LIANG Commercial

Description

The Riverside Club is a 2-storey separately titled (fee simple) property located at 110 Point McKay Crescent NW, Calgary, AB. The Subject Property is nestled (and in fact adjoined) to “The Riverside Towers. ” The Riverside Towers are two 20-storey, residential high-rise condominium towers (totaling over 300 residential units) in the attractive riverside community of Point McKay. The Subject Property is steps from the Bow River walk/bike pathway & Edworthy park. The Subject Property in this case is the Riverside Club, which is a separately titled, fee simple property sitting on a 0.64-acre site with 30,519 square feet (SF) over 2 levels. The main level contains an active fitness club that has a measured size of 15,558 SF and the 2nd level has a measured size of 14,961 SF. The Subject Property owner is also the owner of the business operating as the Riverside Club (operating and occupying the main level). The 2nd level is leased out to a variety of medical and lifestyle tenants including Riverside Spa, Riverside Sports Therapy, and Terra Vision & Dental Care. The Subject Property has 36 onsite parking stalls & 63 off-site stalls (available through a lease with the City of Calgary). A unique revenue generating feature of the Subject Property is the 2 licensed spaces that the Subject Property controls through an agreement (dating back to 1989) with the Condominium Corporation of the adjacent “The Riverside Towers”. The Subject Property controls 16,894 SF space which is leased to the business operating as The Riverside Golf Centre. The 2nd licensed space is approximately 20,000 SF and operates as 2 indoor tennis courts and managed through the Riverside Club. This is commercial real estate investment for those investors seeking properties positioned for health/wellness and medical tenancies.