Richter Street industrial property sells for nearly $4 million

Industrial property sells

Photo: William Wright Commercial

A large industrial property in Kelowna’s north end has recently changed hands.

The former home to Kelowna Steel Fabricators on Richter Street was sold by William Wright Commercial for $3.9 million.

It was last assessed at $3.875 million.

The property was home to Kelowna Steel Fabricators for 51 years before it closed its doors for the last time in April of last year.

The property went on the market then for $4.55 million.

“Developed with a shop and office in 1968, the 0.7-acre property has not been brought to the market in over 30 years,” sales associates told the Western Investor following the sale.

“It features ample power, yard space, and delivery access for an owner-occupier, as well as offering assembly options on Richter that could facilitate a one-acre redevelopment opportunity. Twelve FAR bonusing based on the location of the site is also possible.”

The identity of the buyer has not been disclosed.