Entire Penticton block listed for sale at $3.15 million

This five-lot block on Westminster Avenue in Penticton is lsited for sale at $3.15 million. (Contributed)This five-lot block on Westminster Avenue in Penticton is lsited for sale at $3.15 million. (Contributed)
This five-lot block on Westminster Avenue in Penticton is lsited for sale at $3.15 million. (Contributed)This five-lot block on Westminster Avenue in Penticton is lsited for sale at $3.15 million. (Contributed)
This five-lot block on Westminster Avenue in Penticton is lsited for sale at $3.15 million. (Contributed)This five-lot block on Westminster Avenue in Penticton is lsited for sale at $3.15 million. (Contributed)

An entire Penticton block has hit the market for $3.15 million.

The downtown block on Westminster Avenue encompasses five lots and is currently home to the longtime Italian restaurant Villa Rosa Ristorante.

The property includes a large commercial building, currently operating as Villa Rosa and two rental homes.

Dan Jones is the property’s realtor; he said he’s never before had the opportunity to list an entire city block in his whole career.

The current owner has owned Villa Rosa for “at least fifteen years” and bought the houses as the became available, Jones said.

READ MORE: Province announces Skaha supportive housing project

The property has been listed for about ten days and Jones says he’s already “six or seven” inquires but no offers yet.

Jones said that the property would be an ideal investment for a local developer. A development there could fit about 30 apartments above and 10 to 12 commercial units below.

“It would be good for the area because you’re close to the beach, the convention centre and the like, even a boutique hotel or something would work there.”

Jones said the main majority of interest he’s received so far has come from developers.

Even if the property is sold quickly it wouldn’t necessarily spell an immediate end for Villa Rosa Ristorante.

The current owner of the property would like to stay and lease the property back, Jones explained. “Developers usually take time to get their time into effect so he’s willing to lease it back at a good rate,” he said. “A lot of these properties are hard to carry if there’s no rentals on them.”

READ MORE: A campaign encourages families to put down their phones and talk this Mother’s Day



jesse.day@pentictonwesternnews.com

Like us on Facebook and follow us on Twitter

Real estate

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

A health-care worker prepares a dose of the Pfizer-BioNTech COVID-19 vaccine at a UHN COVID-19 vaccine clinic in Toronto on Thursday, January 7, 2021. THE CANADIAN PRESS/Nathan Denette
253 new COVID-19 cases, 4 more deaths in Interior Health over the weekend

More than 1,000 cases in the region remain active

The BC CDC data for Jan. 3-9. (BC CDC Photo)
Golden adds 7 cases in first week of 2021; BC CDC

The numbers are down from 14 the week before

Justin Kripps of Summerland and his team have competed in Olympic action and World Cup competitions in bobsleigh. (Jason Ransom-Canadian Olympic Comittee).
QUIZ: Are you ready for some winter sports?

It’s cold outside, but there are plenty of recreation opportunities in the winter months

A map released by the BCCDC on Jan. 15 shows the number of new COVID-19 cases reported for each local health area between Jan. 3 and 9. (BCCDC Image)
Salmon Arm and Vernon see increase in new COVID cases, curve flattening elsewhere

The rate of new cases is levelling off in Kelowna, Penticton and Revelstoke.

A juvenile sturgeon in a B.C. rearing facility. The wild population in the Upper Columbia is estimated at 1,100 individuals, enhanced with roughly 5,500 hatchery fish. (file photo)
B.C.’s Upper Columbia sturgeon endure long battle with local extinction

Decades of monitoring and intervention is ongoing to save the prehistoric fish

Provincial health officer Dr. Bonnie Henry prepares a daily update on the coronavirus pandemic, April 21, 2020. (B.C. Government)
B.C. adjusts COVID-19 vaccine rollout for delivery slowdown

Daily cases decline over weekend, 31 more deaths

Interior Health confirms vaccination of priority populations has begun in Salmon Arm. THE CANADIAN PRESS/Nathan Denette
COVID-19 vaccinations underway in Salmon Arm

Interior Health confirms vaccination of priority populations has begun

This is the location, 3240 Skaha Lake Road, of where BC Housing plans to build a four storey supportive housing project for the homeless and at risk of being homeless. (Jesse Day Western News)
Penticton mayor and MLA concerned about new BC Housing project

‘Penticton already has its fair share’ of BC Housing projects

Interior Health declared the COVID-19 outbreak at McKinney Place long term care home over Monday, Jan. 18, 2020. (File photo)
COVID-19 outbreak at McKinney Place care home declared over

‘This has been one of our most challenging outbreaks so far,’ says chief medical health officer

Penticton Bylaw officer Glenn Smith, as well as resident Zak Laycock (not pictured), received the Governor General Award from the Royal Canadian Humane Association to recognize their heroism in a summer 2019 incident. (Contributed)
Bylaw officer and Penticton resident given awards for intervening in sexual assault

Bylaw officer Glenn Smith said he was simply in the right place at the right time

Sunnybank
COVID-19 related deaths at Oliver, West Kelowna and Vernon senior care homes

Sunnybank, Heritage Retirement Residence and Noric House recorded deaths over the weekend

Hillview Elementary students Emma Li and Mina Nadeau were awarded by the Premier’s office for winning the annual holiday card contest. (Karen Rogers photo)
North Okanagan students’ art featured on Premier’s cards

Hillview youth chosen for annual holiday card contest

A female prisoner sent Langford police officers a thank-you card after she spent days in their custody. (Twitter/West Shore RCMP)
Woman gives Victoria-area jail 4.5-star review in handwritten card to police after arrest

‘We don’t often get thank you cards from people who stay with us, but this was sure nice to see’: RCMP

An elk got his antlers caught up in a zip line in Youbou over the weekend. (Conservation Officer Service Photo)
Elk rescued from zip line in Youbou on Vancouver Island

Officials urge people to manage items on their property that can hurt animals

Most Read