Business

TheReview Wednesday, March 25, 1992 — A22

Commercial space in high demand as
downtown Sidney market sieadily grows

A growing demand for commer-
cial space in Sidney is resulting in
a steady increase in leasing rates
and a trend towards redevelopment
of current commercial property.

One of the largest commercial
leasing services, Colliers Macau-
lay Nicolls Inc., is pumping over a
quarter-million dollars into
improving the southwest corner of
the Beacon Plaza Mall.

Windows are being punched
through walls, new tenants are
active and a new entrance will
soon allow customers to stroll
through a Sidney centre-piece that
has yet to reach its full potential.

“We're trying to improve the
image of the centre,” says Col-
liers’ Ken Cloak.

It’s been a while since the
Beacon Avenue mall has seen
complete use.

“The property might be a little

But with the possibility of one-
way traffic down Bevan Avenue,
the south side of the plaza has
potential for a higher profile.
Already, Sears and a new bakery-
deli have moved in. About 4,000
square feet once occupied by Ard-
more Fitness is receiving a major
improvement.

Other Sidney commercial prop-
erty is on the rise.

Cloak says owners can realize
net lease rates of $17-$20 per
square foot along Beacon Avenue,
with prices dropping to $8.50-$10
per square foot on the side streets
— First to Fifth between Beacon
and Bevan.

“We're experiencing low vacan-
cy rates and strong demand
levels,” Cloak said. “It’s princi-
pally due to the growth of Sidney
itself.”

Projected growth from the Port

tired,” Cloak said.

Sidney area and an attraction of

LAID BACK but still out in front, this horizontal cyclist led a
small group of bicycle riders on a sunny moming trip down
Veyaness Road in Central Saanich last Sunday.

affluent recreational boater traffic
means “pretty positive things for
Sidney and commercial property
owners,” Cloak said.

Colliers has been involved in
several commercial deals that have
changed or will change the face of
Sidney in the coming months.

The Wedgewood Cabinet build-
ing was purchased by United Car-
pet in October.

The Bank of Nova Scotia pur-
chased the building it formerly
leased, effective March 16. That
sale was triggered by an offer to
purchase the building by a Lower
Mainland firm. The bank exer-
cised its right to first refusal,
Cloak said.

Crazy Mikes Video is moving
into a new location in the Mariner
Mall, making way for an interna-
tionally-operated submarine sand-
wich shop to open.

“We're Starting to see satellite
operations locate out here,” Cloak
said. The attraction is a growing
market.

That market is not yet large
enough to attract foreign invest-
ment, but attention from the Lower
Mainland is increasing.

“There are pockets of vacant
space but in general it could be
termed as a healthy market in
office and retail space,’ Cloak

Cyclist siruck

A 22-year-old woman riding a
mountain bike on East Saanich
Road was hit by a 1980 Ford
pick-up being driven east on Mt,

_ Newton Crossroad about 9:45 a.m.

Thursday, but no charges are being
laid against a 47-year-old Saani-
chton man in the truck.

Central Saanich police said the
cyclist was taken to hospital with
injuries and was held overnight for
observation. Apparently, the
cyclist was travelling on the wrong
side of the road when the accident
occurred.

Police remind the motoring pub-
lic that cyclists are subject to the
same rules and regulations as
other vehicles, as set out in the
Motor Vehicle Act.

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FATHOM’S LOUNGE

is pleased to announce
This week’s winner in our weekly
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Enter to win LUNCH for TWO!
APPY HOUR - 5:00 - 6:00 p.m. Weekdays
Free Appetizer Plate with your First Drink
2537 Beacon Avenue
Sidney, B.C.

656-1131

gathom,,
GEN

the waterfront

otel
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CHARTERED ACCOUNTANTS

Accounting & Auditing Services
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Phone: 656-5547 Fax: 656-2383
#200-2377 Bevan Ave., Sidney V8L 4M9

Country Club
Newly Renovated
Banquet Hall
and
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Perfect for Weddings,
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Reasonable Prices

[1050 McTavish Rd. 656-3136

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D. MAYLAND McKIMM
G. LIANNE MACDONALD

SIDNEY, B.C.

9830 FOURTH ST.

McKIMM & LOTT

BARRISTERS, SOLICITORS & NOTARIES
CHRISTOPHER S. LOTT

TIMOTHY F. LOTT

Personal Injury/ Real Estate/ Criminal Law
Wills & Estates/ Family Law
Commercial & Co. Law/ Municipal Law

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GANGES, B.C.

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531-9951

656-3961

Another Heritage Moment
by Carole Bawlf

3100 McPhail Road
‘“DUNMORA”’

Certainly the finest residence on the Saanich Peninsu-
la is this massive home built in 1922/23 for Mr. and
Mrs. Gerald May on 60 acres of choice waterfront
property. Mr. May, who was born in Hawaii in 1888,
had become enchanted with this area on his way to
school in England and vowed to one day return.
“DUNMORA” was derived from the couple’s homes in
Scotland: Duneaven and Munor. Although invisible
from the road, the home is a familiar landmark to
boaters with its distinctive red roofs and towering
chimneys. Stone for the first storey of the house was
quarried on site . . . indeed, as the house took two years
to build, workers were housed and fed on site! THIS
PROPERTY IS NOT FOR SALE.

Whether your preference is for a Vintage Home, a
Contemporary Residence, or a Condo, for your special
home on the Peninsula, call

CAROLE BAWLF
656-0911

2481 Beacon Avenue, Sidney

PEMBERTON,
HOLMES ai