An air space parcel at Robson and Denman containing 3 retail units has been sold by Canada Safeway. ‘The Shops on Robson’, 1716-1798 Robson Street was offered for sale by Safeway in the fall of 2012. The 13,203 sq ft property was built in 2008; is fully leased to Vancity, BC Liquor and CIBC, and is shadow anchored by the Safeway store located above. The $23,500,000 purchase price represents a 5.8% cap rate and a 6.3% cash-on-cash return. The buyer was a local investor.

Cressey Development has applied to the City of Richmond to rezone 5640 Hollybridge Way in the Oval Village area of Richmond to build 244 residential units. The development includes:

• Two market residential buildings of 14/15 stories facing Lansdowne Road with a total of 218 units, located above commercial space on the ground and second floors.
• A 5-storey block facing Elmbridge Way with a 5,000 SF childcare facility and 15 affordable housing units located above street-oriented commercial space.
• Street-oriented commercial space with two levels of parkade located above.
• A block of 13 townhouses and street-oriented commercial space facing Hollybridge Way.

The site’s designation within the City Centre Area Plan allows for 2.0 FAR residential, with a requirement for 5% affordable housing and 1.0 FAR commercial. The total density proposed is 2.67 FAR (0.67 FAR commercial).

Source: City of Richmond