Gastown commercial building

Overview

The subject is a freestanding 4-storey office / restaurant asset located in the heart of Gastown, just steps to Maple Tree Square at the gateway to Water Street, Vancouver’s eminent tourist and historic district. The building is exceptionally well maintained with brick and beam throughout, character windows and a classic modern white and gray brick façade.

The main level features a restaurant premise with a unique split-level concept comprising 4,156 SF of high-visibility restaurant space currently home to the iconic Rodney’s Oyster Bar. The unit has ample seating plus a private dining area, walk-in coolers, secured storage and a fully fixtured commercially vented kitchen.

The upper three levels feature over 6000 SF of open concept full-floor office units each complimented with exposed brick, original hardwood flooring, private washrooms with showers, dedicated kitchenettes, operable heritage windows and distributed HVAC throughout.

Recent renovations include a newly replaced torch-on roof, brand new exterior side cladding (completed in 2020) and updated common area stairwells. This character property is ideal for an owner-occupier or value-add investment opportunity.

Property held in a bare trust. Projected cap rate of 3.6%.

Rentable Areas

Location

52 Powell Street is situated in historic Gastown, steps from Maple Tree Square. Gastown is an internationally renowned heritage zone – both a bustling tourist destination and a trendy gathering place for locals. Characterized by cobblestone streets, brick and timber heritage buildings and abundant historical charm, the district houses a thriving fashion scene, various upscale home décor boutiques, several independent art galleries and some of the best culinary fare and busiest gastro pubs in Vancouver. Numerous acclaimed restaurants including Twisted Fork Bistro, L’Abattoir, and PiDGiN, as well as a thriving retail market including Gravitypope, Herschel Supply Co., Oak + Fort, and Inform Interiors, have established Gastown as one of the most stylish neighborhoods in the world.