'SUPER PLANT' PROPERTY SELLS

from Castanet.net | Wayne Moore - Apr 5, 2024 / 1:54 pm | Story: 480546

BC Tree Fruits has unloaded a piece of property just south of Kelowna International Airport.

The property on Old Vernon Road was initially purchased by BC Tree Fruits in 2019 for the purpose of constructing what was termed a "super plant," a large state-of-the-art packinghouse.

Those plans were scuttled in 2022 due to rising interest rates and construction costs and changes within the industry that president and CEO Warren Sarafinchan said "made the plan for a new build far too risky."

Now, BC Tree Fruits has sold the property.

A story in the Western Investor says the A1-zoned 87-acre property was sold last month for $9.85 million, $250,000 above the listed price of $9.6 million.

The latest assessment valued the property at slightly more than $3 million

The sale was brokered by Jeff Hudson and Marshall McAnerney of Unison HM Commercial Realty.

BC Tree Fruits originally purchased the property in May of 2019 for $6.48 million.

The property includes both the A1-zoned property as well as a 15.75-acres leased cherry tree nursery and two homes.

The identity of the buyer has not been divulged, however it is a local orchardist.