Image: Macdonald Realty Kelowna’s HM Commercial Group.
UBC Okanagan has put up almost $5 million to buy an industrial building on the edge of its campus.
The 24,400-square-foot warehouse and office building, located at 1540 Innovation Dr., sits on 1.35 acres of land in the Airport Business Park. It formerly housed plumbing and heating specialists Bartle and Gibson’s Kelowna operations.
Jeff Hudson, the realtor who helped broker the sale, says the university paid a total of $4.8 million for the property. BC Assessment pegs the property’s total worth at $3.33 million.
Hudson points out the property sits at a “high profile location” in the business park, but UBCO’s Nathan Skolski says the school plans to use it as part of the campus’ Innovation Precinct.
In an email, Skolski says the property is directly connected to the precinct and the university plans to use it to “help address demand for research and academic space in the short-to-medium term.”
He wasn’t able to offer any more specifics, as “formal planning for use of the space will begin in the coming months.”
UBCO envisions its Innovation Precinct as an interdisciplinary space where school researchers work in partnerships with community partners, government and non-profit organizations to “share expertise, capacity, and infrastructure.”
Image: Macdonald Realty Kelowna’s HM Commercial Group.
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