June 30, 2023
CONTRUCTION UPDATE
We are pleased to provide you with an update on our progress for NationWide V Express Auto Wash located at 1035 Lougheed Highway, Coquitlam, BC (the “Coquitlam Property” or the “Property”) as of June 30, 2023.
The 29,287 sq. ft. Coquitlam Property will house Canada’s most modern 5,000 sq. ft., 160’ EDT (Exterior Detail Tunnel) system under the name Express Auto Wash.
This high visibility, high-profile Property is located right on Lougheed Highway. It is strategically positioned on one of the busiest corridors in Greater Vancouver and adjacent to the Trans-Canada Highway. Situated right across from IKEA, this exceptional Coquitlam Property has approximately 56,000 – 63,000 vehicles passing by daily.
SIGNIFICANT PROJECT PROGRESS
With the issuance of the building permit in September 2022, development of the premises and site has made reasonable progress. The contractor has struggled to secure trades but these is a common theme across the construction industry in Vancouver. Since the last investor update in Q1 of 2023, the project has achieved several milestones.
Most significantly, all car wash equipment has been delivered to the site and is being prepared for installation. Also, permanent connectivity with BC Hydro power civil works is complete, and the building will be energized shortly.
Other recent project benchmarks include:
• The tunnel interior pvc panel installation is well underway.
• The car wash mechanical room is in place.
• Civil tie-ins are underway to bring water to the building.
• Roofing installation is almost complete.
• Installation of exterior panel finishes has commenced.
• Final excavation is almost complete for the reclamation tank & rainwater harvesting tank.
Our next Investor Update expects to include an announcement of the opening date. We are currently anticipating a Quarter 4, 2023 opening timeline.
We look forward to providing investors with a more complete report on a fully operational business in our next update.
To download a PDF of this update, click here.
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THE ABOVE INFORMATION IS SPECIFIC TO NATIONWIDE EXPRESS AUTO WASH TRUST AND ITS PROPERTY AT 1035 LOUGHEED HWY, COQUITLAM, BC. TO REVIEW OTHER PROPERTIES RELATED TO NATIONWIDE SELF STORAGE OR EXPRESS AUTO WASH, PLEASE VISIT OUR WEBSITE.
This information is general in nature and does not constitute an offer to sell or an advertisement, solicitation, or recommendation to buy securities. Nothing on these pages constitutes investment, legal or tax advice, nor was it prepared in consideration of the investment objectives, financial situation, particular needs of any specific recipient. There can be no assurance that investments will perform as or be of the quality anticipated. There are risks associated with any investment.