Stream Acquires Second Property in Downtown Kelowna
NEWS RELEASE
Stream Acquires Second Property in Downtown Kelowna
North Vancouver, BC (May 27, 2021) — Stream Property Partners Inc. is pleased to announce the acquisition of 426-454 Bernard Avenue in downtown Kelowna, BC. The 0.36-acre property is situated on the 400 block of Bernard Avenue between Lululemon and Scotiabank, and is surrounded by a host of boutique shops, local restaurants, and professional services. “When we acquired the Scotiabank building last November, it allowed us to establish a beachhead in the market and adding the adjacent property at 426-454 to the assembly was a strategic priority for us – the long-term investment fundamentals in Kelowna are excellent and we expect to be very active in the market now and in the future”, said Alan Haigh, Co-Founder & Partner of Stream Property Partners.
The City of Kelowna (pop. 142,146) is the centre of economic and business activity in the Okanagan Valley and is the largest trading centre between Metro Vancouver and Alberta. The population of the Regional District of Central Okanagan – currently 223,000 – is projected to grow by 80,000 residents over the next two decades and reach a
total of 305,000 by 2040.
The Central Okanagan’s economy continues to diversify and demonstrate strong growth with an entrepreneurial culture that supported over 11,000 new businesses starting since 2010. Serviced by an international airport, world class educational institutions, medical facilities, and new and diverse housing, billions of dollars have been invested in the area in recent years, improving infrastructure and attracting high-growth industries like film, digital animation, and technology.
Very few large full-block sites remain available for redevelopment Downtown and 426-454 Bernard has been contemplated for redevelopment in the past and will be redeveloped at some point in the future given its key gateway location on a transit-connected corridor. While still years away, in the future Stream hopes to work with the relevant stakeholders to shape and program the entire block and create a vision that can measure up to the caliber of project required for a gateway site such as this. Until then, the highest and best use of the property is the continuation of commercial retail and office uses.
“The buildings have not been well-maintained over the past decade or so and we’re going to bring them back to a state befitting their location on the City’s retail high-street. We will be investing $1 Million to refurbish and retrofit the property and we’re really excited to see the transformation happen over the next six months – construction is going to commence June 1st and will be completed by year end”, said Hans Edstrand, Co-Founder & Partner of Stream Property Partners.
“We have rebranded the property to ‘Bernard Place’ and will be working closely with William Wright Commercial to recruit a great tenant roster to the buildings – we’ll have 6,000 square feet of new office space available on the
Unit 202 – 1000 West 14th Street, North Vancouver, B.C. V7P 3P3 www.streampropertypartners.com
second floor along with six street level retail units. The location is tremendous and offers tenants, their staff and patrons a plethora of amenities – the best that downtown Kelowna has to offer is literally steps away”, added Darcy Ulmer, Co-Founder & Partner of Stream Property Partners.
About Stream Property Partners Inc.
Stream Property Partners Inc. is a commercial real estate investment and development firm based in North Vancouver, BC. We sponsor high-quality, private equity investment opportunities available exclusively to qualified investors. We are commercial real estate experts, grounded in a tradition of hard work, exceptional client service and a pragmatic investment philosophy driven by market fundamentals and data analytics. Stream seeks partnerships with like-minded investors, lenders, realtors, and private equity firms in Western Canada.
Contact:
Darcy Ulmer
Phone: (778) 322-4245
Email: darcy.ulmer@streampropertypartners.com