Vancouver Island’s largest shopping mall is up for sale.
The listing for Nanaimo’s Woodgrove Centre was posted by Colliers International on Tuesday, a little more than a week after the mall’s billionaire owner, Weihong Liu, announced on social media her intention to buy “dozens” of Hudson’s Bay stores.
Liu is chair of Nanaimo-based company Central Walk, which also owns Mayfair Shopping Centre in Victoria, Tsawwassen Mills outlet mall on the Lower Mainland and Arbutus Ridge Golf Club in Cobble Hill.
Colliers senior vice-president Morgan Dyer, based in Vancouver, said the asking price for Woodgrove is not being made public.
B.C. Assessment records show the value of Woodgrove properties along Island Highway North at about $230 million.
The 775,000-square-foot Woodgrove Centre is spread out over 62 acres in Nanaimo’s north end. It has more than 140 stores — including one of the Hudson’s Bay locations being liquidated across the country.
Colliers said the offering process to potential buyers requires a confidentiality agreement where qualified parties will be provided with information and documents on the property.
Dyer did not provide any specifics, but called the sale “a rare opportunity” and said that there has been interest from potential buyers.
The Times Colonist reached out to Central Walk for comment but did not immediately hear back.
Woodgrove opened in 1981 and is anchored by a Walmart Supercentre, Save-On-Foods, Avalon Cinema, Toys R Us, Sport Chek, Winners and Indigo along with the Bay.
Colliers said in its sales brochure that nearly six million shoppers visit the mall every year.
Central Walk acquired Woodgrove in 2020. The following year, Central Walk acquired Mayfair Shopping Centre.
Liu outlined her plan to buy Hudson’s Bay stores in a series of videos posted on Chinese social network RedNote, and indicated plans to hold a news conference on April 18.
The Bay filed for creditor protection in March with debts at more than $1 billion.
Liu has been touring Hudson’s Bay flagship locations across the country with Richmond-based videographer and real estate agent Linda Qin.
“Everyone has a responsibility to unite and invigorate the retail industry, invigorate Canada and to solve the employment issues that are coming,” Liu said in a social media video post.
The deadline for declaring intention to purchase or invest in Hudson’s Bay’s remaining assets and intellectual properties was on Monday, with actual bids due at the end of the month.
In a video posted March 28, Liu said she wants to buy “dozens” of stores, calling it an opportunity that will only come around once every 300 years.
dkloster@timescolonist
— With files from Michael John Lo
