A prominent retail property in Surrey, Guildford Place, is now at the center of a foreclosure proceeding after financial troubles have plagued Landmark Premiere Properties, a real estate development firm based in Vancouver. The retail complex, located at 10310-10340 152nd Street, is co-owned by Landmark Premiere and Cenyard Investments. The foreclosure follows multiple insolvency issues the company has faced in recent months, signaling a deeper financial struggle.
Guildford Place Retail Complex: A Key Property in Surrey
Guildford Place is a significant retail development situated directly east of Guildford Town Centre, one of Surrey’s largest shopping malls. Spanning over three acres, the property houses well-known tenants such as Anytime Fitness, Tim Hortons, and Papa John’s. It was purchased for $38 million in April 2018 but now finds itself at the center of legal proceedings.
Owned under Guildford Mall Holdings Ltd. and managed by Landmark Premiere and Cenyard Investments through Landmark Cenyard Guildford Properties Ltd., the property is facing serious financial uncertainty. The foreclosure application was filed on April 28, 2025, by Brilliant Phoenix Mortgage Investment Corp., a lender that entered into a mortgage agreement with the property owners in October 2023 for a principal loan of $5.5 million.
The Foreclosure Details and Outstanding Debt
The foreclosure stems from the failure to repay the loan, as the borrowers have not made the required periodic payments of principal and interest. As of April 30, the outstanding amount on the mortgage had risen to $5,769,094.52, a relatively modest sum compared to the BC Assessment valuation of $43,342,000 for the property. Despite the value of the property, the lenders have applied for an order nisi of foreclosure, which would confirm the debt and establish a deadline for the borrowers to repay in order to prevent the foreclosure.
Additionally, the lenders have sought an order for the conduct of sale, which would allow them to sell the property if the loan is not redeemed. The interest on the outstanding debt is accruing at a high rate, set at the RBC Prime Rate + 25% per annum after April 30.
Landmark Premiere’s Wider Financial Challenges
The foreclosure of Guildford Place is only the latest in a series of financial difficulties for Landmark Premiere Properties. This marks the third insolvency proceeding the company is currently involved in. The first insolvency case, reported in January 2025, involved the Shawn Oaks project, located at 5508-5585 Oak Street in Vancouver. Landmark Premiere had planned to build three residential towers with 600 units on the 3.2-acre property, but the project faced setbacks after two of its partners—who held a 70% stake—stopped making shareholder payments. This forced Landmark to shoulder the financial burden, resulting in insolvency.
The Shawn Oaks property was placed under receivership in February 2025, with the company owing significant amounts to both Trez Capital ($71.7 million) and Peterson Group ($27.4 million). The property was subsequently listed for sale in April as part of a court-ordered process.
In response to these issues, Landmark Premiere issued a statement calling the financial troubles an “isolated issue,” asserting that the insolvency arose because of non-payment by partners. However, the Guildford Place foreclosure further suggests that the company is struggling to stay afloat.
Impact on Guildford Place Tenants and Surrounding Area
The foreclosure of Guildford Place raises questions about the stability of the tenants operating within the retail complex, as well as the broader implications for the area. The surrounding properties, such as the Esso Gas Station and McDonald’s located near Guildford Place, are not affected by the foreclosure, as they are separately owned. Nevertheless, the potential sale of Guildford Place could have ripple effects on the local commercial landscape, depending on the new ownership structure and the future of the retail space.
With high-profile tenants like Tim Hortons and Papa John’s in place, the retail complex is a key property in Surrey, and the outcome of the foreclosure proceedings could influence the market in the region.
The Path Forward for Landmark Premiere and Guildford Place
As Landmark Premiere faces mounting financial difficulties, it remains to be seen how the company will address its outstanding debts and work toward resolving its ongoing insolvency issues. The foreclosure of Guildford Place is another chapter in a larger story of financial instability for the company, raising concerns over its future prospects and ability to recover from these setbacks.
The fate of Guildford Place will ultimately hinge on whether Landmark Premiere can successfully negotiate a resolution with its creditors or if the property will be sold to new owners. The outcome of this foreclosure will undoubtedly have significant implications for Landmark Premiere Properties, its investors, and the local community in Surrey.
