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).