Office Leasing Opportunity - #128 - 1669 Johnston Street

OFFICE LEASING OPPORTUNITY

 #128-1669 JOHNSTON STREET

 

GRANVILLE ISLAND MISSION STATEMENT

“To steward this public land for meaningful urban and social experimentation among diverse, creative, cultural, and business models, engaging local First Nations and communities while welcoming the world.”

 

GRANVILLE ISLAND VISION STATEMENT

“The most inspiring public place in the world.”

 

Office Leasing Opportunity on Granville Island

Our office use spaces are designated to provide office space for individuals/ companies/ organizations/ societies. Leasable spaces are managed in line with the Guiding Principles and Leasing Objectives as set out in the Granville Island Leasing Guidelines which are publicly available here.

As Vancouver’s premier artistic and cultural hub, located in an urban, waterfront location and steeped in a rich industrial and maritime heritage, and anchored by the internationally recognized Public Market, these spaces provide an opportunity to gain access, interaction and exposure to local, national and international visitors. 

CMHC Granville Island currently has an exciting leasing opportunity for office use at #128-1669 Johnston Street and invites Expressions of Interest (EOI) Applications for those interested in leasing this unique space.

 

Unit Details:

  • 1,489 square feet of rentable office space on the second floor of the Public Market building - see below links for survey plan and photos
  • Two keyed entries from the front of the building with two separate entries into the unit
  • Natural Light with northern views of False Creek and Granville Street bridge (all north facing windows)
  • Kitchenette
  • Private Bathroom
  • Electric Heating System


Unit Photos
Unit Survey/Plan

 

Rent, Utilities and Insurance:

1. Rent Rates

a) Estimated Minimum Rent*: $25.00 per square foot (PSF) which is $3,102.08 per month (plus GST) 

b) Estimated Additional Rent:**

  • Estimated CAM: $3.62 per square foot (PSF)
  • Estimated Garbage: $0.55 per square foot
  • Estimated Water: $1.25 per square foot
  • Estimated Hydro: $1.46 per sqaure foot
  • Estimated Gas: $0.69
  • Estimated Property Tax: $4.85 per square foot

      Total Estimated Additional Rent: $12.42 PSF ($1,541.12 per month plus GST)

c) Total Estimated Gross Monthly Rent: $4,643.20 (plus GST)

*This space is being posted at below-market Minimum Rent in accordance with Granville Island’s mandate to support small businesses/ organizations.

**Based on April 1st 2019 Additional Rent rates and can vary annually based on usage and reconciliation of costs incurred.

 

2. Security Deposit: The equivalent of two months Gross Rent

3. Tenant Insurance Requirement: all risks property insurance; equipment breakdown insurance; minimum $5,000,000 liability insurance

 

Expression of Interest (EOI) Application Details:

In order to be considered, applicants must submit an expression of interest (EOI) application to demonstrate their ability to fulfill all of the following criteria (applications not to exceed ten (10) pages):

1. Summary of the proposed concept & use of the premises

  • Must be a local creative/innovative focused individual, company, organization or society with a strong alignment with Granville Island’s Mission & Vision Statement and aligns with the guiding principles and leasing objectives of the Granville Island Leasing Guidelines. Applicant use that will compliment and/or enhance the Granville Island experience.
  • The proposed use is solely for office use (not conducive for those uses needing regular public access or for classes). Applications for other uses will not be accepted.
  • Must commit to active use of the space 5-7 days per week.
  • Explain and/or show how the applicant meets the above use requirements and what the concept will be along with operating plans for the premises. Show how the applicant’s skills, knowledge, and experience relates to the business concept/proposed use.

 

2. Products/Services/Offering Information

  • Explain and show photo examples and website links of the products/ offerings/ programming/ services produced or offered by the applicant.
  • Briefly describe the customer/client base and if the proposed use will serve/interact with those customers/clients.

 

3. Marketing and Design Plans

  • Provide a marketing & promotion plan (detailing items such as advertising/promotion, community outreach, website, email campaigns, demonstrations, collaborations with others within the communities and city, events, social media strategy). Please include past or future examples.
  • Detail any past and future participation in local events, industry events and/or community initiatives, if applicable.
  • Provide a rendering of the layout of the interior with any proposed changes/improvement plans the applicant would like to do to the premises. 

 

4. Financial Information:                  

  • Show that the applicant has the ability to meet the financial commitments of the lease and the requirements as outlined in the rental rates and costs below.
  • Explain what the ownership structure is or will be (sole proprietor, non-profit, society or corporation) with the full names of all the owners/those who will be involved.
  • Provide operational & financial history for any existing or former commercial locations (at a later time the applicant may need to provide the necessary proof that they can support running the business, such as a credit report).
  • Provide 3 year pro-forma financial statements including proposed initial investment to set up the space for the applicant’s specific use, anticipated monthly or annual revenues & expenses including ongoing operating and staffing expenses.
  • Be able to provide proof of a business license and any other necessary permits in order to be able to take occupancy and operate.
  • Provide a list of other commercial locations and leases the applicant has if applicable, and if so note if the applicant would continue to keep them if they are chosen candidate for these premises.

 

5. References:

  • References from past partners, collaborators and/or landlords which demonstrate support of the applicants ability to meet the EOI posting criteria and effectively execute their proposal.

 

FAQs & Important Dates:

1. Unit Viewings:

Viewings of the unit will be conducted with CMHC Leasing staff only. Please do not disturb current tenants or nearby tenants (where applicable). Viewings will be available through scheduled group bookings. Please contact leasing@granvilleisland.com to pre-register for one of the below tour times:

                    Tuesday June 25, 2019 - 1130am & 530pm

                    Tuesday July 2, 2019 – 1130am & 530pm

                   Tuesday July 10, 2019 – 1130am & 530pm

                   Tuesday July 16, 2019 – 1130am & 530pm

 

2. Submission Process:

How do I Apply?

All applicants must apply online using the form at the bottom of this page. Please fill out the form and attach your application/proposal in one of the following formats: PDF/ppt/zip/word doc

 

When is the application deadline?

The application deadline is Wednesday July 31st, 2019 by 4pm*   (*No submissions will be accepted after this date and time)

 

Can I apply for more than one EOI?

Applicants can apply for more than one active EOI if desired; order of preference should be indicated on the application. Separate online submissions will be required for each unit. Please see application form for further details.

 

Can I provide samples of my work/proposed use?

Applicants may drop off supplementary materials or work samples to support their online submission (prior to 4pm on the deadline date) to the Granville Island Administration Office as follows:

 CMHC Granville Island Administration Office

           2nd Floor - 1661 Duranleau Street, Vancouver, BC V6H 3S3

Attn: Leasing Department

Subject: “#128 - 1669 Johnston Street Expression of Interest Application”

Applicant/Organization Name

 

What happens once all applications are submitted?

Applications will be reviewed and shortlisted by a committee and applicants will be notified of shortlist decisions via email within 30 days. Shortlisted applicants will be contacted to provide further information or to schedule a presentation to the committee within the following 30 days.

 

What happens once a lead proponent is selected?

Lease terms will be negotiated and there will be a due diligence period for both parties. Once lease terms and timelines are agreed upon, the successful applicant will then be announced.

 

3.    What is the estimated Possession Date of the Premises?

November/December 2019

 

4.    Will there be a Fixturing or Free Rent period offered?

Any Fixturing or Free Rent periods would be part of lease negotiations, the agreement of which will be determined based on the applicants’ proposed tenant improvements and related construction timelines (where applicable).

 

5.   Will CMHC be making additional improvements to the space?

This unit will be given in ‘as-is’ condition. Any further improvements or modifications will be at the sole cost and responsibility of the applicant, subject to Landlord approval and any applicable permit and building code requirements.                                                               ​​​​​​

 

 6.  If I have more questions about this space or leasing on Granville Island in general, who should I contact?

All lease inquiries via email should be addressed to leasing@granvilleisland.com. Prior to inquiring, CMHC encourages applicants to review the Granville Island Leasing Guidelines and the Granville Island’s Mission & Vision Statement for more information regarding guiding principles, leasing objectives, standard lease terms and rate methodology. Questions not answered here regarding this EOI posting specifically can be addressed during EOI viewing tours.

 
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