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 end up being worth nearly $ 50 million.
MCL Real Estate Group, part of RE / MAX Kelowna, determined that BC Assessment 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, the realization of 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 believes the total land value will be closer to $ 48 million.
“Time will tell what the eventual redevelopment of the Tolko areas looks like, but when that happens it will be an interesting time in the Kelowna industrial market,” he said.
