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[Fairfield] Essencia Verde condo (formerly Castana) | 4- & 3-storeys | Built - completed in 2010


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#721 gumgum

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Posted 24 September 2011 - 06:06 PM

Turns out the reason they were unable to lease anything for so long was because the floor had been poured a few inches too low and they were trying to get prospective tenants to raise the floor.
The floor appears to have been raised and there is a new tenant due.

Gumdrops is due to open this fall.

#722 Mike K.

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Posted 25 September 2011 - 07:33 AM

I can't imagine how a store like that can make a go with lease rates together with expenses in the $50/sq. ft. range in an area that is significantly less busier in the winter months and has limited parking. And once the City implements paid parking, which it has begun to mull, the desire to park by passerby's in vehicles will be lessened.


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#723 Baro

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Posted 25 September 2011 - 08:11 AM

I'm still gutted there's no booster juice going in.
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#724 gumgum

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Posted 25 September 2011 - 08:14 AM

Lease rates have to be significantly less than they were innitially asking. Still, it's hard to imagine a rainy weather atire store making a go of it.

#725 Mike K.

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Posted 25 September 2011 - 09:43 AM

Believe it or not, $50/sq. ft. is already at least 10% below the quoted $55-$65/sq. ft. Colliers is asking for. The available spaces are between 1,000 and 9,700 sq. ft.

And the $65 figure likely represents the rates for the smallest spaces. The more square footage you assume, the lower the rate you can negotiate. If you're going in for the bare minimum or not far above it, you can forget about negotiating much in your favour.

The situation in Victoria is quickly becoming unaffordable for many. There's a whole plethora of businesses throughout the urban core that are just barely surviving and the moment their lease expires they'll close up shop (others will declare bankruptcy or just flee -- perhaps exemplified by Lully's Sandwich Shop on Broughton, although let's reserve judgement for at least another few weeks). There are quite a few businesses for sale throughout the city and they're listed at between $50k and $100k. What this price actually translates into is "we can't pay for our lease, we owe the landlord money, and if you want our space, buy our business and help us recover our losses and pay down our debt." Landlord's, of course, have a binding agreement with the owner of the business (usually tied to their name, not the business) and would rather wait out a potential sale of the business and recover assets rather than force a tenant out and squeeze them through the courts.

This, of course, plays into the scheme of maintaining high lease rates in our region.

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#726 concorde

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Posted 27 September 2011 - 10:55 AM

I'm still gutted there's no booster juice going in.


Booster Juice is a confirmed tenant and construction should start in about 3 weeks. Gumdrops opens in about 2.5 weeks

#727 GRT

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Posted 15 May 2012 - 06:46 PM

Anybody know anything about the new tenant is in the large retail space?

#728 concorde

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Posted 15 May 2012 - 06:50 PM

Mother Natures Market and Deli - a grocery store that specializes in organic and healthy foods

 



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