A White Rock real estate agent says increasing rent on Marine Drive is proving to be a challenge for waterfront businesses.
Jeff Copland met with Peace Arch News after PAN was notified that a waterfront business owner was recently asked to sign a new lease that proposed a 25 per cent rent increase.
Copland estimated that commercial rent on the waterfront averages between $40-$50 per square foot, with some owners asking close to $55 per square foot.
He said rent needs to be less than $40 per square foot for “anything to make sense down here.”
Waterfront business owners are paying prices comparable to Downtown Vancouver, but with less foot traffic, he said.
SEE ALSO: Restaurateurs share concerns on Marine Drive
SEE ALSO: More businesses leave White Rock’s Marine Drive
“For here, it’s seasonal. You come down here in the winter time, it’s tough,” Copland said. “The rents are definitely the highest in South Surrey/White Rock area but we have the most inconsistent traffic throughout the year.”
Rent is generally more affordable on East Beach, Copland said.
He noted Joseph Richards Group left Marine Drive because they couldn’t make the numbers work, “and that was about $45 per square foot.” JRG owned the Oceanside Yacht Club Public House, located in the old Ocean Beach Hotel building. He said the owners of the property are going to re-open the Ocean Beach restaurant.
SEE ALSO: Marine Drive restaurants issue call to action to City of White Rock, BIA, Chamber
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Copland said although a few landlords are trying to “push it,” not every owner is making it unaffordable.
“I sold Rock City Burgers and he actually reduced (rent), which is very rare,” Copland said.
He said big companies are hesitant to open up shop on Marine Drive because they’re cautious about working out of older buildings.
“The beach, these buildings are 60 years old, they’re still charging at rates as if it’s new construction.”
Noting that he’s in support of the dogs on the promenade trial project, Copland said there’s more the city can do to bring people to the beach.
He suggested a playground, bike area, closed in dog park, marina, and a floating waterpark.
In early 2019, the White Rock Business Improvement association drafted a plan to support struggling businesses.
In a newsletter circulated to its members, the BIA outlined its plan to advocate for removing city’s patio fees, bringing back tourism signage on Highway 99, and making sure pier reconstruction didn’t impact parking lots or access to the promenade.
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