The Sun Rivers Resort Community in Kamloops is up for sale, a deal complicated by the fact it is built on leasehold land that was formerly part of a First Nations land reserve.
Mark Lester, senior vice-president of JLL Specialized Asset said owners of the giant golf and residential development are seeking an investor “to assume some or all of the partnership units and the related assets and operations.”
No price estimate was released.
It has been listed by JLL for the Sun Rivers Limited Partnership.
The development is built on 460-acres that is covered by a 99-year pre-paid lease agreement with the Tk’emlups te Secwepemc First Nations that began in the late 1990s.
The sale offering includes remaining residential density for more than 1,000 homes, a village centre with density allocation for a hotel and commercial development, additional multi-family housing and a community centre.
It also includes an 18-hole golf course designed by Graham Cooke, a restaurant and a pro shop facility.
Under the unique leasehold title agreement with the First Nations band, the head lease for all of Sun Rivers is actually held by the federal government under a crown land lease. The crown lease expires June 30, 2115, but included an additional 20-year term covering the initial development phase.
In an explanatory statement, the Tk’emlups te Secwepemc First Nations states, ”Title to the land remains in the name of the federal government and has been assigned to Sun Rivers for a period of 99 years, plus a development period. Buyers at Sun Rivers buy a subdivided piece of the leasehold title.”
Lester said that, with the head lease held and controlled by the federal government, "It is perhaps the most secure land lease possible."
