October 31, 2021
As previously reported the NationWide Express Auto Wash Trust (“NationWide“) investment program for our development property in 1035 Lougheed Highway in Coquitlam, BC (the “Coquitlam Property”) was well received by the capital markets and as such we are fully subscribed, and the offering closed in record time by March 2021.
BTY Group (“BTY”) has been our Project Manager of choice for all NationWide developments, and they have also been appointed as Project Manager for the Coquitlam Property.
BFA Studio Architects (“BFA”) has also been engaged by NationWide to provide both architectural and engineering services. BFA is experienced in designing and engineering several other multi-level urban self-storage buildings and we are happy to work with them again on this project.
DEMOLITION AND DEVELOPMENT PERMITS
The Development Permit was submitted in May 2021 to the City of Coquitlam. BFA had received initial comments back from the City of Coquitlam and the application was re-submitted in August. The target for receipt of the Building Permit is February 2022.
VISIBILITY & TRAFFIC
The Coquitlam Property is situated on a corner lot right on Lougheed Hwy across from IKEA. Lougheed Hwy is 150 km (90 miles) long and is also known as British Columbia Hwy 7 and is widely used alternative route to Hwy 1 through the Lower Mainland region. Hwy 7 (Lougheed Hwy) is an important link for travel and goods movement at the local, regional, and provincial level. In 2018, Hwy 7 saw an Annual Average Daily Traffic “AADT”) count of approximately 56,000 to 53,000 vehicles a day, split eastbound and westbound.
CAR WASH DETAILS
|Car Wash Business Name||Express Auto Wash|
|Car Wash Cost||$6,500,000 (approx. – building and equipment installed)|
|Facility Size||5,000 sq. ft. (building only) with a 160 ft. express EDT tunnel|
|No. of Car Washes||Up to 158 per hour|
|No. of Vacuum Booms||Approx. 10 dual-nozzle pivot vacuum stations|
|Est. Income Sources||Car wash cost: $9- $19 per wash|
Vacuuming cost: $3 per 5 minutes
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|Express Auto Washemail@example.com||@ExpressAutoWashCanada|
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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.