Description of Space
CMHC Granville Island is offering a prime freestanding restaurant location for lease at 1540 Old Bridge Street. This restaurant location offers an established walk by customer base in a scenic park location near the seawall, several theatres, the False Creek Community Centre, the Kids Market and the Granville Island Waterpark.
As Vancouver’s premier artistic and cultural hub, located in an urban, waterfront location and steeped in a rich industrial and maritime heritage, and anchored by the internationally recognized Public Market, this opportunity provides a great way to gain access, interaction and exposure to local, national and international visitors.
CMHC Granville Island invites applications for those interested in leasing this unique opportunity. We are looking for a locally owned and operated restaurateur to bring a new casual dining option to Granville Island’s food scene. Concept submissions should focus on an offering that will complement local consumers’ food and beverage interests and demonstrate a business model that promotes and/or improves the local food offering at an accessible price point.
Please note that no privately or publicly owned chains or franchises will be considered, and that we will not be accepting applications for any other uses other than restaurant use.
Leasable spaces are managed in line with the Guiding Principles and Leasing Objectives as set out in the Granville Island Leasing Guidelines which are publicly available below.
- currently vacant and in shell condition
- 4,393 SF of interior space (main floor + mezzanine)
- 1,549 SF of patio space (two patios east and west facing)
- storage in the back of the building
Rent & Utilities
1) Minimum Rent: the greater of $37.00 PSF or 6% Percentage Rent of Gross Revenue on 4,393 SF (negotiable)
2) Estimated Additional Rent:
Estimated CAM & Garbage: $10.30 PSF
Estimated Water: $1.37 PSF
Estimated Hydro: $4.33 PSF*
Estimated Gas: $1.25 PSF*
Estimated Property Tax: $5.69 PSF (based on 2018)
Total Estimated Additional Rent: $22.94 PSF (on 4,393 SF)
*This estimate is based on the last restaurant tenant’s usage. Accounts to be set up by the tenant and paid directly to the provider.
Tenant and Landlord Work
1) Tenant Work: the building is currently in a shell state and the tenant will be responsible for the build out of the interior, as well as the plumbing, electrical and HVAC systems.
2) Landlord Work: the buidling will be turned over ‘as-is’ with the exception that the Landlord will be replacing the roof, doors, windows and siding (which will be done concurrently with the Tenant Work).
If you are interested in having a viewing of the building before submitting your application please contact [email protected] to set up a date and time.
Application Details & Requirements
In order to be considered, applicants must submit an application below in PDF format to demonstrate their ability to operate/execute the proposed concept – applications are not to exceed 12 pages. Please ensure your application covers the following requirements:
- detailed summary of the concept/type of food/ pricepoint/ customer base
- operating plans for the premises including hours/access/patio use
- sample of proposed high quality menu offering that aligns with local food and beverage interests
- proposed tenant work/renovation plans for the interior of the building including conceptual sketches/renderings
- Provide a marketing & promotion plan to bring new and return guests to the establishment (detailing items such as advertising/promotion, community outreach, website, email campaigns, demonstrations, collaborations with others within the communities and city, events, social media strategy)
- Detail any past and future participation in local events, industry events and/or community initiatives, if applicable
- Provide a media and branding kit
- Provide a rendering of the proposed exterior signage/frontage design and branding
- Explain your ability and plans to create a strong and inviting visual animation of the premises
- Explain what the ownership structure is or will be (sole proprietor or corporation) with the full names of all the owners/those who will be involved.
- Show how the applicant’s skills, knowledge, and experience relates to the business concept/proposed use.
- Show that the applicant has the ability to meet the financial commitments of the tenant work and the rent requirements
- Provide operational & financial history for any existing or former commercial locations
- Provide 5 year pro-forma financial statements including proposed initial investment, anticipated monthly or annual revenues & expenses including ongoing operating and staffing expenses
- Provide a list of other commercial locations and leases the applicant has if applicable, and if so note if the applicant would continue to keep them if they are chosen candidate for these premises
- Provide a list of references from past partners, collaborators and/or landlords which demonstrate support of the applicants ability to effectively execute their proposal
Any hard copy materials you would like to supplement your online application with can be submitted by mail or in person to:
CMHC Granville Island
1661 Duranleau Street, 2nd Floor
Vancouver, BC V6H 3S3