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Sechelt Development - The Watermark at Sechelt
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03-30-2014, 03:01 PM,
(This post was last modified: 06-06-2014, 10:56 PM by Skook.)
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RE: Sechelt Development - The Watermark at Sechelt
In a November 29, 2013 post, I expressed surprise at discovering a Kijiji ad for Watermark Commercial Unit #101.
It seemed to me a really odd place to find a buyer for this unit. I also queried why the unit wasn't commercially listed so it would appear on ICX.ca which bills itself as “Canada’s Gateway to Commercial Real Estate” and on CLSLink.ca the site for "Commercial Real Estate in British Columbia". Well, if that Kijiji ad surprised, what I saw the other day on Craiglist stunned me. These ads appeared on the ‘Real Estate for Sale’ board and shows two residential sales ads, one for Units 502 & 503 and the other for Unit 605; all in Phase 1 - 5665 Teredo. As for the ‘Commercial Space for Sale’, one ad is for Unit 101 and the other for Unit 103; both in Phase 1 which was completed last August. Nothing for Watermark appears on the Craiglist 'Office & Commercial for Rent' board. Here’s is the information found in each the commercial ads: Quote:$479900 / 1582FT² (#101 - 5665 TEREDO STREET, SECHELT, BC) - POST ID: 4354568757 The March 27th ads were updates with the originals posted 29 days earlier according to Craiglist which would have been February 27th. Now it just so happens that a Watermark ad appeared in the Coast Reporter Real Estate Weekly on February 7th; here it is… This is the first ad I've come across for the commercial units since that sole Kijiji ad back at the end of November and what is significant about this ad is circled in red - Watermark is willing to lease which is the first time I have seen that word used. On the right, are two pics showing the Phase 1 commercial units along Teredo St. Both can be found in the January 2014 folder on Watermark’s Construction Photos webpage. The bottom pic shows a Nail Salon occupying one unit and there may be two other units occupied because it looks like there are five units along the front and we know from Craiglist Units 101 & 103 are vacant. I wonder if these occupants bought the units or have leased them. If the latter, then it looks like the developer, Pacific Spirit Properties, won’t be able to move on for a long time to come because the soon-to-be-completed Phase 2 (5725 Teredo St) has its share of commercial units, too. I wonder if Pacific Spirit envisioned the possibility of being a long-term landlord. I am not surprised to see Watermark having difficulty moving these units. If I were a small business owner, I certainly wouldn’t want to buy them unless I was 100% certain the market would support my business for years and years to come. As for leasing, well there is an awful lot of commercial office/retail space currently on the market in Sechelt and it continues to grow and competition lowers rents. This will be interesting to follow. March 31, 2014 Update: I have started a new thread today, 'Sunshine Coast Small Business: A Looming Crisis?' This thread may go a long way in explaining why Watermark is having such difficulty selling/leasing its commercial units. |
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