The BC Tree Fruits building in downtown Kelowna sold for $ 2.3 million above the asking price.
(CARLI BERRY / iNFOnews.ca)
December 4th, 2020 – 2:00 p.m.
BC Tree Fruits Cooperative sold its building on prime downtown Kelowna real estate for $ 2.3 million more than the asking price.
The building went up for sale in September for $ 5.2 million. A confirmed sales agreement was reached this week with an undisclosed buyer for $ 7.5 million.
Warren Sarafinchan, CEO of BC Tree Fruits, took many calls from potential buyers even before the sale.
“We are very pleased with the results of the sale,” said Sarafinchan. “It’s important for the cooperative to have a little more money.”
It will take time to determine what to do with that money.
“We are looking at a number of options,” said Sarafinchan. “There are ways to pay off debts. There are options around investing. We will find out our plan in the coming weeks and months. ”
Sarafinchan became the cooperative’s CEO in September 2019 and quickly devised a restructuring plan that resulted in employees from the downtown office moving to facilities in Lake Country and Sexsmith Road, eliminating the need for the downtown office.
“This is an example of how the cooperative works very differently than in the past,” he said.
READ MORE: Buyers are demanding this historic building in downtown Kelowna
The 0.275 acre property at 1473 Water St., opposite Queensway City Hall, is intended for a high-rise building with up to 29 stories.
The building is on the city’s cultural heritage register, but does not offer any protection against demolition.
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