The Downtown Chatham Centre is officially on the market.
The property, located at 100 King Street West, is listed for sale on JLL's National Retail Investment Group's website and is currently in possession of BDO Canada Limited, which is acting as court-appointed receiver-manager.
The listing boasts a "significant redevelopment opportunity" in a "prominent location".
According to the listing, the mall is 30.4 per cent occupied and includes anchor tenants Hart, Dollarama and Fit 4 Less. The 8.8 acre property also includes 700 parking spots.
"Value-add opportunities include leasing up vacant space to quality tenants and add mixed-use density to the site," reads the listing. "The site also offers significant redevelopment potential given its prominent location in the centre of Downtown Chatham and recent development precedents. For example, a 13-storey residential tower named The Boardwalk was constructed next to the Centre in 2020...There is currently a supportive local government with the new Community Improvement Plan in place that would provide incentives for a redevelopment."
Built in 1982, the Downtown Chatham Centre has seen a rocky last few years, which included the closure of several stores and accessibility issues surrounding the building's elevator and escalator.
In mid-2020, the mall changed ownership once again after being reacquired by former owner, Touchstone Group Ltd. of Toronto, following several years under the management of Goldberg Groups of Hamilton.
Bids are being accepted for the property until March 15, 2021. The asking price has not been made public and any potential purchasers must sign a confidentiality agreement.
-With files from Paul Pedro