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.
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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.
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Apartment, Development, Retail

Interesting Infill Apartment Building Planned for Commercial Drive

An interesting proposal has surfaced for a 33-foot lot on Commercial Drive at the corner of Napier Street. The site, which is improved with a 2-storey heritage commercial building built in 1908, is now being planned for heritage preservation with an infill apartment building at the rear lane.

Details of the proposal include:

  • retaining the existing 2-storey Heritage B building (now occupied by Moja Coffee)
  • a new 5-storey infill residential building with 8 rental apartment units at the rear of this site;
  • a maximum height of 48.5 feet;
  • a density of 2.70 FSR (10,108 SF);
  • one-car share parking space having vehicular access from the lane;
  • removal of one street tree on Napier Street.

Under the site’s existing C-2C1 zoning, the application is conditional and requires the approval of the planning department. For this project, relaxations would be required on building height and some setbacks. The application references incentives under the Rental 100 program.1102 Commercial_31102 Commercial

1102 Commercial_1

View from Napier St – existing heritage building on the right

1102 Commercial_2

View from rear lane

The architect for the project is Cornerstone Architecture.

The property was listed for sale in 2013 and sold for $1,690,000, which equates to approx. $125 per buildable SF when the existing building is taken to account.

May 4, 2016by david.taylor@colliers.com
Development

6-Storey Building Planned for Emerging Area of Marpole

An application has been submitted to rezone an 11,500 SF mid-block site at 8815-8827 Selkirk Street. Th plan is to rezone from the current MC-1 industrial zoning to allow for a 6-storey mixed-use building. The proposal is being made under the Marpole Community Plan, and the project includes:

  • 33 residential units;
  • 24 one-bedrooms, 6 two-bedrooms and 3 three-bedrooms
  • 2,408 SF of commercial space on the ground floor;
  • a building height of 61 ft.;
  • a total density of 2.96 FSR; and
  • 36 vehicle parking spaces and 42 bicycle spaces.

The site is currently improved with two older lowrise office/industrial buildings. The area south of West 70th Avenue has potential for new residential buildings, but so far has been slower to develop than other more established residential areas of Marpole.

8815 Selkirk 8815 Selkirk_1 8815 Selkirk_2The architect for the project is Wilson Chang.

May 4, 2016by david.taylor@colliers.com

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David Taylor Personal Real Estate Corporation

Colliers International

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David Taylor

Senior Vice President, Colliers Canada

David Taylor is a Senior Vice President at Colliers International in Vancouver, BC, specializing in the sale of commercial real estate across Metro Vancouver. He has sold over $1.7 Billion in office buildings, retail properties, apartment buildings and development land since 2004.

Vancouver Market chronicles investment and development activity in Metro Vancouver, including sale prices, cap rates, $/SF metrics, and market context for commercial real estate transactions.

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