Attachment D to Attachment C: Colliers International Letter - Sept 16, 2025
Redundant attachment of the September Colliers analysis.
September 16th, 2025
RE: Ground Floor Commerical Space – 258 Helmcken Road, View Royal. B.C.
To Whom It May Concern,
We are the exclusive leasing agents for the commerical premises located at 258 Helmcken Road, View Royal, British Columbia. Colliers was retained by the Sengara family to market and lease the ground floor at this property.
Following a review of recently executed leases in newly constructed mixed-use developments across Greater Victoria, we note that medical-related tenants typically seek smaller premises in the 1,000 to 1,500 square foot range. This size is generally more economically feasible, as turnkey build-out costs can range from approximately $200.00 to $300.00 per square foot (from shell condition to finished space).
In our experience, medical practitioners also prefer to cluster alongside other healthcare professionals. Given that the subject premises totals 6,239 square feet, we anticipate the floor will likely be demised and leased to one to three medical-related users in smaller unit configurations.
We envision the ground floor of The Royale as a mix of medical, café, and complementary personal service uses—creating a community-oriented space for residents of View Royal. Regarding café or coffee shop operators, market comparables and feedback indicate that an ideal size would be in the 1,000 to 1,200 square foot range. Larger unit sizes and associated build-out costs have generally been viewed as prohibitive by prospective tenants in this category.
Should you require additional details or wish to discuss further, please do not hesitate to contact us.
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 |
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 |
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