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Shape Report

SHAPE is Excited to Add Uptown to our Portfolio

As the new property and asset manager, SHAPE is now responsible for development, leasing and ongoing management at Uptown shopping centre in Victoria BC.

December 21, 2017

The world of retail is changing. In today’s market, shopping centres and retailers must offer customers a new level of convenience and experience to be successful; and those that do are reaping the benefits. This is why SHAPE is especially enthusiastic about Uptown, our new property and latest venture with long term partner, Greystone Managed Investments Inc.

Uptown has become Vancouver Island’s premier shopping destination because of its strategic location and aspirational social experience. International lifestyle retailers like Whole Foods, H&M and Forever 21 alongside popular local boutiques and the leaders in convenience goods, Walmart and Shoppers Drug Mart make it a unique destination unlike anything else in Victoria. With the core fundamentals that customers and retailers value, Uptown is a shopping centre built and programmed to thrive in today’s world.

Location and Convenience

Uptown offers the most strategic location on Vancouver Island. At the centre of the region at the intersection of Vancouver Island’s busiest roadways, Uptown is a convenient stop from all directions. 82,000 cars pass by daily. Downtown Victoria is minutes away. And its position on the Trans-Canada Highway and Highway 17 mean direct access to the airport, ferry terminal, University of Victoria and affluent communities across Greater Victoria. With this combination of proximity and accessibility, Uptown is the hub that connects the region.

Experience

Lush landscaping, distinct architecture and vibrant public spaces create a naturally social environment and ideal backdrop for community celebrations. A desirable collection of eateries and public seating areas add to the ambiance, making Uptown a place to spend time and socialize. With 275,000 SF of Class A office, employees benefit from the on-site amenities while adding to the energy that defines Uptown’s culture and identity. This energy will be heightened when residences are added in the next stage of development.

A Thriving Market

The average household income in the Uptown trade area is +$95,000, with 34% of households above $100,000. With an average home price of $824,600 (compared to +$1.6M in Metro Vancouver), residences have significant purchasing power for consumer goods. The unemployment rate is also the lowest in Canada at 3.8%. Lastly, the tech sector is growing, employing +20,000 people in Greater Victoria which bodes well for the future of the region.

What’s Next

With the strong foundation that has been established at Uptown, SHAPE is excited to capitalize on the growth in the Victoria market. Future development phases include residences on the west side of the property and new leasing opportunities. Above all, SHAPE is dedicated to managing and merchandising Uptown to be the social heart of its community and the first choice for relevant retailers, shoppers, office workers and new residents alike.

For leasing inquiries, please contact:
Graham Horton | Vice President, Leasing
O: 604.694.7452 C: 778.238.8160
E: ghorton@shapeproperties.com

Sacha Singh | Leasing Representative
O: 604.694.2251 C: 604.209.0706
E: singh@shapeproperties.com