This week I was invited to attend a special media event introducing the upcoming Beverly Kelowna condominium building coming to the City’s Midtown neighbourhood at the intersection of Spall Road and Enterprise Way. It’s been exciting to see new development on a prime site that has been vacant since I moved to Kelowna thirteen years ago. I’ve been watching the construction on the West end of the site of the now nearly complete 161-room Hyatt Place Hotel, seeing progress every time I drive up to Glenmore or use Clement Avenue to get downtown.
With the hotel expected to be completed by February 2020 and opening for business shortly thereafter, it’s only a matter of time before we see the Beverly rise from the sky. The foundation and parking garage for this new Kelowna condo building is already complete and if you drive by you will see many of the pre-fabricated wall panels stacked on the side of the road waiting to be hoisted into place by the towering red crane. I am told that by June 2020 the six-storey Beverly too will be complete.
Ravi Sandhu, Vice President of Development with West Fraser Developments and his sales team welcomed us with a wonderful selection of Okanagan wines and a tasty charcuterie spread - fitting for the Okanagan location. Together they explained the vision for the Beverly condo building and answered questions about it and the neighbouring hotel. I was curious about the views so they offered me a hard hat (required to go past the construction site fence) and lead me in up the seven flights of stairs to roof of the Hyatt Place Hotel. It was quite impressive. The picture (show below) doesn’t do the view justice. Dilworth Mountain is right there! It’s very prominent and all the greenery surrounding Kelowna’s new rail trail and Mill Creek at the mountain’s base gives you a feeling of being close to nature.
Beverly Kelowna will feature 56 premium condominium residences. There are studio, 1-bedroom, and 2-bedroom residences with various different floorplans. I am told that pre-construction sales have been very strong out of the gate with all studio apartments and most 1-bedroom residences having already sold out. There are two colour schemes available to choose from. Luxurious details and finishes in each home include: 9-foot ceilings, wide-plank laminate flooring in entry, living room, dining room and kitchen, LED lighting throughout, modern, high quality blinds for privacy and shade, stylish quartz countertops in the kitchen and bathrooms, high-end stainless steel appliance package, and a natural gas outlet on the patio for your BBQ. When you hear how all this you have to be thinking “sounds expensive”. Or “Who are buying these?”
The thing is 2-bedroom residences start at just $423,900 + GST. That’s an attractive price when considering the materials and anticipated build quality. By comparison, there are currently 30 resale 2-bedroom condo residences in the Midtown neighbourhood in buildings that were built in the past two decades (there are other older buildings but they just don’t seem comparable) that. These residences are advertised between $369,000 and $699,000. The average advertised advertised price of a 2-bedroom in this neighbourhood right now is $502,956. Considering this, the starting price point at Beverly Kelowna is significantly below the neighbourhood average.
With reasonable prices and an overall fantastic offering Beverly Kelowna appeals to a broad spectrum of purchasers including younger couples making their first purchase, empty nesters looking to downsize, parents who want convenient but off-campus living for their children attending UBCO, and savvy investors looking to get into a Midtown property where demand is growing but development land is limited.
Kelowna’s consistently low vacancy rate means that rentals are always in high demand and continue to generate significant rental revenues for properties owners. This is a huge factor for many of the developers currently building condominiums in Kelowna and is no doubt part of the reason for Beverly’s strong sales thus far. Upon its inception the strata bylaws will allow for rentals as long as they are for a minimum of 30 days. I am sure many of the 56 residences at Beverly will indeed be owner occupied but one can see the why this building would also appeal to investors who would rent it out.
For those who eventually call the Beverly home are a few other features that really set this Kelowna building apart from the rest. Residences will be located on floors 2 through 5. The first floor will be retail space that the develop leases to local business. While no tenants have been disclosed for this space expect to see boutique shops, potentially a cafe, restaurant, or maybe a wine bar. Then there is the Hyatt Place hotel amenities next door. When you live at Beverly Kelowna you don’t have to pay an enormous strata fee that covers maintenance of a pool, hot tub, or fitness centre but you do have the option to have access to some top-notch facilities right at home. Last but not least and my personal favourite feature: the rooftop patio. This is not just any rooftop patio. I’m talking the entire rooftop - a sprawling 5,000 square feet finished with wooden pergolas, beautiful paving stones reminiscent of a a garden, shrubs and trees, BBQ stations and dining space, lounge areas where you can sit around natural gas fuelled fire pits and converse with friends and family, all while watching the sunset with a glass of Okanagan wine in hand.
With constructions ramping up, now is a great time to make a purchaser at Beverly. Securing your residence can be done with just a 5% deposit. Purchasing here is not much different than purchasing a resale condo other than the fact that the building is not yet built. Nonetheless, there are some unique elements to understand before you sign. If you want to know more about Beverly Kelowna or any other pre-construction or under construction development in Kelowna I welcome you reaching out. Want to visit the sales centre? Call me and I’ll arrange a time to personally take you down there and in ensure you get all the answers to your questions and are effectively represented.