Brookfield Mall goes up for sale

Signs advertising what was formerly Clearwater's only shopping centre went up on the weekend

A For Sale sign on the former Safety Mart building advertises for buyers for Brookfield Mall in Clearwater. Asking price for the mall

Clearwater’s Brookfield Mall, which went into receivership last summer, is now being offered for sale.

Signs advertising the shopping centre for sale went up last weekend, according to Larry Good, a realtor with Colliers International.

Asking price for the mall, which includes three acres and 42,000 square feet of space, is $1.475 million.

“It needs someone local who has the money and the vision,” said Good. “It’s not going to be your typical investor. It needs someone on the ground who is willing to do some major renovations and upgrades.”

The realtor said he has already received quite a few inquiries from brokers in the Lower Mainland. They were attracted by the relatively low price being asked compared to the amount of square footage and land involved.

Once they learned of the challenges involved, they become less interested, he said.

“The businesses that left are paying big dollars at the new mall on the highway,” Good pointed out. “There isn’t anything comparable in town. This was the established centre of Clearwater for many years.”

Brookfield Mall was built in the early 1970s with Safety Mart as its main business.

Buy-Low Foods bought out Safety Mart in November, 2013.

The grocery business moved into its new 25,000 sq. ft. location in the new Clearwater Shopping Centre next to Highway 5 almost exactly one year later.

Since then Interior Savings Credit Union and Pharmasave have moved from Brookfield Mall to the new shopping centre (although Pharmasave still maintains a small outlet at the mall).

According to a brochure from Colliers, the shopping mall has 12 commercial units plus a second floor apartment.

At present only five of the units have tenants in them.

 

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