Cressey Development Group has acquired a 14,922 SF site at 1880 Main Street, at the Southeast corner of Main and 2nd, for $17,000,000. The triangular block, currently improved with lowrise retail buildings, is zoned IC-2. No development applications have yet been filed with the City of Vancouver.
Bonnis Properties has acquired 929 Granville Street in deal for $38,250,000. The property, officially named the Wilson Block, but more widely recognized as the “Tom Lee Music” Building on the Granville Strip is a 5-storey heritage building originally built in 1927.
The 41,000 SF building sits on a 14,985 SF site just South of the prime retail area of Granville and Robson. It is on the heritage register as a “C”.
The building was taken over by Tom Lee in 1989 and the interior substantially redesigned for the music store and head office for the company.
Here’s a quick look at the recent uptick in resales values and activity for Downtown Vancouver condos, which have reported to have taken quite an upturn over the last few months after having been relatively flat over the past few years.
Here is data derived from all Downtown Vancouver condo resales from 2011 to April 2016. A couple of observations:
The above data contains all downtown Vancouver condo resales. For simplicity, all luxury condo sales above $2,000 per SF were removed (approx. 40 sales).
Data source: MLS/REBGV data