We have sold 425 Twelfth Street in New Westminster. The building is a 34-unit strata titled apartment building that was offered to the market last year. The purchase price was $5,875,000, or $173,000 per unit. We achieved a premium valuation for our client as a result of the buildings age (15 years) relative to the average age of an apartment building in New Westminster (almost 50 years). Contact us for further details.
Investors Group has sold 6651 Fraserwood Place in East Richmond in a deal worth $12,000,000. The building, approximately 15 years old, is a 2-storey office/flex building with a total of 91,450 SF. The building had been substantially vacant and for lease for some time.
DNV mulls Lower Capilano draft plan.
District of North Vancouver council appears poised to pass its Lower Capilano – Marine Village Centre Implementation Plan.
If approved next month, the plan will set the stage for the next 20 years of growth and a total redevelopment in the area between Marine Drive and Fullerton Avenue on either side of Capilano Road.
The plan envisions about 1,200 more units of housing in townhouses, mid-rise condos and highrises, 100,000 square feet of commercial space, as well as a public plaza, green space and a new community centre. At an informal workshop Monday, council members reflected on the draft and the two years of consultation that produced it.
“I’m very excited to see the draft at this stage because it has been informed by so much community engagement, right down to the kitchen table,” said Coun. Alan Nixon. “I feel really confident the temperature that has been taken within the community is 98.6 F and we’re in good shape. There are going to be a few tweaks but the most common comment I hear is ‘When can we get on with it?'”
The Seylynn Village project website has been launched: www.seylynn.ca . The 720 unit, 3-tower project is being built by Denna Homes and marketed by Pacesetter Marketing. It appears that each tower will comprise a separate phase.
Burnaby NewsLeader – Stuck in redevelopment limbo near Brentwood.
Wiinton Williams will likely one day get a nice windfall from the sale of a property he owns in the Brentwood area. Today, though, his industrial property has a breathtaking property tax bill based solely on its development potential. If only he could develop it.
2450 Alpha Ave
For now, with the taxes so high, he’s having trouble just leasing out the place. Williams says he can’t redevelop his property and sell it for what it could be worth because Burnaby city hall has been slow to come up with an area plan.
Since 1993, his company, Vernon-based Sako Pacific Properties Ltd. has owned the property at 2450 Alpha Ave. in Burnaby where it also owned and operated Universal Concrete Accessories, a business that first opened there in 1970.
Starting in 1995, Burnaby city hall started sending Williams’ company notices about redevelopment plans for the Brentwood area, including the industrial lands south of Dawson Street where Sako’s property is located.
Read more: http://www.burnabynewsleader.com/news/204309651.html