Vacant-User
1511 Admirals Road, Victoria, BC
1511 Admirals Rd, Victoria, BC V9A 7M8
Listing Price: $8,980,000
Investment Overview
Marcus & Millichap's Western Canada NNN Group presents 1511 Admirals Road, View Royal, BC (the "Subject Property"), an 11,854 SF freestanding Rexall pharmacy on a corner site at Admirals and Tillicum Roads, surrounded by national tenants including Walmart Supercentre, Canadian Tire, and London Drugs. The property is 100% leased to Pharmx Rexall Drug Stores (B.C.) Ltd. on a landlord-favourable NNN lease expiring October 31, 2031, with two successive five-year renewal options, approximately 5.5 years of remaining term, and backed by a tenant with a 122-year operating history and ~400 locations nationally.
1511 Admirals Road, Victoria, BC
Investment Highlights
- 100% occupied by Rexall, a national pharmacy brand backed by a strong corporate covenant.
- Rexall is operating on a triple-net (NNN) lease, providing minimal landlord responsibilities and a secure, predictable cash flow.
- Prominent corner site along Admirals Road (11,500 VPD) with strong commuter exposure and excellent accessibility between Victoria's urban core and the Westshore communities.
- Situated within a dense and proven retail node, anchored by Canadian Tire, Admirals Walk Shopping Centre, and Eagle Creek Village.
- The Subject Property sits on approximately one acre adjacent to recent multifamily development, providing a clear runway for future densification and value creation.
- View Royal's Official Community Plan (View Royal 2050) designates the Admirals Road corridor for increased density and mixed-use intensification along primary arterials, providing a municipality endorsed framework for long-term value creation.
- The Subject Property is held in a bare trust, providing purchasers with the option to acquire shares of the nominee corporation, potentially resulting in savings on property transfer tax
Exclusively Listed By
Listing Price: $8,980,000
Investment Highlights
- 100% occupied by Rexall, a national pharmacy brand backed by a strong corporate covenant.
- Rexall is operating on a triple-net (NNN) lease, providing minimal landlord responsibilities and a secure, predictable cash flow.
- Prominent corner site along Admirals Road (11,500 VPD) with strong commuter exposure and excellent accessibility between Victoria's urban core and the Westshore communities.
- Situated within a dense and proven retail node, anchored by Canadian Tire, Admirals Walk Shopping Centre, and Eagle Creek Village.
- The Subject Property sits on approximately one acre adjacent to recent multifamily development, providing a clear runway for future densification and value creation.
- View Royal's Official Community Plan (View Royal 2050) designates the Admirals Road corridor for increased density and mixed-use intensification along primary arterials, providing a municipality endorsed framework for long-term value creation.
- The Subject Property is held in a bare trust, providing purchasers with the option to acquire shares of the nominee corporation, potentially resulting in savings on property transfer tax
Investment Overview
Marcus & Millichap's Western Canada NNN Group presents 1511 Admirals Road, View Royal, BC (the "Subject Property"), an 11,854 SF freestanding Rexall pharmacy on a corner site at Admirals and Tillicum Roads, surrounded by national tenants including Walmart Supercentre, Canadian Tire, and London Drugs. The property is 100% leased to Pharmx Rexall Drug Stores (B.C.) Ltd. on a landlord-favourable NNN lease expiring October 31, 2031, with two successive five-year renewal options, approximately 5.5 years of remaining term, and backed by a tenant with a 122-year operating history and ~400 locations nationally.
Exclusively Listed By
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