- Property size 72,319 ft2
215 Chain Lake Drive, Halifax, Nova Scotia - retail for sale
JLL’s National Retail Investment Group is pleased to offer for sale a 100% freehold interest in 215 Chain Lake Drive (the “Property”), a Staples, Sport Chek, Tim Hortons, and A&W anchored retail centre situated in one of Halifax’s most dominant retail nodes, Bayers Lake Business Park. Comprised of 72,319 SF, the Property is fully leased to a diverse tenant mix with national tenants representing 79% of leased space. Staples and Sport Chek account for 56.3% of GLA and 53% of annual base rent. The Property offers an investor secure and increasing cash flow with a healthy weighted average lease term of 6.27 Years.
The Property offers premium frontage and visibility and is easily accessible by vehicle and public transit being in close proximity to the city’s major thoroughfares and the province’s main highways. The site is surrounded by national retailers including Costco, Walmart, Home Depot, Canadian Tire, Atlantic Superstore, and Kent Building Supplies which draw consumers from all across the province. The Property is shadow-anchored by Kent Building Supplies and a Marshalls, and Dollarama anchored plaza, sharing access with each centre to provide seamless traffic flow. Bayers Lake Business Park is in close proximity to many densely populated residential neighbourhoods with over 35,000 residents living within a 3 km radius.
In August 2020, EllisDon construction company was awarded a $259.4M contract to design, build, finance, and maintain a new 126,000 SF Community Outpatient Centre in Bayers Lake directly behind the Property. Construction started in late 2020 and is expected to be completed in August 2023. Once completed, an expected 28,000 clinic and 30,000 x-ray and blood collection visits are expected each year. The City has ambitious growth plans for the next three years and Halifax’s Ten- Year Economic Growth Plan estimates the population to be 550,000 (1.7% growth rate per year) by 2031, further enhancing the Bayers Lake market catchment.