Investment for Sale

Newport Center

Winnipeg, MB

  • Available Space: 153,343

Capital Commercial Investment Services is pleased to offer for sale a 100% interest in Newport Center on behalf of our client.

Newport Center is a fully repositioned, 18-storey, 150,163 sq. ft., signature office building located at 330 Portage Avenue, on the Southwest corner of Portage Avenue and Hargrave Street in Winnipeg, Manitoba. The offering also includes 340 Portage Avenue, a 2-storey, single-tenant, 3,180 sq. ft. retail building located directly adjacent to 330 Portage Avenue (referred to collectively as the “Property”). On a combined basis, the Property consists of a total of 153,343 sq. ft. of gross leasable area (“GLA”).

The Property is 88.9%* occupied with a weighted average lease term of 4.8 years* to a strong mix of long-term corporate tenants along with various provincial and federal government departments who, on a combined basis, represent just over 50% of the overall rentable area. The Building offers above-ground walkway connectivity with direct access into the Canada Life Centre, in a strategic location along Portage Avenue with excellent exposure within Winnipeg’s downtown core.

confidentiality agreement

investment highlights

  • Prominent Location: The Portfolio is strategically located in the heart of Winnipeg’s downtown on its most prominent artery, Portage Avenue. Newport Center is directly connected to Winnipeg’s above ground walkway system, linking it to key sites including Canada Life Centre, True North Square, Portage Place, the RBC Winnipeg Convention Centre, Cityplace and Portage & Main, providing the asset with climate-controlled access to parking and numerous retail amenities.
  • Fully Renovated Asset: Newport Center has undergone a major capital improvement program over the past five years including a full curtain wall replacement, major lobby renovations, mechanical upgrades, elevator cab replacements, building standard blinds and common area LED lighting replacements. Over $8.5M in capital has been spent over this period.
  • Stables In-Place Income: The existing rent roll offers a WALT of 4.8 years* and offers a staggered lease expiry profile which provides predictable cash flow and a Year 1 NOI of $2,319,679*. There is also significant upside in the rent roll in the lease-up of the existing office and retail vacancy.
  • High Quality Tenancy Profile: Newport Center offers a high-quality mix of government and corporate tenancies. The largest single tenant is the Winnipeg Regional Health Authority (WRHA) who occupy a total of 26,925 sq. ft. in the Building. On a combined basis, various federal and provincial governments occupy just over 50% of the total net rentable area of the Building.
    *inclusive of headlease (7% of GLA)