BC Tree Fruits’ downtown Kelowna office has officially been sold.
HM Commercial Group announced the property at 1473 Water Street has sold for more than $7.5 million — more than 44 per cent higher than the $5.2-million asking price.
BC Tree Fruits’ top brass admitted it was looking into the sale of the historic building in an interview with the Capital News at the end of September.
“It was a very difficult decision… it is an iconic building,” said Warren Sarafinchan, Chief Executive Officer of the BC Tree Fruits Cooperative. “The cooperative is in the process of transforming our business, and it was a decision that was necessary.”
At the time, Sarafinchan said he was ‘shocked and overwhelmed’ by the amount of interest in the building. That interest resulted in six offers on the property since it was listed on Oct. 1 — three of which were above the asking price.
HM stated the undisclosed buyer from the Lower Mainland indicates there are no immediate plans for the property and they will be seeking a replacement tenant until redevelopment plans are finalized.
The property offers a 13,600-square-foot building on 0.275 acres. The City of Kelowna’s official community plan indicates support for up to 19 storeys in this location.
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