Retail Property Ontario
Westmount Commons, London

SITUATION

Westmount Commons was a 535,000 SF, 2 level fashion mall with a vacant Target and a Sears which was about to close. Located in London, Ontario, which is already over retailed, losing both anchors would have been highly problematic for the centre. At the time of purchase there was already a high vacancy rate. The asset was owned in a fund that was reaching a “sunset” date and the fund manager needed to sell. Given these circumstances the asset was purchased for an extremely discounted purchase price allowing for a complete re-purposing and redevelopment.

SOLUTION

1. Fill the void in the downtown office market where there is a lack of large floor plate space and limited/expensive parking
2. Capitalise on the advantages of the 950 underground parking spaces and 2,250 above ground
3. Capitalise on the Transit Hub for the South West of London
4. Fill the void for the 2nd generation destination, lifestyle and entertainment uses currently not represented in SW London

OUTCOME

The upper level of the former Target space was converted to state of the art office space with sky lights and live walls​

Attracted 32,000 SF of tenancies to the former upper Target area​​

Finalized 52,000 SF of ground floor Lifestyle and Entertainment tenancies of which 50% is now open and 50% under construction. In addition newly announced a Dollarama and a Dogtopia subject to Zoning​​

Developing a new food court based on demand​​

In negotiation with destination uses (Dollar Store, Bulk Store, home décor and daycare)

Additional office and entertainment tenancies currently under negotiation

As of this presentation we are finalising  upward financing  by 35% expected to close by end of May 2021