An entire Penticton block has hit the market for $3.15 million.

The downtown block on Westminster Avenue encompasses five lots and is currently home to the longtime Italian restaurant Villa Rosa Ristorante.

The property includes a large commercial building, currently operating as Villa Rosa and two rental homes.

Dan Jones is the property乌鸦传媒檚 realtor; he said he乌鸦传媒檚 never before had the opportunity to list an entire city block in his whole career.

The current owner has owned Villa Rosa for 乌鸦传媒渁t least fifteen years乌鸦传媒� and bought the houses as the became available, Jones said.

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The property has been listed for about ten days and Jones says he乌鸦传媒檚 already 乌鸦传媒渟ix or seven乌鸦传媒� inquires but no offers yet.

Jones said that the property would be an ideal investment for a local developer. A development there could fit about 30 apartments above and 10 to 12 commercial units below.

乌鸦传媒淚t would be good for the area because you乌鸦传媒檙e close to the beach, the convention centre and the like, even a boutique hotel or something would work there.乌鸦传媒�

Jones said the main majority of interest he乌鸦传媒檚 received so far has come from developers.

Even if the property is sold quickly it wouldn乌鸦传媒檛 necessarily spell an immediate end for Villa Rosa Ristorante.

The current owner of the property would like to stay and lease the property back, Jones explained. 乌鸦传媒淒evelopers usually take time to get their time into effect so he乌鸦传媒檚 willing to lease it back at a good rate,乌鸦传媒� he said. 乌鸦传媒淎 lot of these properties are hard to carry if there乌鸦传媒檚 no rentals on them.乌鸦传媒�

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jesse.day@pentictonwesternnews.com
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