An entire Penticton block has hit the market for $3.15 million.
The downtown block on Westminster Avenue encompasses five lots and is currently home to the longtime Italian restaurant Villa Rosa Ristorante.
The property includes a large commercial building, currently operating as Villa Rosa and two rental homes.
Dan Jones is the property’s realtor; he said he’s never before had the opportunity to list an entire city block in his whole career.
The current owner has owned Villa Rosa for “at least fifteen years” and bought the houses as the became available, Jones said.
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The property has been listed for about ten days and Jones says he’s already “six or seven” inquires but no offers yet.
Jones said that the property would be an ideal investment for a local developer. A development there could fit about 30 apartments above and 10 to 12 commercial units below.
“It would be good for the area because you’re close to the beach, the convention centre and the like, even a boutique hotel or something would work there.”
Jones said the main majority of interest he’s received so far has come from developers.
Even if the property is sold quickly it wouldn’t necessarily spell an immediate end for Villa Rosa Ristorante.
The current owner of the property would like to stay and lease the property back, Jones explained. “Developers usually take time to get their time into effect so he’s willing to lease it back at a good rate,” he said. “A lot of these properties are hard to carry if there’s no rentals on them.”
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This five-lot block on Westminster Avenue in Penticton is lsited for sale at $3.15 million. (Contributed)
