Attachment 3 to Attachment C: Letter from Colliers International
Redundant attachment of the July 14 Colliers letter.
RE: Ground Floor Commerical Space – 258 Helmcken Road, View Royal. B.C.
To Whom It May Concern,
We are the lease listing agents for the commercial premises located at 258 Helmcken Road in View Royal, British Columbia.
Based on our professional review of recently executed leases in newly constructed mixed-use developments throughout Greater Victoria, it is our opinion that commercial tenants typically seek smaller units ranging between 1,000 to 1,500 square feet. These spaces are often demised to suit the specific operational needs of each tenant. We believe the commercial premises on the ground floor would be highly desirable for medical-related professionals, retail businesses, café users, and restaurants. However, the existing permitted use for only grocery/market has been problematic. For your reference, we have attached relevant café and medical office lease size comparables as Schedule “A” and Schedule “B”.
We have been actively marketing this property since 2022, with the listing publicly available on both the Victoria MLS and the Colliers Canada website—ensuring visibility to both residential and commercial real estate professionals throughout British Columbia and across Canada. In addition, we have conducted targeted outreach to a comprehensive list of market and grocery operators. This includes approximately thirty (30) direct calls to prospective tenants such as Red Barn Market, The Old Farm Market, Root Cellar, The Urban Grocer, Lifestyles Market, Gigi’s Italian Deli, and several other local independent grocers .We have also followed up with over fifty (50) residential and commercial realtors.
The prevailing feedback from these efforts has consistently indicated that the current unit size is too large for most market/grocery users, with associated costs of building out proving prohibitive. Furthermore, given the challenging market conditions and rising costs of goods and staffing costs, most grocery users are not currently looking to expand with new locations at this time.
Please do not hesitate to contact us should you require any additional information or clarification.
Kind regards,
Jaideep Pannu PREC Associate Vice President 250-414-8445 Jaideep.Pannu@colliers.com
Brandon Selina PREC Senior Vice President 250-414-8379 Brandon.Selina@colliers.com
New Builds - Coffee Shop Lease Comparables
Prepared By Colliers Victoria on: July 14, 2025.
| Unit | Address | Size (SF) | Commencement Date | Expiration Date | Term | Tenant |
|---|---|---|---|---|---|---|
| - | 858 Esquimalt Road | 1,258 | 10/1/2025 | 9/30/2035 | 120 | Esquimalt Roasting Company |
| 1 | 995 Latoria Road | 1,474 | 4/1/2025 | 3/31/2035 | 120 | Café Tenant |
| D05 - Cafe | 345 Latoria Road | 2,036 | 10/17/2023 | 10/16/2033 | 120 | Starbucks Coffee Canada Inc |
| 105 | 2830 Peatt Road | 1,244 | 11/1/2022 | 10/31/2032 | 120 | Flourish BeauTea Cafe |
This document/email has been prepared by Colliers for advertising and general information only. Colliers makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers and /or its licensor(s). © 2025. All rights reserved. This communication is not intended to cause or induce breach of an existing listing agreement.
New Builds - Healthcare Lease Comparables
Prepared By Colliers Victoria on: July 14, 2025.
| Unit | Address | Size (SF) | Commencement Date | Expiration Date | Term | Tenant |
|---|---|---|---|---|---|---|
| B-01B | 345 Latoria Road | 1,865 | 4/1/2024 | 3/31/2034 | 120 | Creative Horizons Counselling |
| 9 | 995 Latoria Road | 1,836 | 6/1/2025 | 5/31/2035 | 120 | Dr. A Pradhan Dental Corporation |
| 126 | 3067 Jacklin Road | 1,024 | 4/1/2023 | 3/31/2025 | 24 | Dr. Jillian Roberts Psychology |
New Builds - Healthcare Sale Comparables
| Unit | Address | Size (SF) | Purchase Date | Owner |
|---|---|---|---|---|
| 101 | 5122 Cordova Bay Road | 1,391 | 3/24/2025 | Mint Pharmacy |
| 102 | 5122 Cordova Bay Road | 1,710 | 1/9/2025 | Dr Leekha |
| 1A | 598 Heatherly Road | 1,828 | 6/2/2023 | Arbutus Physiotherapy |
This document/email has been prepared by Colliers for advertising and general information only. Colliers makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers and /or its licensor(s). © 2025. All rights reserved. This communication is not intended to cause or induce breach of an existing listing agreement.
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