Bayview Shopping Centre has been purchased in what has been reported as the country’s largest property sale of the year.

According to a Financial Post article, the high-end mall was purchased conditionally for $500 million by a group representing British Columbia Investment Management Corp. after a bidding war over the property.

“Sources indicate the buyers might be seizing on the development opportunity to put high-rise condominiums in the parking lot,” the article also reads.

When Post City inquired about the purchase, British Columbia Investment Management Corp. spokesperson Gwen-Ann Chittenden said the company does not comment on transactions before they have closed.

“Given that this is still in process, we would not be able to answer any questions about the transaction,” she said.

Located at Bayview Avenue and Sheppard Avenue East, the over 400,000-square-foot property is within the Bayview Village Association (BVA)’s boundaries.

“The mall is a beautiful place and most likely one of the nicest in the city as attested to by the numbers of frequent shoppers,” said association president Jan Siegel in an email to Post City.

Regarding what the future could hold for the mall, Siegel said it seemed early to comment. However, “As always, BVA’s issues would be with increased traffic, congestion, density and building heights [regarding] shadowing, as it is our mandate to focus on a safe, friendly and communal neighbourhood for all residents,” Siegel said.

Bayview Village Shopping Centre was still listed on the Orlando Corporation’s website, under the retail leasing section, at press time where it is described as a “classic example” of “the [c]ompany’s strategy of pursuing niche opportunities.”

“I don’t know what the change is going to bring, but it says a lot about the shopping centre for such a high ticket price,” said Rachel Walters, an account executive with Faulhaber Communications, the agency of record for Bayview Village Shopping Centre.

Walters spoke of the mall’s luxury and the high-quality shopping experience it offers, also noting the condominiums in the area and the site’s proximity to the subway station.

“I’m not surprised that it was so highly touted in terms of this bidding war that we’ve all heard about,” Walters said.

Bayview Village Shopping Centre has more than 110 retailers such as Pink Tartan, Luisa Cerano and Brooks Brothers.