 for the Mortgage Company of Canada. It is constructed of masonry & concrete.
Mortgage Company of Canada remained at this address until 1955. Included in the past tenant rosters
of 290 Garry have been the Belgian Consulate, financial institutions, real estate companies, insurance
companies and several law firms. A significant upgrade was completed in 1988 by the previous
owners, a few years prior to the current owners taking possession.
An environmental report was undertaken in 1999 & the building & property complied with the
standards set out at that time, and as such no remediation work was required.
A new exterior building lighting scheme (featured in the photographs) is currently being installed.
Safety lighting on the South facade has already been installed. Neighbouring buildings will feature
similar lighting schemes installed at the same time. The result will be more vibrant and attractive block
that invites pedestrian traffic at all times of the day and night. Lighting will be operated by timers set to
illuminate from Dusk – 1 am, & from 5 am – 7:30am daily.
The project will be completed by October 2015.
Current development projects in the immediate area around 290 Garry St. include Fortress
Developments, Sky Condo’s project http://skycitywinnipeg.ca 380 unit project planned across the
street at Graham Ave., between Garry & Fort St. This project is designed to include demolition of the St
Regis Hotel, to make way for a new parkade to service the development & surrounding area. In
addition, Winnipeg’s True North Sports & Entertainment has announced their intention to move forward
with a $400 million development project called “SoPo Square”. It is now in its initial marketing phase.
See http://globalnews.ca/news/2029297/true-north-square-will-go-ahead-in-downtown-winnipeg-officials-say
for an introduction to the project.
290 Garry St is also located on the boundary of Winnipeg’s Commercial District, making it an ideal
location for any business needing quick access to the transit system, parking & all commercial services
& businesses, AND the SHED District which is a strategic area, identified by the City Of Winnipeg’s
development authority, CentreVenture, for development of Sports, Hospitality and Entertainment
related projects, [SHED]. Visit http://www.shedwinnipeg.com for more information.
The Tenant, Fine Line Communications Ltd., is a market leading brand providing services to the Non
Profit sector, primarily in the USA. It is wholly owned by Stericycle Communications Solutions,
www.stericommsol.com, which operates in Canada, USA & Europe and has revenues of approximately
$300 million a year. Stericycle Communications Solutions, is an operating division of Stericycle Corp
Canada, which is turn owned by Stericycle Inc. based in Illinois
http://www.stericycle.ca/ca-communication-services.html.
Stericycle is a publicaly traded, global company, with over 18,000 employees.

Attachments & Media

Financials

Finance Data Year 2016
Real Estate Taxes - Annual($) $31,814 (Annual)
Assessed Value - Total($) $1,328,000 (Annual)
Net Operating Income $176,000 (Annual)
Actual or Proforma Year Actual
Lender Name Treat as clear title

Current Tenants

Tenant Business Name Fineline Communication Ltd.
Industry Type Other Services
Is Renting? Yes
Annual Revenue $176,000 (Annual)
Employees Total 18,000
Employees at Location 280
SF of Space Occupied 16,000 SF
Current Rent $176,000 PSF (Annual)
Tenant Notes Tenant has indicated it needs different premises. Early lease surrender may be possible.

Additional Details

Nearest MSA: Winnipeg
Market: Winnipeg
Submarket/Township: 9A
Zoning: BY-LAW 4800
Property Located Between: Portage & Graham Ave
Property Visibility: Good
Area Description: The Fort Street corridor has come into its own offering a funky downtown vibe with great pubs & eateries flanked by a plethora of downtown living & parking options.
Number of Stories: 4
Typical SF / Floor: 4,000 SF
Year Built: 1911
Year Renovated: 1990
Roof Type: Flat
Construction/Siding: Concrete
Exterior Description: Masonry & limestone, c/w modern exterior building lighting, a newer roof & roof top patio.
Parking Ratio: 4 (per 1000 SF)
Parking Type: Surface
Parking Description: Tons of newly built, well lit heated underground stalls across the street & multiple surface parking options in the immediate area
Total Parking Spaces: 4
Passenger Elevators: 1
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Engineered System
Internet Access: DSL
Interior Description: Beautifully restored heritage classic with beautiful lobby finishes, functional multi workstation layouts on some floors & a bright spectacular executive floor with private board rooms, & tons of glass throughout!
Zoning Description: downtown by law 4800
Lot Frontage: Std 40'
Lot Depth: Std 120'
Sewer Type: Municipal
Easements: Ingress/Egress
Easements Description: see legal description.
Land Ownership: fee simple
Legal Description: Lot 10 Plan 34485 WLTO with an easement of light and air as appurtenant to said Lot 10 over and upon Lot 11 Plan 34485 WLTO in RL1 Parish of St. John

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Contact

Photograph of Listing Agent

Joe Banfield

RE/MAX professionals
CPIX® Member
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