More About The Building

House Market Indicators

Investment Overview

Prominent features of the offering include:

  • Prominent and high-profile location in the heart of Downtown Winnipeg, steps from Portage and Main and the epicenter of development, the SHED district, and strategically located in the heart of Winnipeg’s Central Business District.
  • Excellent exposure for signage and branding along Portage Avenue which features an average traffic count of more than 55,000 vehicles travelling past the property daily.
  • The existing structure is suitable for reconfiguration to a number of traditional office, medical, or commercial service uses given the open concept layout, floor to ceiling windows, and building design that includes mezzanine potential.
  • Connected load 1400 amps power can be upgraded to 2.5 megawatts from Hydro service at the street.
  • Ample parking around the building. Rear exit of the building opens into the parkade next door, a huge ease & comfort factor in the winter.
  • This property is available well below the replacement cost (rising significantly with current market situations), for the construction of same design & quality building; excluding the significant land cost.

Downtown Winnipeg Commercial Flex Opportunity

Prominent features of the offering include:

  • Prominent and high-profile location in the heart of Downtown Winnipeg steps from Portage and Main and the epicenter of development, the SHED District; easy walking access to The Forks, BellMTS Place, RBC Convention Centre, University of Winnipeg, and Red River College downtown campus in Winnipeg’s historic Exchange District.
  • Excellent exposure for signage and branding along Portage Avenue, which features an average traffic count of more than 55,000 vehicles traveling past the property on a daily basis.
  • The existing structure is suitable for reconfiguration to a number of traditional office, medical, or commercial service uses given the open concept layout, floor to ceiling windows, and building design that includes mezzanine potential
  • Value-add opportunity for users interested in occupying the currently vacant two level 14,474 square foot space or for investors by way of selective long-term re-investment in the asset to capitalize on attractive commercial rental rates in addition to building naming rights and
  • Title to be treated as clear of mortgage financing.

Year Built

1965 with additions made in 1988.

Site Area

Approximately 7,139 sf (0.16 acres)

Gross Building Area

Lower Level - 5,855 square feet
Lower Level (Tenant Leaseback) - 1,382 square feet (Leased)
Main Level - 7,237 square feet (Available)
Upper Level - 7,237 square feet (Available)
Total - 21,711 square feet

Zoning

M - Multiple Use

Financing

Treat as clear title

250 Portage Avenue Building History

Designed by Green Blankstein and Russell in 1965, 250 Portage Avenue was originally constructed for the financial institution National Trust and features a lower level with a fully functional bank vault.

The two storey building was designed with modern elements. The structure of the building was shaped with steel and reinforced concrete to allow for the expansive facade of glass curtain walls and 20-foot ceilings which provide an abundance of natural light to flow easily throughout the space.

The glass curtain wall gives another element of modernism. The curtain, with the use of black granite and contrasting white Canadian marble on the exterior, also allows for the striking visual effect of a floating roof and columns. The is considered to be a notable element of the style from Green Blankstein and Russell. The glass used for the exterior is made of an anti-glare glass and framed in solar bronze. The entire building is set on a black granite podium, and the entrance sits at street level.

In more recent years the building has been used by a variety of retail and office tenants. The existing structure is suitable for reconfiguration to a number of traditional office, medical, or commercial uses since it has an open concept layout and floor to ceiling windows and mezzanine potential.

Downtown Winnipeg Overview

A new downtown is emerging in Winnipeg with the diversification, animation, and residential revival of our city’s core. Winnipeg’s Central Business District since 2005 has seen a new course of growth with more than 100 projects added helping to bring people, investments, and vigor to the heart of our city. Significant development projects including 300 Main Street, True North Square, the RBC Convention Centre, Centrepoint & Glasshouse, as well as many other meaningful commercial and multi-family developments, showcase the attraction of investment to Winnipeg’s Downtown and support the sustainability of this investment trend for many years to come.

The Class A buildings of Portage and Main (565' away) are undergoing large capital injections at this time with Artis REIT building a striking 40-storey residential apartment with commercial potential in the immediate area. Toronto’s Starlight is replacing Portage Place, steps from 250 Portage Avenue, with two 20-storey rental residential towers –– with plans for new shopping and office spaces, a pedestrian-friendly courtyard, as well as a 24-hour community space in the building. Some facts about downtown Winnipeg’s Downtown’s recent developments:

  • Centrepoint (with Alt Hotel and Glasshouse Lofts): completed 2015
  • 300 Main: expected completion 2020
  • 242 Hargrave: completed 2018
  • 225 Carlton: completed July 2019
  • Sutton Place Hotel: expected completion 2022
  • Sutton Place Residences: expected completion 2022
  • Wawanesa Tower: expected completion 2023

A downtown Winnipeg development by agricultural giant Richardson International is hoped will serve as a beacon for innovation in the city. The centre could have been built more easily at less cost in one of the city’s industrial parks. But the family that owns this business is committed to Winnipeg’s downtown. The increase in neighborhood resident population, along-with increase in economic activity, will increase demand for services which will help sustain continued commercial property rental growth and capital appreciation.

Winnipeg has often been off the radar of outside investors, but those who have paid attention have been rewarded with steady yields and growth, the patient investors able to look for smaller deals are often rewarded. Those who have invested in the city are often satisfied with their holdings.

Winnipeg is very diversified. Growth is happening everywhere. However, it typically involves many smaller projects being developed, or existing properties changing hands and being upgraded.