Business

Tyee Plaza up for sale

The Tyee Plaza is expected to be put up for sale on Dec. 18. - Paul Rudan/The Mirror
The Tyee Plaza is expected to be put up for sale on Dec. 18.
— image credit: Paul Rudan/The Mirror

The Tyee Plaza is expected to be on the sales block next month.

The downtown Campbell River plaza is owned by the Victoria-based League Assets Corp., but the large real estate investment trust is now under creditor protection.

PricewaterhouseCoopers is overseeing League’s restructuring and have been ordered by the BC Supreme Court to sell 18 properties, including Campbell River’s Tyee Plaza, starting Dec. 18.

League still has until month’s end to exempt Tyee Plaza from the sales proceeding, but that seems unlikely given its debts and financial obligations to investors.

Campbell River realtor Dan Samson was part of the ownership group that sold the Tyee Plaza to League several years ago. He said things started off well, but in the last couple years maintenance has been slipping and there are too many vacancies.

That said, he added it’s a good sign when the first assets are listed for sale because they’re usually the most desirable.

“I’ve been following this with interest,” he said Wednesday. “The Tyee Plaza is a very good asset and I think a change in ownership would be good. They would probably pay more attention to it…I see this as a positive for Campbell River.”

 

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