Grosvenor Property Canada, a subsidiary of UK huge Grosvenor, has obtained full ownership of the Broadmead Village Shopping Centre in among British Columbia’s first big retail deals of 2026.
Broadmead Town is located at 777 Royal Oak Drive in Victoria, instantly east of the Patricia Bay Highway in the heart of the Saanich peninsula on Vancouver Island.In a statement this morning, Grosvenor said it has co-owned Broadmead Town with ADMNS– a subsidiary of the Manitoba Civil Service Superannuation Board (CSSB) pension– in equal collaboration considering that 1997. Grosvenor has actually now purchased out CSSB for $47.75 million in a deal that values Broadmead Village at $95.5 million.Broadmead Town technically consists of two legal parcels: 777 Royal Oak Drive and 801 Royal Oak Drive, with the latter being home to Canadian Tire. Grosvenor has verified to STOREYS that the transaction includes just 777 Royal Oak Drive, which BC Assessment worths at$85,854,000 in an assessment dated to July 1, 2025. 777 Royal Oak Drive was formerly owned under ADMNS Broadmead Financial Investment
Corporation, and is now held under Broadmead GP Limited through Grosvenor Canada Limited.It’s unclear who the owner of 801 Royal Oak Drive is, however Canadian Tire typically owns their own real estate through CT
REIT (TSX: CRT.UN ). 801 Royal Oak Drive is valued at$11,152,000. The outdoor neighbourhood shopping center covers 128,018 sq. feet across 12.74 acres (leaving out 801 Royal Oak Drive)and is anchored by Thrifty Foods, a grocery store chain owned by Sobeys. In 2012, Broadmead Village was thoroughly refurbished and made BOMA Bronze, Silver, and Gold accreditations.In its announcement today, Grosvenor stated Broadmead Town”has actually long been one of the very best performing assets within Grosvenor’s Canadian home
portfolio, exhibited by ongoing leasing momentum, “and that “its tenant mix is well-insulated from financial slumps with low historical turnover, job, and strong efficiency.””Grosvenor’s first-class management of Broadmead Village parallels our experience with them as a long-term investment partner on other residential or commercial properties
,”stated Ian Cameron, Elder Portfolio Manager, Realty for Civil Service Superannuation Board(CSSB). “We are pleased with Broadmead Village’s performance over the years, and significantly, Grosvenor’s improvement of the home into one of Vancouver Island’s leading performing grocery-anchored retail plazas.””We view this purchase as an impressive chance to further our investment into Canada,”added Robert Duteau, SVP of Investment for Grosvenor Property Canada.”
It highlights our strengths as an owner and supervisor, and follows our track record of developing and operating exceptional mixed usage possessions such as The Rise, Connaught and Grosvenor Ambleside.”Significantly, Duteau likewise recommended that redevelopment of Broadmead Town might be a possibility, stating that”obtaining grocery-anchored retail at scale with future redevelopment capacity is an approach we are really focused on here in Canada.”Redevelopments of sprawling shopping centres have ended up being a growing pattern across Canada as owners try to make much better usage of the land.Grosvenor’s origins can be traced back to 1677 and the estate of Sir Thomas Grosvenor. Today, it remains owned by the Duke of Westminster, running in various sectors on several continents.In Canada, Grosvenor has actually been a presence for over 70 years now and it has numerous active realty tasks in its pipeline, including the Mayfair West master-planned neighborhood in Vancouver and the Brentwood Block master-planned neighborhood in Burnaby. The latter begun building and construction in 2015. Grosvenor is likewise the owner of over 185 acres of Annacis Island and has roughly$2.8 billion in possessions under management in Canada.