FOR SALE 840 & 848 JAMESON HOUSE
840 & 848 THE OPPORTUNITY The Property offers direct exposure to West Hastings Street in one of s premier retail districts. The building was architecturally restored by the renowned architectural fi rm, Foster & Partners and developed by Bosa Properties in 2012. The Property s restoration delivers an art-deco interior with 28 foot ceilings, distinct exterior brick façade, expansive skylights, terrazzo fl oors, and includes mezzanine space with glass exposure onto West Hastings Street. The retail space idyllically mirrors the residential component of Jameson House, redefi ning style and luxury in one of Downtown s most prestigious neighbourhoods. CIVIC ADDRESS 840-848 West Hastings Street,, BC PID 028-435-630 LEGAL DESCRIPTION PL BCP47057 BLK 21 DL 541 LD 36 Air Space Parcel 5, Group 1 PARKING 8 Stalls ZONING CD-1 (443) PROPERTY TAXES $91,525 TENANTS Bonelli Jewellers Daher Orthostyle THE OFFERING Cushman & Wakefi eld ULC ( C&W ) is pleased to present to the market the opportunity to acquire the retail asset located at 840-848 West Hastings Street,, BC (the Property ) commonly referred to as Jameson House. Jameson House comprises a one-of-a-kind retail investment asset in the heart of downtown. The Property is comprised of a standalone building inclusive of two commercial retail units. LEASABLE AREA 4,596 sf 1,346 sf Mezzanine 2,250 sf LEASE COMMENCEMENT June 1, 2017 April 1, 2014 LEASE TERM 5.5 years 10 years OPTIONS TO RENEW 2 x 5 years 2 x 5 years
840 & 848 FLOOR PLANS INVESTMENT HIGHLIGHTS ALLEY ALLEY Both leases offer rent escalations upon execution of the options to renew signifying medium term income upside A distinct neighbourhood enclave that will continue to hold appeal amongst the top retail brands in North America Ideally positioned in s Central Business District (CBD) Rare opportunity to own retail space in the CBD Boutique design and fi nishes by world renowned Foster & Partners and developed by Bosa Properties Unique heritage and modern building construction Flexible zoning allows for future offi ce and retail repositioning LEVEL EL 1 LEVEL EL 2 - MEZZANINE Z N E INCOME STATEMENT JANUARY 1, 2018 TO DECEMBER 31, 2018 Base Rental Revenue $340,188 Parking Revenue 8 @ $350 per stall / month $33,600 Total Base Rental and Parking Revenue $373,788 Total Gross Revenue $373,788 Vacancy & Structural Allowance 0% (Stabilized) - Effective Gross Revenue $373,788 Net Income* $373,788 * Assumes leases are carefree to landlord and tenants pay all recoveries MECHANICAL CARPARK The building features the fi rst fully mechanized, underground parkade in North America. Simply pull into the secure transfer station, scan your access card and watch your car be automatically parked. DESIGN PHILOSOPHY A celebration of old and new Jameson House represents its own age with integrity, sensitively engaging with the scale and the fabric of its historic contemporaries.
840 & 848 MARKET OVERVIEW Harbour Gr een Park Downtown s retail market continues to be amongst the strongest in Canada. The dominance exerted by the luxury segment of the market remains persistent with growth primarily being driven by wealthy tourists and part-time residents. The Canadian Dollar s value in relation to other major currencies continues to make Canada an affordable and appealing market for the wealthy to consume luxury goods. has preserved its international reputation, fl ourishing on the tourism front with over 10.3 million overnight visitors in 2017, the most in the City s history. The majority of tourists who visited in 2017 originated from Canada, the United States and China, contributing approximately $4.8 billion to the local economy. Of these visitors, approximately 70 percent stayed for multiple nights with an average stay of fi ve nights and an average expenditure of $465 per person per trip. According to the Tourism Industry Association of BC, 26 percent of tourist expenditures were attributed to retail products in BC in 2016. Retail spending comprised the third largest expenditure category amongst tourists, following accommodation and transportation. The demand from luxury tenants looking to enter the market has remained robust through 2017 and into 2018. These tenants constantly seek affl uent cities, where the population base has the corresponding resources to acquire luxury goods. The recent addition of Nordstrom s and the transformation of Pacifi c Centre to include new more upscaled retailers has expanded Downtown s luxury row eastwards. With the appetite for luxury products expected to grow throughout, corresponding demand for leasable space on well-located high streets will continue to experience upward pressure. This has already been witnessed in bourgeoning retail submarkets such as Gastown and Downtown Granville Street which have seen rates escalate in excess of $60 psf and $120 psf respectively. But utt e Bute Burrard Davie Thurlow Robson Street Shopping District International Film Centre Law Courts Hornby Emery Barnes Park Alberni Robson Square Royal Centre Howe Canada Line Art Gallery City Centre Station Granville Nelson Seymour Granville Street Entertainment District Yaletown Yaletown Station Burrard Station Four Seasons Hotel Smithe Hamilton Pacific Centre Richards Mainland Robson Homer Convention Centr e FAIRMONT PACIFIC RIM VANCOUVER CLUB Tr ansit Hub Hamilton Granville Station West Georgia Cambie TERMINAL CITY CLUB Dunsmuir Canada Post Public Library CBC Beatty Sinclair Centre PAN PACIFIC FAIRMONT WATERFRONT Cathedral Square Queen Elizabeth Theatre Seabus Waterfront Station Harbour Centre Simon Fraser University Victory Square Park West Coast Express Woodward s Stadium Station West Hastings West Pender Water West Cordova Expo Line / Millenium Line Stadium District Edgewater Casino Plaza of Nations Gastown Coopers Park TELUS World of Science David Lam Park Walk Score 97 WALKER S PARADISE Transit Score 100 RIDER S PARADISE +35,000 Daily Vehicle Exposure 230 CRUISE SHIPS ANNUALLY Each stimulating $2 million in economic activity 12,000 HOTEL ROOMS In the downtown core
DUE DILIGENCE A comprehensive due diligence data room will be made available to qualifi ed purchasers inclusive of lease documents. Contact the Listing Agents to receive access upon execution of a Confi dentiality Agreement. OFFERING PROCESS The Property is being marketed without a formal asking price. All prospective purchasers are encouraged to contact Cushman & Wakefi eld for pricing guidance and offer submissions. Kevin Meikle * Executive Vice President Managing Director 604 640 5834 kevin.meikle@cushwake.com Edgar Buksevics Personal Real Estate Corporation Associate Vice President 604 640 5859 edgar.buksevics@cushwake.com Boe Iravani Personal Real Estate Corporation Vice President 604 640 5837 boe.iravani@cushwake.com Suite 700-700 West Georgia Street / PO Box 10023, Pacifi c Centre /, BC V7Y 1A1 604 683 3111 / 1 877 788 3111 / cushmanwakefi eld.com *Kevin Meikle is licensed with K.H.M. Realty Ltd. and has a contractual relationship with Cushman & Wakefi eld ULC E.&O.E.: This communication is not intended to cause or induce breach of an existing agency agreement. The information contained herein was obtained from sources which we deem reliable and, while thought to be correct, is not guaranteed by Cushman & Wakefi eld ULC 04/18 gh