Retail Property Ontario
Westmount Shopping Center, London

SITUATION

This was a two level enclosed fashion shopping centre with a vacant target and is soon to close Sears. The upper level had a few medical offices in the ground floor had a high vacancy rate of fashion tenants. The stronger tenants were Cineplex VIP and a regional ethnic grocery.

SOLUTION

  1. Capitalized on the location of the property and the 3000 parking stalls and transit on-site.
  2. Because of the lack of the downtown parking and large office floor plates transform the upper level of Westmount in two a mix use office complex catering to these larger tenant requirements and the need for parking and transit.
  3. Focused on attracting several of the destination and lifestyles and operators which are not located in the market.

OUTCOME

Within 18 months of takeover: 55,000 ft.² of the lower Target space have been leased of which 50% is already open to the public and the other 50% will be receiving approvals by December of this year. The upper level of target has been demised and developed as of best of class office space with skylight, live wall, and stated the art amenities. 29,000 ft.² of this office space is under contract and we are projecting by Q2 of 2020 to have the bounce the space leased. We are in the final stages for a 10,000 ft.² Dollarama and in negotiation with a pharmacy and a home fashion tenant.

WESTMOUNT-ICSC - Second floor

 

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