The Langley advance times has published an article that the mall may be sold. With the new approved sky train going to 203rd street and Fraser Highway, walking distance to the mall, this makes the property a key location for a makeover. What would you like to see there?
First Capital, the owner of the Langley Mall, located in the heart of downtown Langley on 55 and 204 street has recently announced its sale to an as of yet, unknow buyer. One of the saddest retail casualties of the pandemic was the closure of the Army and Navy store, unarguably one of the most recognizable stores located in Langley City. The Langley Mall is home to a variety of stores, from big names like the No Frills supermarket to smaller businesses such as salons, an art store, insurance, and medical stores. The most notable recent addition to the mall was the Mcfrugal’s discount store (part of the Fields chain) that took over the 63000 sq ft space previously occupied by Army and Navy. The increase in rent that is being paid by Mcfrugals, compared to the long-term low rental agreement First Capital had with Army and Navy has created a ‘substantial increase in the properties value’ which led to the sale. In addition to the rental revenue there is the long-term advantage of the proposed sky train station being within walking distance. The sale is not yet a done deal, there are still some conditions to be met but it will be interesting to see what happens to the mall if it does change hands.
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