Judy Gray
PORT ALBERNI – It appears that the Alberni Valley’s time has come in regards to commercial real estate.
As it is throughout central Vancouver Island, the commercial market is hotter than hot in Port Alberni, with prices on the rise and listings limited.
“I would say Port Albehttps://www.midislandrealty.com/rni’s time has come,” observes Judy Gray, who owns RE/MAX Mid Island Realty with her husband and partner Carl Scott, which has offices in Port Alberni, Tofino and Ucluelet. “Housing has come up quite a bit and has long outgrown its reputation as the stinky mill town, it’s the gateway to the West Coast. Once you get off the main road Port Alberni is absolutely stunning.”
Gray notes that there are some new developments that have the local business community buzzing around the former Alberni Mall site across from Pacific Rim Shopping Centre, there’s a new Wendy’s Restaurant opening beside the new Bank of Montreal,” she states, adding that on lower Johnston Road, an under construction building will include a new branch of Coastal Community Credit Union and a Distillery. “Also, the Westwind Pub on Cherry Creek Road is under renovations before re-opening.”
Bobby Toor of the DKG Group told Gray that a new Papa John’s Pizza is joining Wendy’s as a new eating option for the Alberni Valley.
“He says he’s seen good growth with leasing and small businesses, 22 new lease spaces have been secured in the last six months, with a strong number focused in the uptown area, or what is known as old Port Alberni. That area has an art-deco flavor to it, so the growth extends from exterior factors such as increased residential development in the area that connects to the waterfront through the Harbour Quay.
“The city has committed to rebuilding the uptown area, and there are some great new businesses there. Commercial sales are strong, but there are the same issues as residential, with a lack of inventory,” adds Toor.
Gray adds that Darren Deluca of RE/MAX Mid Island Realty points out that the biggest development is that the city has purchased the former Somass mill site on the waterfront for about $5 million.
“There is a deep sea cruise ship dock there that they’ve utilized the last few years. They’re currently reviewing the Official Community Plan and are in the public consultation process at the moment,” says Deluca.
The former high school site, now called Anderson Hill, is also active, as one company has already built 150 residential units there, with another 75 to come, followed by townhouses. All of which will be rental properties.
On the West Coast, Gray says there are several tourism-related properties for sale, including, Tofino Wilderness Resort in Clayoquot Sound for $7,995,000, and a 25 unit development site that is the current home of Wild Pods. Also, a 1.78 acre industrial site in Tofino is for sale for $5.4 million.
In Ucluelet, the Surf Inn for $2,889,000 is for sale, as is A Snug Harbour Inn, listed for $3,798,000.
“The west coast of Vancouver Island is a buzzing, happening place with incredible beauty and Canadians are flocking to visit,” Gray says.
