Grosvenor has acquired full ownership of the Broadmead Village shopping centre in Victoria, British Columbia, marking one of the first large retail real estate transactions in Canada in 2026. The acquisition values the open-air, grocery-anchored centre at $95.5 million and sees Grosvenor buy out its long-time joint venture partner after nearly three decades of shared ownership.
Located at 777 Royal Oak Drive, Broadmead Village sits immediately east of the Patricia Bay Highway in the heart of the Saanich peninsula on Vancouver Island. The property has been jointly owned since 1997 by Grosvenor and ADMNS, a subsidiary of the Manitoba Civil Service Superannuation Board pension plan, each holding a 50 percent interest. Grosvenor has now acquired ADMNS’s stake for $47.75 million, consolidating full ownership of the asset.
Broadmead Village technically comprises two legal parcels, 777 Royal Oak Drive and 801 Royal Oak Drive. Grosvenor confirmed that the transaction relates solely to 777 Royal Oak Drive, which is assessed by BC Assessment at $85,854,000 as of July 1, 2025. The adjacent parcel at 801 Royal Oak Drive is home to a Canadian Tire store and is assessed at $11,152,000.
The 777 Royal Oak Drive parcel was previously held under ADMNS Broadmead Investment Corporation and is now owned through Broadmead GP Limited, under Grosvenor Canada Limited. Ownership of the Canadian Tire parcel was not disclosed, though Canadian Tire frequently holds its real estate through CT REIT.
A Grocery-Anchored Neighbourhood Centre
Excluding the Canadian Tire parcel, the Broadmead Village shopping centre spans 128,018 square feet across 12.74 acres. It is anchored by Thrifty Foods, the Sobeys-owned grocery chain, and features a mix of specialty retailers and nationally branded services that cater to the surrounding residential community.
In 2012, the property underwent an extensive modernization, which earned Bronze, Silver, and Gold accreditations from the Building Owners and Managers Association Building Environmental Standards program. The renovation reflected Grosvenor’s long-term ownership approach and positioned the centre as a leading neighbourhood retail destination on Vancouver Island.
Grosvenor described the centre as one of the strongest performers in its Canadian portfolio, citing consistent leasing momentum and a tenant mix that has historically delivered low vacancy and limited turnover. According to the company, the centre’s grocery anchor and daily-needs retail focus have helped insulate it from economic volatility.
Long-Standing Partnership Comes to a Close
Ian Cameron, Senior Portfolio Manager for Real Estate at the Civil Service Superannuation Board, said Grosvenor’s stewardship of the property played a key role in the success of the long-running partnership. He noted that Broadmead Village has delivered strong performance over decades and credited Grosvenor with transforming the centre into one of Vancouver Island’s top-performing grocery-anchored retail plazas.
The transaction concludes a nearly 30-year joint ownership structure and reflects a strategic rebalancing for both parties. For Grosvenor, the acquisition deepens its exposure to a proven retail asset class within a priority Canadian market.
Strategic Fit Within Grosvenor’s Canadian Portfolio
Robert Duteau, Senior Vice President of Investment for Grosvenor Property Canada, said the acquisition aligns closely with the company’s broader Canadian growth strategy. He emphasized that the transaction highlights Grosvenor’s strengths as both an owner and operator of large-scale assets, building on its experience with mixed-use developments such as The Rise, Connaught, and Grosvenor Ambleside.
Duteau also signaled that future redevelopment potential is part of the long-term view for the site. He stated that acquiring grocery-anchored retail at scale, with the possibility of future redevelopment, is a key focus for Grosvenor in Canada. Across the country, owners of well-located shopping centres have increasingly explored redevelopment options as a way to unlock additional land value.
Grosvenor’s Long History and Canadian Footprint
Grosvenor’s origins date back to 1677, when the estate of Sir Thomas Grosvenor was established in the United Kingdom. The privately owned international property company remains under the control of the Duke of Westminster and operates across multiple continents and property sectors.
In Canada, Grosvenor has been active for more than 70 years and maintains a diversified real estate platform centered largely in British Columbia. In addition to the Broadmead Village shopping centre, its explicitly disclosed Canadian assets include Annacis Business Park, an industrial hub on Annacis Island, and Brentwood Block, a pedestrian-focused, master-planned mixed-use community in Burnaby that began construction last year.
As of December 31, 2025, Grosvenor Property Canada reported approximately $2.8 billion in assets under management. The company positions itself as a long-term owner and developer, with a focus on operational excellence, sustainability, and transit-oriented, mixed-use communities.
Significance for Canadian Retail Real Estate
The acquisition shows continued institutional confidence in grocery-anchored neighbourhood retail, particularly in supply-constrained urban markets. With its stable tenant mix and strong local demographics, the Broadmead Village shopping centre represents the type of defensive retail asset that has attracted sustained investor interest, even as other retail formats face greater volatility.
