Apartments next to Guisachan Village

[pommiepainter]

Does anyone know why they are tearing down some of the apartments adjacent to Guisachan Village?? Opposite the new Cameron Mews Townhouses. As an additional question, I wonder if they will do something with that empty piece of land fronting Gordon now that the Townhouses are there?? Possible extension of Guisachan Village??? If owned by the same people/company??

Happy Thursday to all!

[cv23]

Maybe the fact several of the units were recently burnt beyond habitability and need to be first torn down before being rebuilt?

https://www.castanet.net/news/Kelowna/2 ... -in-review

Bennett's own the entire complex (mall and townhomes)

[pommiepainter]

Maybe the fact several of the units were recently burnt beyond habitability and need to be first torn down before being rebuilt?

https://www.castanet.net/news/Kelowna/2 ... -in-review

Bennett's own the entire complex (mall and townhomes)

Oh Jeez, how did I miss that! Thanks for the reply cv23. I live around the corner and until this morning hadn't been down Gordon in weeks.

[Bsuds]

Bennett's own the entire complex (mall and townhomes)

I thought the were owner occupied. Bennett's might have built the Townhomes.

[Urban Cowboy]

Bennett's own the entire complex (mall and townhomes)

I thought the were owner occupied. Bennett's might have built the Townhomes.

I've worked in both the townhouses that form the perimeter of Guishican Village Shopping Center, as well as the new ones across the street on Gordon Drive, and the ones I've been in were owner occupied.

[pommiepainter]

I've worked in both the townhouses that form the perimeter of Guishican Village Shopping Center, as well as the new ones across the street on Gordon Drive, and the ones I've been in were owner occupied.[/quote]

Hey Old Techie! Have you heard any rumours about possible builds on that vacant piece of land???

[cv23]

I've worked in both the townhouses that form the perimeter of Guishican Village Shopping Center, as well as the new ones across the street on Gordon Drive, and the ones I've been in were owner occupied.

They are leasee ocupied.
The Bennett family RARELY sell property but rather prefer to lease it, often long term as on native land.

[Bsuds]

I've worked in both the townhouses that form the perimeter of Guishican Village Shopping Center, as well as the new ones across the street on Gordon Drive, and the ones I've been in were owner occupied.

They are leasee ocupied.
The Bennett family RARELY sell property but rather prefer to lease it, often long term as on native land.

It was a long time ago that we looked at one of those but I seem to remember there being a purchase price but that could have been for the unit and the property could have been a lease. Is that what you mean?

[forumdoug]

I believe Guisachan Village is one of the R.J. Bennett family properties (likely through his Victor Projects Ltd concern as opposed to his nephew Brad Bennett's McIntosh Properties Ltd) but I understood that the commercial strip mall at that corner was theirs, do they own the apartments, too?

Here's a brief summary of each of their holdings, by company name:

Victor Projects Ltd

• McCurdy Corner Shopping Centre
• Baron Centre (where newish Keg, Marshalls and Wox Box are located; RCSS Kelowna has a long-term (i.e., 50-99 year) prepaid ground lease from them as I understand it)
• Guisachan Village Shopping Centres
• Guisachan Village apartment building(s) nearby
• HSBC building at Bernard Ave & Pandosy St (leasing is handled by McIntosh Properties but McIntosh may also have bought it from Victor at some point, too)
• Their small office building across from the CBC Radio building on Lawrence Avenue
• Their family farm on Gellatly Road
• Various development properties, including up on Menu Road and related Lakeview Heights area properties

Any other major ones I'm missing?

McIntosh Properties Ltd

• Orchard Plaza Shopping Centre
• Orchard Plaza Professional Building, either adjacent to or on the same property as above
• McIntosh Centre (former unfinished proposed Shaw building, now complete except for leasehold improvements on some floors
• Vacant ALR land across the street from Orchard Plaza they've been trying to develop

This second list is less complete. What am I missing? Feel free to add.

Cheers,
Doug

[cv23]

Thnx Doug

I think the key word many may have missed is "Apartments" which indicates single ownership of an entire building and rental of individual units rather than "Condos" which usually indicates individual ownership of units within a building.

[Mrmarvingardens]

The Guisachan Village units are owned by the individual owners,(strata) but the
Bennets being the Bennetts lease the units to the owners, charging a lease fee plus the applicable strata fees
Together, this results in a monthly cost in the vicinity of 4 hundred dollars.
A similar arrangment is part of ownership at Sunrise Village, down the road.
They are part of a 99 year lease, for the modular homes on site, plus applicable strata fees.d
The extremely high fees some over 4 hundred dollars per month are raised by the provisions of the Residential Tenancy Act.
I am given to understand the owners are Ben Stewart and the Bennetts.

[Urban Cowboy]

I've worked in both the townhouses that form the perimeter of Guishican Village Shopping Center, as well as the new ones across the street on Gordon Drive, and the ones I've been in were owner occupied.

Hey Old Techie! Have you heard any rumours about possible builds on that vacant piece of land???

No not a thing.

[cv23]

The Guisachan Village units are owned by the individual owners,(strata) but the
Bennets being the Bennetts lease the units to the owners, charging a lease fee plus the applicable strata fees

???? What exactly do you mean by your statement???

If the Bennett's as you say "lease the units to the owners" then the Bennett's are obviously the actual owners of the units, not the individuals who are nothing more than lessees.
If the units are indeed "owned by the individuals" why would they pay Bennett's lease fees, strata fees yes but why lease fees?

The so-called "owners", as you refer to them, are nothing more than long term lessees/tenants just like so many who live on native reservations in Canada. They hold a long term lease for the land they live on and the dwelling they live in but they do not actually freehold own either. They may sell that lease but just like all leases at the end of the lease period they are left out on the streets "owning" nothing.

Just like you said "Bennett's being like Bennett's", they may rent their property out or lease their property but rarely do they ever actually sell their property.

[LANDM]

The Guisachan Village units are owned by the individual owners,(strata) but the
Bennets being the Bennetts lease the units to the owners, charging a lease fee plus the applicable strata fees

???? What exactly do you mean by your statement???

If the Bennett's as you say "lease the units to the owners" then the Bennett's are obviously the actual owners of the units, not the individuals who are nothing more than lessees.
If the units are indeed "owned by the individuals" why would they pay Bennett's lease fees, strata fees yes but why lease fees?

The so-called "owners", as you refer to them, are nothing more than long term lessees/tenants just like so many who live on native reservations in Canada. They hold a long term lease for the land they live on and the dwelling they live in but they do not actually freehold own either. They may sell that lease but just like all leases at the end of the lease period they are left out on the streets "owning" nothing.

Just like you said "Bennett's being like Bennett's", they may rent their property out or lease their property but rarely do they ever actually sell their property.

They actually had, on some of their residential developments, an option to lease or buy. If someone chose lease, you could buy it out at any time in the future.

[Urban Cowboy]

I've worked in both the townhouses that form the perimeter of Guisahacan Village Shopping Center, as well as the new ones across the street on Gordon Drive, and the ones I've been in were owner occupied.

They are leasee ocupied.
The Bennett family RARELY sell property but rather prefer to lease it, often long term as on native land.

I honestly would not know the answer to that.

I only know the client I worked for in the one unit next to Guisachan Village, told me they had bought the unit, which made sense, given they were in the midst of costly major renovations.

The one across Gordon Drive that I worked in, is a brand new three level townhouse, and he also told me he had just purchased it.

I thought those 99 year leases were something found only on native land, so if that is the case that these are long term leases as well, then I guess I learned something new.