695 University Avenue, Charlottetown, PEI
695 University Avenue Charlottetown

695 University Avenue, Charlottetown, PEI - alternatives for sale

4,501 ft2
Alternatives Sale/Purchase
Contact us for price

Description

JLL’s National Retail Investment Group is pleased to offer for sale a ground lease interest in 695 University Avenue (“the Property”), a freestanding TD Canada Trust (with drive-thru) situated on 0.35 acres in the heart of Charlottetown, Prince Edward Island. Comprised of 4,501 SF, the Property is fully leased to TD Canada Trust with term until June 30, 2026. The tenant has been at the site since 2006 and has 4 x 5 year renewal options remaining after its current term, offering the investor secure future cash flow. The ground lease (Plaza Retail REIT owns the land) runs until 2092, including the 2 x 10 years of renewal options.

The Property is located in the province’s most dominant retail node, directly across from Charlottetown Mall, the province’s go-to shopping destination with over 350,000 SF of retail. The mall was recently sold to Killam Apartment REIT and Pan American Properties who plan to redevelop the centre and anticipate to invest over $40-50M into the development. In addition to Charlottetown Mall, the area is home to the country’s top national retails including Walmart Supercentre, The Home Depot, Staples, Sobeys, Best Buy, Mark’s, Canadian Tire, Michael’s, and many more. 

Investment Highlights

 

  • The City of Charlottetown is a model, new-economy city attracting increasing immigration and has a rapidly growing population, an educated workforce, a burgeoning high-tech sector, growing tourism, increased consumer spending and a youthening population.
  • The asset is strategically located in a well-established area of Charlottetown, surrounded by an abundance of destination and convenience retail, along with established residential neighbourhoods. Major destinations in the immediate area include University of Prince Edward Island, Charlottetown Mall, and Charlottetown Airport.
  • The site is located less than 800 metres from the Trans- Canada Highway, providing easy accessibility for residents of the entire Province who use this area as their primary retail destination.
  • TD Canada Trust is a proven ‘AAA’ covenant, providing a full range of financial products and services to more than 13.5 million customers nationally.

 


Documents and resources

695 University Avenue, Charlottetown, PEI - alternatives for sale

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