The listing comes amid a sobering trend of established bars and restaurants facing existential threats.
An old North Vancouver Sailor is facing some stormy seas ahead.
The commercial unit leased by Sailor Hagar’s pub for more than 40 years has been listed for sale at $4.39 million.
The owner of the watering hole favoured by Lower Lonsdale locals says he plans to stay for as long as he can, but at that price, it will not be viable for any hospitality business.
“I guarantee you’re not going to have a restaurant group buy it,” said Yvan Charette. “I don’t see us going anywhere. However, it’ll be interesting to see who buys it.”
Sales at the pub have been steady with live music, bingo, trivia, and sporting events on TV, Charette said. On Friday and Saturday nights, the bar is rammed with patrons “like a house party.” And Charette said they’ve been working on their menu to become more of a lunch destination for the neighbourhood.
But the real estate listing is the latest in a sobering trend of pubs and restaurants facing existential threats. Elsewhere in the neighbourhood, Burgoo and Raglans’ spaces are now closed. The commercial unit leased by Browns Social House at Second and Lonsdale is also listed, though a spokesperson for the parent company said they are still in negotiations with their landlord to stay. And the Pemberton Station Pub is closing June 28.
Charette, who is also the president of the industry organization Alliance of Beverage Licensees, said they are dealing with rising labour, food and energy costs, but the biggest threat to the viability of the neighbourhood pub is government regulations and taxation passed on by commercial landlords to tenants.
“The triple net shared costs of paying your taxes will eventually outpace what we can afford to pay. And at that point, why stay in business?” he said. “It’s not that they don’t have sales. They’re in the same boat as me. We can no longer afford to do business in North Vancouver.”
It’s a warning that the North Vancouver Chamber has been making with growing urgency.
“We’re increasingly concerned about the cost pressures facing businesses on the North Shore. Rising municipal taxes, the BC Assessment valuation process, and triple net lease structures are creating a challenging environment that puts even long-standing establishments at risk,” said chamber president Patrick Stafford-Smith. “Vibrant, locally owned businesses are essential to the economic and social fabric of our community, especially at a destination hub like Lower Lonsdale, and we need to ensure conditions allow them to remain viable.”
Unless something changes, Charette predicted more familiar establishments will be in trouble. That goes especially for the businesses that cater to locals who come to “play darts and have a pint.”
“I’m not sure what’s going to happen with all the smaller retailers up on Lonsdale that are not right on the water. I think it’s not going to be good,” he said. “We’ll ride it out for as long as we can. And that’s that.”