Tolko Land was about to explode
Photo: Rob Gibson
A Kelowna real estate group believes the land on which the former Tolko Mill is currently located will be worth nearly $ 50 million in the end.
MCL Real Estate Group, part of RE / MAX Kelowna, found that BC Assessment has valued the Tolko property at $ 19.1 million.
“As soon as this land becomes available and hits the market, there should be a ripple effect across the industrial market,” said Ken McLaughlin, MCL’s senior partner, in his organization’s latest year-end report. “Unfortunately, realizing the available Tolko areas is more of a long-term matter.
“The current mill needs to be shut down and part of the land needs to be extensively rehabilitated. But when this large piece of industrial land is completed, its value will increase. “
McLaughlin expects the total value of the land to be closer to $ 48 million.
“Time will tell what the subsequent redevelopment of the Tolko areas will look like, but when that happens it will be an interesting time in the Kelowna industrial market,” he said.
