Gateway Mall in Prince Albert is heading to auction with a starting bid of $999,000, months after its owners challenged a reassessment that nearly doubled the property's tax bill. (Image Credit: www.fre.com)

By paNOW Staff

"Significantly below market value"

Gateway Mall headed to auction with $999K starting bid

Jun 9, 2026 | 5:00 PM

Gateway Mall is heading to public auction with a starting bid of $990,000, a price far below its previous listing price of $5.8 million.

According to an offering memorandum from FRE Auctions and Avison Young, the 324,099-square-foot shopping centre in downtown Prince Albert is being marketed as selling “significantly below market value.”

The auction comes less than a year after the mall’s owners challenged a dramatic increase in the property’s assessment and tax bill, arguing the valuation did not reflect market realities.

As previously reported by paNOW, the company that owns the mall, 1540709 Ontario Ltd., appealed a 2025 reassessment that increased the property’s value to nearly $35.5 million. The reassessment resulted in the property’s annual tax bill rising from $521,118 in 2024 to $931,790 in 2025.

In a letter to Prince Albert city council last September, representatives for the ownership group said the assessment did not align with the property’s commercial value. The letter noted the mall had been listed for sale at $5.8 million and said findings from real estate brokerage firms did not support the reassessed value. The owners also pointed to lower retail sales, retail bankruptcies, business downsizing and increased competition from new retail development in the city as factors affecting the mall’s financial position.

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Council ultimately declined a request for tax relief but approved a penalty-free period on outstanding taxes while the appeal process proceeds.

According to the offering memorandum, Gateway Mall is approximately 62 per cent occupied and home to 34 tenants. Retailers currently include Dollarama, The Brick, Urban Planet, Ardene, Foot Locker and Paris Jewellers.

The property sits on roughly 14.8 acres and remains one of Prince Albert’s largest retail centres.

The auction documents describe the mall as a value-add investment opportunity with potential for increased leasing and future redevelopment.

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panews@pattisonmedia.com

by paNOW Staff

Gateway Mall headed to auction with $999K starting bid

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