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.
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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Development

Lynn Valley Mall Towers Headed to Public Hearing

The re-development of the Lynn Valley mall – which initially seemed fated for a long and contentious debate – barely made a ripple on its way through first reading at a District of North Vancouver council meeting Monday evening.

If the project is successful, the Zellers building at Lynn Valley Mall will be demolished to make room for six towers between four and 12 storeys.

The 4.8 acre development proposal includes 377 apartments and 22 townhouses. The height of the buildings ranges from 55 to 150 feet. Four of the towers will sit on a one-storey commercial component that will add 50,000 square feet of new commercial space to the neighbourhood.

Besides the Zellers, the project would also swallow up the former District of North Vancouver library.

A non-profit society will likely end up operating six units of affordable housing in the project.

Read more: http://www.northshoreoutlook.com/news/lynn-valley-mall-towers-headed-to-public-hearing-1.921511

March 26, 2014by david.taylor@colliers.com
Development

Two More Lowrise Projects Proposed for Hastings Heights Area

Two rezoning applications went before Burnaby City Council last night for 4-storey projects in the Hastings Heights area of Burnaby:

4295 Hastings Street

4295 Hastings St.

Developer: Citimark-Omicron

Site: Currently vacant and previously a gas-station. 14,994 SF. Zoned C-8 (Urban Village Commercial District) 3.0 FAR density.

Proposed Development: 4-storey mixed-use development with retail at grade and three and a half storeys of residential above. The development proposes to take advantage of the potential C-8 framework allowing an additional storey at the rear lane.

418 Gamma Avenue

418 Gamma Avenue

Developer: Epta Properties

Site: Currently vacant. 23,141 SF. Zoned CD from 2010 – the previous rezoning included office space which has proven difficult in the current market.

Proposed Development: 4-storey mixed-use development with retail at grade and 3 storeys of residential above. The rezoning anticipates a redesign based on RM-3 and C-2 to scrap the office component.

March 25, 2014by david.taylor@colliers.com
Development

Construction Update: 745 Thurlow

IMG_0704 by 604 City
IMG_0704, a photo by 604 City on Flickr.

Taken March 20, 2014

March 21, 2014by david.taylor@colliers.com
Apartment, Investment

North Vancouver Apartment Tower Sold for $25.5 Million

Parklea Apartments, located at 151 East Keith Road in the Lower Lonsdale area of North Vancouver has sold for $25,500,000 to a group led by Daniel Drimmer. The price represents a 3.2% cap rate, and $290,000 per unit. The 88-unit, 15-storey concrete tower was built in 1975 and sits on a 28,000 SF lot. The building had been listed for sale for $27,000,000.

151 E Keith

March 20, 2014by david.taylor@colliers.com
Market Research

MARKET SPOTLIGHT: Concrete Condo Resales Prices

Here is a snapshot of pricing for resales of concrete condos in Vancouver’s submarkets over the past two years. It shows moderate price gains in most areas, with those more pronounced gains in Burnaby and North Vancouver as a result of newly completed projects which saw some resales upon completion.

Concrete Condo Sales_PPSF_March 2014

The analysis used only condos built since 1999 and concrete construction. Surrey was the only submarket without any price growth since 2012.

March 20, 2014by david.taylor@colliers.com
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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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