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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Investment, Retail

Ackroyd Plaza Sells in $102MM Deal

In one of Vancouver’s largest retail deals of the year, Ackroyd Plaza, a 6.8 acre strip retail centre at Ackroyd Road and No. 3 Road in Richmond, has sold to a local investor.

Major tenants include PriceSmart Foods, White Spot, Boston Pizza and a BC Liquor Store.

The 106,000 SF plaza is currently zoned Downtown Commercial District allowing a maximum floor area ratio of 3.0. Richmond’s City Centre Area Plan designates the site as Urban Core (T6) and Village Centre which allows a maximum density of 4.0 FAR. The existing improvements are only built to a 0.36 floor area ratio, thus representing approximately 1,000,000 sq ft of residual density, therefore the purchase price was based more on the land value then the existing income. The cap rate was well below 3%.

aerial_2015

September 17, 2015by david.taylor@colliers.com
Development

7-Storey Building Planned for Cambie Corridor

Pennyfarthing Homes has applied to the the City of Vancouver to rezone a 23,625 SF site at 4976-5010 Cambie Street from RS-1 to CD-1 to allow a 7-storey residential building, the retention and heritage designation of the Wong Residence at 5010 Cambie Street, and a laneway house at the rear of the site. The proposal includes:

    • 49 residential units;
    • retention and heritage designation of the Wong Residence at 5010 Cambie Street;
    • a maximum building height of 90 ft.;
    • a density of 2.46 FSR; and
    • 54 underground parking spaces and 63 bicycle parking spaces.

The application is being considered under the Cambie Corridor Plan. Pennyfarthing has already experienced success in the Cambie area with Bennington House, which is now selling.

4976 Cambie 4976 Cambie_1

4976 Cambie_2

Rendering: Shift Architecture

The retention of the Wong residence is described by the architect for the project Shift Architecture:

“On the southern-most lot of the parcel sits the Wong residence: a split-level West Coast Modern house originally designed by modernist architect Harry Lee of Duncan McNab & Associates in the mid 1950’s. In true West Coast style, the house embraces the natural landscape, seated atop a substantial volcanic rock outcropping that fronts Cambie Street with a tangible presence. The prominence of the rock is subtly countered by an elegant water garden and landscape design by renowned landscape architect, Cornelia Hahn Oberlander. Pennyfarthing Homes and the City of Vancouver have recently expressed interest in the preservation of the house, the rock and landscaping, and a formal Statement of Significance has been prepared as a testament to both its design and its late owner, prominent Vancouver philanthropist Milton Wong. Accordingly, preservation and an innate respect of the Wong residence are at the core of the proposal.”
September 15, 2015by david.taylor@colliers.com
Development

SOLD: 300 West Esplanade, North Vancouver

I am pleased to announce the sale of 300 West Esplanade, North Vancouver, B.C. This ideally located development site sold for $3,300,000.

300 West Esplanade

September 14, 2015by david.taylor@colliers.com
Development

Construction Update: Telus Garden

Here is the current construction progress on Westbank’s Telus Garden, the condo component of the mixed-use project at Richards and Robson. The project features a 52-storey tower with 424 condo units, which sold out almost immediately after being offered to insiders and Telus employees only.

IMG_7435Photos courtesy: 604 City, Flickr.

17 units have been assigned during the construction. The average sale value of these assignments is $914 per SF.

September 10, 2015by david.taylor@colliers.com
Investment, Office, Retail

Richmond Retail/Office Building Sells in $24.25MM Deal

8010 Saba Road in Richmond has sold for $24,250,000. The property is improved with a 33,456 SF retail and office building whose main tenants include HSBC and National Bank Financial. The purchase price equates to a 4.4% cap rate, or $722 per SF. The building was sold by bid process in June with no asking price.

Here is a video overview of the property by the listing agent, Cushman Wakefield:

8010 Saba Road, Richmond BC from Cushman & Wakefield | Vancouver on Vimeo.

September 3, 2015by david.taylor@colliers.com
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David Taylor - Senior Vice President @ColliersCanada. Chronicling investment and development activity in Vancouver. Views are my own.

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16 Apr

First Capital REIT acquired by Choice Properties and KingSett for $5.2-billion

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16 Apr

First Capital REIT --> Choice Properties REIT and Kingsett Capital are teaming up to acquire the Canadian real estate company in a deal valued at over $9 billion, including assumed debt. Choice Properties will acquire roughly five billion dollars worth of shopping centres, while

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16 Apr

West Vancouver condo project in receivership, causing 'heartbreak' in Dundarave

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9 Apr

Greater Vancouver commercial real estate transactions down 8.3% in 2025 via @westerninvestor

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David Taylor Personal Real Estate Corporation

Colliers International

DT

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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