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

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

OUTCOME

Within 18 months of takeover: 55,000 ft.² of the lower Target space had been leased, 50% is already open to the public and the other 50% will be receiving approvals. The upper level of target has been demised and developed as of best of class office space with skylight, live wall, and state-of-the-art amenities. 29,000 ft.² of this office space is under contract and we are projecting by Q2 of 2020 to have half 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.