The former BC Tree Fruits office building at 1473 Water Street has been sold. (Contributed)

The former BC Tree Fruits office building at 1473 Water Street has been sold. (Contributed)

BC Tree Fruits downtown Kelowna office sold for $7.5M

Historic building sold for 44 per cent more than the $5.2-million asking price

BC Tree Fruits’ downtown Kelowna office has officially been sold.

HM Commercial Group announced the property at 1473 Water Street has sold for more than $7.5 million — more than 44 per cent higher than the $5.2-million asking price.

BC Tree Fruits’ top brass admitted it was looking into the sale of the historic building in an interview with the Capital News at the end of September.

“It was a very difficult decision… it is an iconic building,” said Warren Sarafinchan, Chief Executive Officer of the BC Tree Fruits Cooperative. “The cooperative is in the process of transforming our business, and it was a decision that was necessary.”

At the time, Sarafinchan said he was ‘shocked and overwhelmed’ by the amount of interest in the building. That interest resulted in six offers on the property since it was listed on Oct. 1 — three of which were above the asking price.

HM stated the undisclosed buyer from the Lower Mainland indicates there are no immediate plans for the property and they will be seeking a replacement tenant until redevelopment plans are finalized.

The property offers a 13,600-square-foot building on 0.275 acres. The City of Kelowna’s official community plan indicates support for up to 19 storeys in this location.

READ MORE: Massive Leon Ave development coming back to Kelowna council

READ MORE: Contentious Kelowna Costco relocation moved to public hearing

Do you have something to add to this story, or something else we should report on? Email: michael.rodriguez@kelownacapnews.com


@michaelrdrguez
Like us on Facebook and follow us on Twitter.

City of Kelowna

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Interior Health reported 91 new COVID-19 cases in the region Jan. 20, 2021 and three additional deaths. (Jennifer Smith - Morning Star)
95 new COVID-19 cases in Interior Health, two deaths

Another member of Vernon’s Noric House has passed

Vaccine rollout is focused on health care workers first, especially those dealing with long-term care facilities. (Nathan Denette - Canadian Press)
General public shouldn’t expect vaccines until fall: Interior Health

Interior Health focused on vaccinating long-term and first-line care workers

A mother hold hands with her daughter while sharing about her struggles with addiction during Overdose Awareness Day. (Jesse Major/Black Press file)
Overdose and suicide support group starts in Penticton

Penticton was one of the province’s communities hardest hit by the overdose crisis in 2020

The Regional District of Okanagan-Similkameen has given first reading to its 2021 budget. (RDOS image)
Regional District of Okanagan-Similkameen budget to rise by 2.8 per cent

Impact of budget increase will not be the same in all communities or electoral areas

McBain Insurance in Summerland gave a donation of $816 to Angus Place. The money will go towards a new floor in the bathing room in the seniors care facility. From left are Chris Emmons of McBain Insurance, Stacey Schieman of McBain Insurance and Charmaine Kramer of Parkdale Place Housing Society. (Contributed)
Donation to help with bathing room work at Summerland seniors facility

Earlier contribution will be used to replace aging tub at Angus Place

Businesses continue to struggle under COVID-19 restrictions as the pandemic reaches the one-year mark. (B.C. government)
Another 564 COVID-19 cases, mass vaccine plan coming Friday

15 more deaths, community cluster declared in Williams Lake

A specialized RCMP team is investigating a suspicious trailer, which might have connections to the illicit drug trade, found abandoned outside a Cache Creek motel. (Photo credit: <em>Journal</em> files)
Police probe U-Haul trailer linked to illicit drugs left outside Cache Creek motel

Hazardous materials found inside believed to be consistent with the production of illicit drugs

Premier John Horgan leaves the podium following his first press conference of the year as he comments on various questions from the media in the Press Gallery at B.C. Legislature in Victoria, B.C., on Monday, January 13, 2020. THE CANADIAN PRESS/Chad Hipolito
Interprovincial travel restrictions a no-go, Horgan says after reviewing legal options

The B.C. NDP government sought legal advice as concerns of travel continue

Kevin Lee Barrett is charged with attempted murder and aggravated assault. (Facebook)
Court hears of victim’s injuries in West Kelowna attempted murder trial

Two-week-long trial continues for Kevin Barrett, accused of trying to kill mother in West Kelowna

Robert Riley Saunders. (File)
Disgraced Kelowna social worker faces another class-action lawsuit

Zackary Alphonse claims he was not informed of resources available to him upon leaving government care

The steel mills in the Hamilton waterfront harbour are shown in Hamilton, Ont., on Tuesday, October 23, 2018. THE CANADIAN PRESS/Nathan Denette
Dyer: Stay the course on Carbon pricing

Kristy Dyer has a background in art and physics and consulted for Silicon Valley

Gem Lake Top, at Big White Ski Resort, seen at Jan. 8. (Big White Ski Resort)
Big White cancels $7.3M in lift tickets, accommodations due to COVID-19 orders

Since November, the ski resort has been forced to make several changes

Voting is the number one, bare minimum way to have your voice heard by government. (File photo)
Jocelyn’s Jottings: Want to make change? Here are some suggestions

As a citizen you have a voice, you just have to know who to talk to

Hedley residents are advised to not drink the water until a pump in one of its wells is fixed. Photo Andrea DeMeer
Hedley residents under do-not-consume-water order due to arsenic levels

Residents in Hedley remain under a do-not-consume-water order, due to higher than… Continue reading

Most Read