Old Costco sells for $31.2 million
Photo: Google Street View
The former Kelowna Costco property has been sold.
According to the BC Assessment website, the 11-acre property at 2479 Highway 97 N sold on April 13 of this year for $31.2 million.
The property had been home to Costco since 1991, but after outgrowing the location, the superstore moved to the corner of Leckie and Springfield roads in February of this year.
The BC Land Title and Survey Authority lists the new owner of the property as Victor Projects Ltd.
The president of the local development company is Mary Jean Bennett, of the well-known Bennett family of the Okanagan.
The company has a long list of local development projects, including McCurdy Corner Centre, Orchard Place Mall, Guisachan Village and Kelowna’s Superstore.
The most recent assessment of the former Costco property was $31,207,000 – $27,114,000 for the land and $4,093,000 for the building. That valuation was nearly $2.5 million more than the previous year.
Victor Projects also owned the site where the new Costco building now resides, and it appears that Costco and the local developer have effectively swapped properties. The most recent appraisal for the new 14.7-acre Costco site is $35,453,000.
Castanet has reached out to Victor Projects to learn more about their plans for their newly purchased property.