Article
CBRE Sells 75k SF Industrial Property in Duncan, B.C.
June 29, 2026 3 Minute Read
CBRE’s Chris Rust recently brokered the sale of 2975 Allenby Rd., a 75,192 sq. ft. industrial facility in Duncan, B.C.
“I love the uniqueness of this offering,” says Rust, co-founder of CBRE’s Victoria office. “The sheer scale of it is something you don’t see very often on Vancouver Island, a land constrained market with smaller industrial buildings typically around 2,000 to 10,000 sq. ft.”
CBRE represented the private vendor, which sold the property to a private purchaser from Vancouver for close to $11 million.
Large Offer, Limited Supply
Located close to Highway 1 in Duncan, about an hour north of Victoria, 2975 Allenby Rd. is in a great position to service the Mid and Lower Island.
The property was purpose-built in 1994 for Pacific Energy Fireplace Products (later acquired by NIBE) and features eight loading doors, two floors of office space, a research and development building, and a paved yard with space for 140 parking stalls across 5.47 acres of land.
“To get something that is as significant as 75,000 sq. ft. on five acres of land is really special,” says Rust. “It was also sold at a tremendous value for the purchaser, who will acquire the property at higher than the 6.3% advertised cap rate.
While Duncan is remote compared to other industrial markets, the strength of the covenant of the previous tenant provided assurance to prospective purchasers of 2975 Allenby, says Rust. “They were confident their investment was going to be safe.”
Banking On Predictability
While the Greater Victoria industrial market has seen availability increase recently, secondary nodes like Duncan face tighter conditions due to lack of new supply and a limited development pipeline.
That means highly functional, large-scale properties are quickly absorbed by investors and owner-occupiers alike.
“You get a premium on the island over what you would on the Lower Mainland,” Rust says. “That goes for all asset classes, multifamily included.”
“In the case of 2975 Allenby, its size is fairly decent, even when compared to Lower Mainland opportunities.”
Rust adds that with a limited supply of industrial land on the island, buyers can bank on predictability.
“Industrial is a long game here,” he says. “No matter what the market does from quarter to quarter, it’s generally a safe bet for investors.”
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