TH a Classified 986-6222 Distribution 986-1337 76 pages 25¢ Suly 7, 1989 News 985-2131 GUINNESS FAMILY TO SELL PRIME WEST VANCOUVER PROPERTY ‘sSpriakier at the Mabon Park water” her heels by sitting o the, mercury: starts to. favorite spot for chlldres - TEWDERS CALLED FOR SHOPPING CENTRE SITE WEST VANCOUVER’S Park Royal Shopping Centre is officially on the sales block. By TIMOTHY RENSHAW News Reporter Representatives of British Pacific Properties Ltd. (BPPL), the Guinness family company that ewns the shopping centre, con- firmed Wednesday that its cor- porate parent will invite purchase tenders on the Park Royal proper- ty. In a prepared = statement, chairman of the BPPL board Gerald McGavin said the Park Roya’ dea! will likely be made thro. gh the sale of Storrington In- vestm:ent Co. Ltd. shares. Storr- ingto. owns all the shares of BPPL. McGavin said the Guinness fam- ily has decided to sell its interest in the shopping centre because ‘‘they realize that the centre and its ad- joining lands offer significant op- portunites for expansion and fur- ther development. This they feel should involve, over a period of years, a greater concentration of their Canadian resources than they are prepared to commit.” The investment house of Burns Fry Ltd. has been hired to find potential purchasers, but no negotiations for the property have taken place thus far. BPPL president Peter Finch said only the company’s Park Royal in- terests will be sold. He said all other BPPL assets, ‘including its extensive mountain- side land holdings in West Van- couver, which currently total about 2,400 acres from the British Pro- perties west to the Caulfeild area, will be transferred to a new Guin- ness-owned company that will preferably adopt the British Pacific Properties Ltd. name. The moun- tainside property will continue to be developed by the company. BPPL originally acquired ap- proximately 4,700 acres of West Vancouver property from the municipality in 1931 as part of a deal in which the company was re- quired to invest $1 million in area development. The multi-million dollar Park Royal site includes the shopping centre, which is approximately 870,000 square feet, the 35,000 square foot Lions Gate. Lanes bowling alley, the 30,000 square foot Famous Players twin theatres and the 135,000 square foot Kapilano 100 building. Finch said there is potential for an additional one million square feet of development on the site. The north side of Park Royal sits on property owned by BPPL, while the side south of Marine Drive sits on land teased from the Squamish Indian Band. Park Royal was the first regional BPPL’s extensive mountainside land holdings in West Vancouver, which currently total about 2,400 acres Srom the British Properties west to the Caulfeild area, will be transferred to a new Guiness- owned company. shopping mali of its kind in Canada when it cpened Sept. 1, 1950 with a major department store anchor tenant, 20 additional shops and off-street parking for approximately 750 vehicles. It has since grown to include three major department stores, 190 shops and parking for 5,000 vehi- cles. West Vancouver Mayor Don Lanskail said the municipajity had enjoyed a good relationship with the Guinness family, ‘‘So we are sorry that they have decided to divest themselves of a mnajor part of their holdings. But we are also happy that they will remain as proprietors of their land bank here. We will be very interested to jearn who the purchasers are and hope they measure up to the standards of the Guinness family."’