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Sunday, May 19, 2024

HBC building in downtown Vancouver could be sold for close to $1B

Hudson’s Bay announced Monday that the company plans to sell their downtown Vancouver store at 674 Granville Street.

The six-storey building with its Corinthian columns was built in 1927, and was built on the site of a previous HBC store from 1893.

The interior of the building has been extensively renovated in recent years, with a new men’s department added to the sixth floor, and a high-end women’s department called The Room on the second floor. TOPSHOP currently occupies the basement level, and the sub-basement has several licensed retailers including Starbucks and Nespresso.

“We are exploring a sale of this flagship property as the Vancouver real estate market has appreciated significantly over the past several years. While no decision to sell has been made, we continue to explore opportunistic transactions to enhance shareholder value,” said Richard Baker, HBC’s governor, executive chairman and interim CEO. “We are committed to operating our Hudson’s Bay store at this location and any possible sale would include the continued operation of Hudson’s Bay at this property.”

Hudson’s Bay would continue to leaseback the property in the event of any sale. The Globe and Mail reported that the sale of the downtown Vancouver store could fetch up to $900 million.

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Peter Meiszner
Peter Meiszner
Peter Meiszner is an experienced journalist and media relations professional, based in Vancouver. As founder of urbanYVR.com, he has been reporting on urban development across the Lower Mainland since 2016, and has also served as vice-chair of the Gastown Historic Area Planning Committee. In October 2022, he was elected to Vancouver city council and is no longer actively reporting for urbanYVR.

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