SOLD - The Specialized Assets Group is announce the sale of Lake Okanagan Resort. Located on almost 5,000 feet of waterfront, the Resort lies 20 minutes north of the communities of Westbank and Kelowna on Lake Okanagan’s quiet north arm. Offering a wide range of amenities, the Resort includes a marina, golf course, accommodation, food and beverage facilities, a spa, and, the Okanagan’s only beach licensed for liquor consumption.
Lake Okanagan Resort was originally developed in the late 1970’s and early 1980’s. One of the first of its kind in the region, the Resort remains a popular destination given its wide range of amenities, quiet location and range of accommodation types.
During the last five years, the Resort has received a significant level of needed capital improvements, which included upgrades to its infrastructure, new marina facilities with breakwater, concession and gas dock, renovations to its Food and Beverage operations, and the construction of two new buildings with 48 condominium units.
Although continued updates to this facility are considered prudent to maintain its customer base, the Resort offering is an excellent opportunity for a purchaser to capitalize on the recent improvements and to realize immediate cash flow with the returning strength of the Okanagan real estate market.
The Resort consists of 217 units of accommodation, which include a mix of motel style units, larger condominium units and chalets. Of these 217 units, 64 units are timeshare and 77 are privately owned. This offering specifically includes the remaining 76 units and, the majority of the Resort amenities and operations as follows:
1.15 acres of development land with significant approved density;
2.A new 30 slip marina and gas dock, approved for expansion to 158 slips;
3.The 9-hole golf course;
4.Staff housing facilities;
5.All (five) food and beverage operations;
6.Resort office, maintenance facilities and amenities;
7.Approximately 200 acres of Agricultural Land Reserve land;
8.‘Cost plus’ operated infrastructure (water and sanitary); and, most significantly
9.76 accommodation units that can be sold individually, or used as part of the existing rental program.
This offering also includes the management contract for the resort, details of which are available to qualified purchasers.