Westbank Hub North Shopping Centre Officially Listed for Sale

📅 5 days ago

Westbank Hub North, a prominent shopping centre in West Kelowna, has been listed for sale, showcasing its high occupancy and strong tenant profile.

Westbank Hub North, recognized as one of the largest open-air shopping centers in West Kelowna, has been officially put on the market as of last week, according to its sales brochure. This shopping centre is strategically positioned at 2115-2170 Louie Drive, located on the western side of Highway 97 at its intersection with Elk Road. The property encompasses four distinct legal parcels—2121, 2130, 2151, and 2170 Louie Drive—and hosts a variety of well-known establishments, including Walmart, Dollarama, Anytime Fitness, London Drugs, and numerous quick-service dining options.
The BC Assessment has appraised the individual parcels with values of $9,548,000, $4,828,000, $21,017,000, and $41,781,000, culminating in a total assessed valuation of $77,174,000 as of July 1, 2025. Westbank Hub North is owned by GWL Realty Advisors, which is the real estate division of The Canada Life Assurance Company, acting on behalf of an institutional client. It is noteworthy that the land is leased from the Westbank First Nation under a prepaid 100-year lease that still has 80 years remaining.
Situated within the commercial nucleus of West Kelowna, historically referred to as Westbank, this location is characterized by significant land ownership by the Westbank First Nation. The shopping centre was constructed in 2008, spans a total area of 23 acres, and features 256,863 square feet of leasable space, boasting an impressive occupancy rate of 99.2%. In addition, the property provides 1,231 parking spaces for its visitors.
The listing of Westbank Hub North was announced last week by a team from Marcus & Millichap, comprising Jon Buckley, David Morris, Jack Allpress, and Curtis Leonhardt, in collaboration with Peter Gibson, Falisha Saggu, and Kyle Grundy from Cushman & Wakefield. The property is currently on the market on an unpriced basis.
The listing team has described Westbank Hub North as “one of the region’s most dominant open-air retail centres, generating stable, resilient cash flow,” attributing this to its anchor tenant, Walmart, which operates under a “bond-like” quadruple net lease that significantly reduces landlord responsibilities.
The five largest tenants within the shopping centre—Walmart, London Drugs, Dollarama, Anytime Fitness, and CIBC—account for 88.7% of the rentable area and 77.1% of the total base rent, which provides a desirable level of stability and mitigates downside risks through credit tenant leases. Additionally, 96.5% of the leasable area is occupied by nationally recognized tenants with strong credit ratings, which enhances the financial stability of the property.
The average lease rate across the centre stands at $26.37 per square foot, which is deemed below market, offering potential for a mark-to-market increase of $3.16 per square foot, translating to a 12% opportunity.
According to the listing team, the Kelowna Census Metropolitan Area has experienced a growth rate of 15.2% from 2020 to 2025, marking it as one of the fastest-growing large urban centers in Canada. Projections indicate that the City of Kelowna and West Kelowna will continue to grow by 10.1% and 13.5%, respectively, over the next five years, reinforcing the region's status as a rapidly developing area within British Columbia.
As of 2024, the average home price in West Kelowna is reported to be $865,000, with an average household income of approximately $146,000, suggesting a robust economic environment conducive to discretionary spending and commercial real estate investment.
This listing marks the second significant shopping centre to hit the market in the Okanagan Valley within the last year, following the sale of the 22-acre Cherry Lane Shopping Centre in Penticton to Jim Pattison Developments.

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