Vancouver Market - Tracking commercial real estate investment sales across Metro Vancouver — sale prices, cap rates, and $/SF data for apartment, retail, office, land, and development transactions. By David Taylor, SVP at Colliers International Canada.
Development

Coquitlam Casino Hotel Approved

By Jeremy Deutsch, Coquitlam Now August 1, 2012
 
Gamblers at the Boulevard Casino in Coquitlam will soon have a place to rest their head after a night of furious action at the tables.

On Monday, Coquitlam city council gave the final approval for the Great Canadian Casino Corp. to build a hotel and conference facility at the site of the casino on United Boulevard.

The plan is to build a 10-storey, 176-room hotel along with a new café and banquet and conference space.

The project also includes providing 1,767 parking stalls, 233 more than required under zoning.

Read more: http://www.thenownews.com/news/Casino+hotel+approved/7021987/story.html#ixzz22KGBSxJ8

August 1, 2012by david.taylor@colliers.com
Investment, Office

1827 West 5th Avenue Vancouver, Sold

A local investor group has acquired 1827 West 5th Avenue, a 2-storey office building and parking lot located on West 5th Avenue in the Kitsilano area just west of Burrard Street. The building is 11,300 sq ft and is fully leased to KPMG for a term of two years with three one year renewal options.The site area is 11,200 sq ft.

The purchase price was $6,280,000, representing a 5.0% cap rate on existing income. The zoning for the property is RM-4 and C-3A, which permits redevelopment in the future.

August 1, 2012by david.taylor@colliers.com

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