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Buyer of old Regal Ridge building hopes it becomes medical centre
The purchaser of the former Regal Ridge building on Main Street hopes to turn it into a medical centre housing a number of related professionals.
The court has given approval for the sale of the building to Penticton-based Chase Valley Investment Corporation.
Trevor Caine, president of Chase Valley, said his company is an investment group rather than a speculative organization and he invests in the long term.
Caine would not disclose the exact purchase price, but he acknowledge it is “in the region of” $700,000. The company will be trying to attract tenants once the sale closes later in August.
The 8,837 square-foot building at 8319 Main Street was used as an office for Regal Ridge properties, which ran into financial difficulties three years ago, ending in bankruptcy. A court in Kamloops recently granted a conduct of sale allowing the property to be sold.
“The property ideally lends itself for maybe a medical centre where you’ve got a number of related professions under one roof that complement each other,” said Caine, adding that another kind of professional building could work as well.
“We also haven’t ruled out a small mall, but we would prefer a professional building,” Caine said.
Chase Valley Investment Corporation is local, being based in Penticton, said Caine. It has other investments in the United Kingdom and the United States, he said.
“We’ve got a substantial investment program for the (Okanagan) Valley,” he added.
“It would be great for the community if you’ve got a professional building where you have a number of related professions under one roof,” said Caine. “It’s such a nice setting. I think it’s got a lot of potential.”