info package for Summerside Waterfront Mall.indd

Waterfront Place
Shopping Centre
98 Water Street
Summerside,
Prince Edward Island
ASKING PRICE: $ 2,900,000
partnership.
performance.
Contact:
Email:
Phone:
Contact:
Email:
Phone:
Kenzie MacDonald, MRICS
Avison Young (Nova Scotia) Inc.
[email protected]
902-442-4055
Michael Poczynek
Century 21 Northumberland Realty
[email protected]
902-888-8860
Pricewaterhouse Coopers, Court Appointed Receiver of Richard Fitzgerald as owner
of the Summerside Waterfront Mall, the “vendor,” has retained Avison Young (Nova
Scotia) Inc. to act on their behalf in connection with the proposed sale of 98 Water
Street (Summerside Waterfront Mall), Summerside, Prince Edward Island. Avison
Young has co-listed the property with Century 21 Northumberland Realty.
The information contained in this package was obtained from the vendor and
other sources deemed reliable. However, no representations, declarations or
warranties are given or implied by the listing team and the vendor, as to its accuracy
or completeness and such information should not be relied upon by prospective
purchasers without independent investigation and verification.
This information package does not purport to be all-inclusive or to contain all of the
information that the prospective purchaser may require in determining whether or
not to purchase the property. The vendor and the listing team expressly disclaim
any and all liability for any errors or omissions in this package or any oral or written
communication transmitted or made available to prospective purchasers.
This information package is for information and discussion purposes only and does
not constitute an offer to sell or the solicitation of any offer to buy the property.
The vendor and the listing team undertake no obligations to provide the recipient
with access to additional information. The vendor reserves the right to remove the
offering from the market at any time and is under no obligation to respond to or
accept any proposal or offer to purchase the property.
The property, its fixtures, chattels and equipment are to be purchased on an “as
is, where is” basis and there is no warranty, express or implied, with respect to any
aspect of the property included with any possible sale.
1
Executive Summary
Opportunity
Waterfront Place represents an excellent opportunity to acquire
a major asset in Prince Edward Island. This property is situated
on the Summerside Waterfront and is an optimal opportunity
for redevelopment. Ideally located in the downtown, the
size, location and price allow for a multitude of uses and
opportunities.
Location
The property is located in downtown Summerside right on
the waterfront. Summerside is Prince Edward Island’s second
largest city. While being Canada’s smallest province, PEI is
surrounded by gorgeous beaches, professional golf courses
as well as art and culture. At the same time, it is also leading
the nation in the rate of job creation and non-residential
construction. Summerside presents a distinct urban core while
being surrounded by rural views and sandy beaches.
Property Description
Waterfront mall was originally constructed in 1974. Major
renovations have occurred over the years.
The Gross Building Area is approximated 157,563 square feet
with a leasable area of 102,645 square feet. Major tenants
include Home Hardware, PEI Liquor Commission and TRA foods.
The building is situated on a 11.44 acre site with approximately
845 parking spaces. The site also features 715 feet of
waterfrontage.
Price:
$2,900,000
($18.40 psf )
Financing: Treat as clear.
Waterfont
Mall
2
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1148
100
May 1, 2009
5.0
Month to Month
$1,300.00
$15,600.00
$13.59
n/a
623
208
July 1, 2007
5.0
June 30, 2010
$605.00
$7,260.00
$11.65
n/a
12061
400
September 1, 2008
August 13, 2018
$3,015.25
$36,183.00
$3.00
n/a
Celtic Mist
1061
192
November 1, 2009
10.0
month
to
month
Tenant pays
utilities
Tenant pays
utilities
Tenant pays
utilities and CAM
costs
n/a
$6,000.00
$5.66
n/a
Tenant pays
utilities
D & L Auctions
5181
303
n/a
n/a
$500.00
$400 per
auction
$0.00
n/a
No lease
Roderick's Hair Styling Ltd.
o/a Picotee Beauty Lounge
Brian Ramsey (Money
Concepts)
Callbecks/101015/ PEI Inc.
Fit Chic
3200
304
February 1, 2010
Hometown Tatoos
1259
204
February 1, 2010
Jenny's Liquidation
3316
148
February 1, 2010
n/a
month
to
month
month
to
month
month
to
month
LouLou's Clothing and
Accessories
2121
116
September 1, 2009
Mac's News
1010
108
May 1, 2009
Mae's Alterations and
Custom Sewing
Management Office
1825
115
196A
n/a
$800.00
$9,600.00
$3.00
n/a
Tenant pays
utilities
n/a
$600.00
$7,200.00
$5.72
n/a
Tenant pays
utilities
n/a
$500.00
$6,000.00
$1.81
2.0
August 31, 2011
n/a
$0.00
n/a
12% of
gross sales
plus tax
April 30, 2014
$1.00
$12.00
$0.01
n/a
February 1, 2010
5.0
month
to
month
Tenant pays
utilities
Tenant pays
utilities
n/a
$500.00
$6,000.00
$0.00
$3.29
n/a
Tenant pays
utilities
n/a
$5,500.00
$66,000.00
$13.57
n/a
Millenium Care
4864
440
February 1, 2010
month
to
month
Nygard Intern'l Ltd. (Alia)
1248
160
n/a
n/a
n/a
$862.36
$10,348.00
$8.29
Nygard Intern'l Ltd. (TanJay)
1048
310
July 1, 1999
June 30, 2009
$841.40
$10,097.00
$9.63
Oceana Home Décor &
Floral
1600
312
February 1, 2010
10.0
month
to
month
n/a
5% if gross
sales
exceed min.
rent for
lease year
n/a
$500.00
$6,000.00
$3.75
n/a
PEI LCC
8550
220
July 1, 2006
June 30, 2016
$5,700.00
$68,400.00
$8.00
n/a
Regular's Game Shop
1164
128
February 1, 2010
n/a
$500.00
$6,000.00
$5.15
Smart Set
Summerside Sustainable
Tourism
Tony Cargill School of
Dance
2000
172
n/a
10.0
month
to
month
month
to
month
n/a
$1,000.00
$12,000.00
$6.00
n/a
4% gross
sales plus
GST
1501
150
February 1, 2010
n/a
n/a
$1.00
$12.00
$0.01
n/a
2420
305
July 1, 2009
July 1, 2010
n/a
$0.00
n/a
Toshidokan Jodu Club
1167
124
February 1, 2010
1.0
month
to
month
n/a
$200.00
$2,400.00
$2.06
n/a
15145
301 &
302
May 1, 2006
5.0
April 30, 2011
$6,310.42
$75,725.00
$5.00
n/a
$28,836.00
$350,837.00
TRA Foods
NET Leasable Area
73512
/HDVH'HWDLOV
Estimated Rent Total
Tenant pays
utilities
Tenant pays
utilities
Lease expired.
Month to Month
Lease expired.
Month to Month
Tenant pays
utilities
Tenant pays
utilities and CAM
costs
Tenant pays
utilities
Lease expired.
Month to Month
Tenant pays
utilities
Tenant pays
utilities
Pay business
occupancy tax,
utilities, garbage
disposal and
janitorial services
3
Financials Continued
Total Leased Area:
Total Vacant Area:
73, 512 square feet (72%)
29, 133 square feet (28%)
Total Leasable Area:
Total Common Area:
102, 645 square feet
54, 918 square feet
Total Square Footage:
157, 563 square feet
2009 Estimated Financials:
EXPENSES:
Advertising & Promotion:
Electricity:
Fuel:
Insurance:
Management & Admin. Fees:
Office & Telephone:
Professional Fees:
Repairs & Maintenance:
Security:
Dues & Other Fees:
Property Taxes:
Travel:
Water:
Wages & Benefits:
$20,674
$118,379
$80,026
$9,973
$25,000
$15,000
$71,567
$160,223
$6,996
$1,061
$142,719
$5,132
$5,950
$173,992
Total Expenses:
$836,692
2009 LOSS:
INCOME:
Rental Income:
Percentage Rent:
Phone / Bank Machine
Misc. Mall Revenues:
Parking Lot Recoveries:
$316,645
$16,045
$1,582
$55,456
$31,673
Total Income:
$421,450
$415,242
4
Mall Floor Plan
6
Size (Building & Site)
Site Area: 11.44 acres irregular in shape
Gross Construction Area: 157,563 square feet
Zoning
The property is zoned C-1, downtown commercial which
permits most commercial, residential and institutional
uses.
Parking
There is on-site paved parking to accommodate
approximately 845 vehicles.
Building Age
Waterfront Mall was intitally constructed in 1974 with
major renovations being completed in the early 1990s. In
1999 another significant renovation took place, totalling
over $2,000,000.
7
Photos
Photos
Photos