25,477 ft²Office / Retail$9,800,000Sale
25,477 ft²
Office / Retail
$9,800,000
Sale
Andrew Gormley
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Marcus & Millichap is pleased to present the opportunity to acquire 737 Goldstream Avenue in Langford, B.C. (the“Subject Property”). This well-located, fully leased mixed-use asset features four retail tenants and three office tenants situated in the rapidly growing city centre area of downtown Langford. Desirable position in an established retail hub within Langford's Goldstream Village, the Subject Property has exposure and all turns access to Goldstream Avenue, and is positioned just off of B.C. Highway 14 with strong visibility to both vehicular and pedestrian traffic. 25,477 SF of rentable area, fully leased to a solid tenant roster comprised of food users and professional services. The Subject Property benefits from reciprocal easements providing access to approximately 163 parking stalls. Opportunity to acquire the shares of the registered owner and save on Property Transfer Tax. Average net rent of $23.5 PSF and a weighted average lease expiry of 3.3 years*, the property offers considerable near-term rental income upside. Located within a rapidly developing area, just 1 km from the Subject Property, this region has experienced a population growth of 24.8% between 2017 and 2022, and is projected to continue expanding by over 20.7% from 2022 to 2027.
The Space
Asking Price$9,800,000
Available Space25,477 ft²
Net Operating Income$597,445
Property UseMixed use
ZoningC8 - Community Town Centre Pedestrian
Year Built1999
Parking Spaces163
SourceDirect
The Building
The City of Langford has become one of the fastest growing cities in Canada due to its desirable commercial and residential development and investment in infrastructure. The City encompasses a rich mix of commercial retail anchors and diversified, affordable housing further adding to the desirability of the area. Langford's population is projected to grow by over 17% between 2017 and 2027. Young Population • Langford's Average Age: 39.0 • Victoria's Average Age: 44.8 • BC’s Average Age: 42.3 Low Unemployment • 3.9% in Greater Victoria • 6.4% in Vancouver • 7.7% in Calgary • 6.5% in Canada The City of Langford encompasses a progressive development and pro-business environment promoting continued growth. Significant Investment in Langford: • Telus Investment | $25 million to enhance wireless connectivity and expand the PureFibre network as part of a broader $17 billion initiative focused on economic growth, innovation, and community support. • ISĆIȺNEW̱ SṮEȽIṮḴEȽ Elementary School | $39.6M investment by B.C. government and $1M by the School District | Set to open in Fall 2025 with 480 seats 45,000 SF four-storey building. • BC Hydro | $3 billion Investment in Capital Projects on Vancouver Island | Substation in Langford to support 40,000 to 70,000 homes by 2030
Property TypeOffice / Retail
Building Size25,477 ft²
Lot Size25,477 ft²
ZoningC8 - Community Town Centre Pedestrian
Year Built1999
Parking Spaces163
Up to $500K for British Columbia businesses
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