A flagship Whistler Creekside building now has a new owner. Real Estate agent Allan Jenner confirmed that the building that once housed Players Chophouse, and more recently Doc Brannigan’s, recently sold for $1,568,000.
Jenner said the sale was part of a court ordered foreclosure and the building was appraised at $2.3 million as part of the foreclosure. While on paper it looks like great value for the new owner Jenner said it has been tough to generate consistent revenue in that large space. The Zen Sushi space just metres away also remains vacant. The restaurant space across the pedestrian path from Dusty’s has been vacant since 2010. The agent with the Whistler Real Estate Co. said the vacancy rate at Creekside is very high.
“It’s hard to see that changing any time soon unless you can get tourists to come down there and spend some money,” said Jenner. “That’s not going to happen in the next five to ten years.”
While he had the listing Jenner looked into converting the space to offices so a new owner could take over a space with built in revenue.
“There’s not very many 6,000 square foot users for the two floors where you could put offices in,” said Jenner. “If you tried to break it up into smaller spaces, maybe get two, three, four tenants in there you would have to change all the mechanical systems and put in hallways and the cost would go up and you would lose some of the space to hallways and vestibules and stuff like that.”
The space includes 325 square metres (3,500 square feet) on the main floor plus another 214 square metres (2,300 square feet) on the second floor along with an underground parking and storage area.
A significant amount of the real estate at Creekside is owned by Florida-based real estate investment trust CNL Lifestyle Properties, Inc. The company installed way-finding signs beside the highway in the winter to draw attention to the pedestrian village and shops at Franz’s Trail.
There’s no word at this point on what the new owners of the large restaurant space at the corner of Highway 99 and Lake Placid Road plan to do with their newly acquired space.Pique will keep you posted on any new developments in this ongoing story.