Vancouver Island's largest shopping mall listed for sale | Daily Hive

Colliers International

Five years after it last changed hands, Woodgrove Centre in Nanaimo — the largest shopping mall on Vancouver Island — is once again up for sale.

The property is currently owned by B.C. billionaire Weihong Liu, who has made a series of high-profile retail acquisitions in recent years. Liu purchased Woodgrove Centre in 2020, followed by Mayfair Shopping Centre in Victoria in 2021, and Tsawwassen Mills in 2022. These properties are held under her Central Walk development company.

Located next to Island Highway on the northernmost outskirts of Nanaimo, the 62-acre property is a suburban-style mall, with about 773,000 sq. ft. of leasable retail space largely within its indoor mall structure. There is also some outdoor retail with a strip mall setting.

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According to the listing by Colliers International, there are currently over 130 tenants at the property, including anchor tenants Walmart, Save-On-Foods, Avalon Cinema, Sport Chek, Winners, Toys ‘R’ Us, and Indigo (Chapters).

By early summer, Woodgrove Centre is expected to lose one of its largest and oldest anchor tenants — the Hudson’s Bay department store, which occupies a two-level wing. Liquidation is well underway as a part of the retailer’s nationwide closure.

Woodgrove Centre in Nanaimo. (Colliers International)

Much of the property is currently used as surface vehicle parking, with nearly 3,700 stalls surrounding the indoor mall structure.

Liu had previously indicated her intention to pursue major mixed-use residential and retail redevelopments of Woodgrove Centre. Shortly after acquiring Mayfair Shopping Centre, Central Walk released preliminary concepts by Ascend Planning and Cascadia Architects to begin the formal application process with the City of Victoria. As well, Liu is aiming to make major improvements to Tsawwassen Mills that pivot the property toward more entertaining and dining experiences.

The decision to dispose of Woodgrove Centre coincides with Liu’s much-publicized recent announcement of her intention to snap up numerous Hudson’s Bay properties following their imminent closure.

In late March, Liu reportedly announced on a Chinese social media platform that she intends to buy dozens of Hudson’s Bay stores. She shared that she has been touring flagship store locations across the country, with a desire to help revitalize Canada’s retail industry and support jobs.

The process to sell Hudson’s Bay leases and properties is currently underway, with the transactions expected to be finalized in June 2025.

Woodgrove Centre in Nanaimo. (Colliers International)

Woodgrove Centre was first built in 1981, opening with Eaton’s and Woodward’s as its original anchor tenants. It underwent several major expansions in the early 2000s.

According to BC Assessment, as of July 2024, the property is worth about $230 million, including $126 million for the land value and $104 million for the structural value.

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