RARE OFFICE PROPERTY IN DOWNTOWN WINNIPEG

Office for Sale
Catylist Listing ID: 30177490
Property Subtypes: Office Building
Building Size (RSF): 19,149 SF
Gross Land Area: 7,141 SF
Sale Price: $3,900,000
Unit Price: $203.67 PSF
Property Use Type: Vacant/Owner-User
Building Name: Former National Trust
Class of Space: Class C
Usable Size (USF): 19,149 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 2/9/2018

Overview / Comments

This is a tremendous opportunity to own a premier office building in the Central Business District of Winnipeg, just west from the corner of Portage and Main.

The Class A buildings of Portage and Main (565' away) are undergoing large capital injections at this time with Artis REIT and SkyCity building 2-40 plus storey buildings in the immediate area. The increase in neighbourhood resident population will increase demand for services which will help sustain continued commercial property rental growth and capital appreciation.

This property is available well below projected replacement cost of $300/sf or +-$6,000,000 for the construction of same design & quality building excluding significant land cost.

Additional Details

Nearest MSA: Winnipeg
Market: Winnipeg
Submarket/Township: 9A
Taxing Authority: City of Winnipeg
Tax ID/APN: 12093123000
Zoning: M
Property Located Between: Garry and Fort
Property Visibility: Excellent
Highway Access: n/a
Airports: Winnipeg James Richardson International
Site Description: Prime Central Business District corner site fully improved with 2 storey building.
Area Description: This office fronts onto Portage Avenue and corners at Garry Street in the heart of Downtown Winnipeg.
Total Number of Buildings: 1
Number of Stories: 2
Typical SF / Floor: 5,955 SF
Year Built: 1965
Year Renovated: 1988
Roof Type: Flat
Construction/Siding: Curtain, Marble, Metal/Glass
Exterior Description: The building exterior is made of large vertical windows, marble curtain wall, brick and anodized metal panels.
Parking Type: Other
Parking Description: two parking spaces plus one loading zone in the adjoining parkade are titled through caveat for use by the subejct.
Total Parking Spaces: 3
Passenger Elevators: 1
Sprinklers: Other, None
Heat Type: Natural Gas, Other
Heat Source: Central, Other
Air Conditioning: Evaporative Cooler
Internet Access: Other
Interior Description: This tremendous building, constructed for a financial institution, was designed by Green Blankstein Russell Architects with a cavernous main floor space having clear span 20' ceiling height, a full functional basement and second floor offices over looking Portage Avenue. Natural light is abundant within, via three walls of large vertical windows. Because of the strong superstructure design there exists the potential to develop 4-5 more (residential/office) floors on the existing building without any structural enhancements. The elevator is in very good condition & the same shaft can extend higher at lessened cost. Further expansion is possible within the building by adding a mezzanine level within the main floor, leaving still 20 ft+ ceiling height on the balance of main floor retail space. Open space at the side of the building can be used as a patio and the back courtyard of 258 sf represents more developable area over multiple floors. A fully functional bank vault is in the basement. The replacement cost of the building with over 19,000 sf of gross area is around $6.0 million. The potential of highly exposed Naming Opportunity is inherent at this prime corner in the heart of Downtown. 2015 traffic count in front of the building is over 36,000 vehicles in a 24 hour period.
Zoning Description: Multiple Use Sector - From City of Winnipeg, "This sector is intended to encourage the range of uses, sites, activities, and buildings typical to a diverse and vibrant central business district. The built form is also diverse, ranging from high-rise towers to more intimately-scaled buildings."
In Flood Plain?: Yes
Lot Frontage: 42
Lot Depth: 170
Water Service: Municipal
Sewer Type: Municipal
Easements: Ingress/Egress, Other
Easements Description: The Garry Street Parkade utilizes a right of way embedded in Lot 73 of the subject for the Garry Street parkade entrance and the subject has a right of use by caveat of two parking stalls plus one loading zone in the parkade.
Land Ownership: BNB REAL ESTATES CO LTD.
Legal Description: SP LOTS 72 AND 73 PLAN 24135 WLTO SUBJECT TO A RIGHT-OF-WAY FOR ALL PURPOSES AND AS APPURTENANT TO SP LOT 70 ON SAID PLAN OVER AND UPON SAID SP LOT 73 IN RL 1 PARISH OF ST JOHN.


Contact

Photograph of Listing Agent

Daryl Benoit

Century-21 carrie.com
CPIX® Member
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