The historic former Hudson’s Bay Company store site in downtown Vancouver has been listed for sale.

CBRE and Marcus & Millichap have teamed up on the listing after being retained FTI Consulting an insolvency specialist appointed by an Ontario court to co-ordinate the . The property’s sale is owned by a RioCan REIT-HBC joint-venture that is currently in creditor protection in accordance with the Canadian Companies’ Creditors Arrangement Act.

In the summer, RioCan walked away from five of the 12 properties that were originally in the joint-venture, because the REIT did not want to keep covering its share of costs associated with them. But the former Vancouver store is still in the joint-venture’s portfolio.

The property is located on the northeast corner of Granville and West Georgia streets and connected to the Pacific Centre underground mall in a prime retail district. But many commercial real estate industry executives anticipate that building’s days as a department store are finished due to changing trends following the COVID-19 pandemic, omnichannel shopping explosion and scarcity of demand.

“This is an extraordinary opportunity to acquire one of Vancouver’s most iconic assets,” said Jim Szabo, vice-chairman of CBRE’s national investment team, in a statement, according to multiple reports.

“The scale, location, and connectivity of 674 Granville St. are unmatched in the market. Situated at centre ice in Vancouver’s financial and retail district, investors have the ability to unlock significant upside through repositioning or redevelopment strategies while preserving the building’s architectural and historical legacy.”

The property comprises approximately 617,628 square feet and gross leasable area. Built in the 1920, the seven-storey building has heritage status, but the designation only applies to the building’s exterior.

The brokers have not set a price. Any potential sale must be approved by the court.

Photo: Shutterstock