We are pleased to have acted on behalf of the buyer in the sale of 1016 West 13th Avenue, an 11-unit apartment building in the South Granville area. The purchase price was $3,200,000 or $290,000 per unit, and a 3.0% cap rate.

The buyer was a local private investor.

New Westminster News Leader – New Westminster IGA to close.

The IGA Marketplace grocery store in New Westminster will close later this year.

Scott Coburn, vice-president for H.Y. Louie Company (operators of the store) said although the company would like to remain operating at the 1025 Columbia St. location, the decision was made to shut because it is no longer financially viable.

 On Jan. 17, the company gave six months’ notice to the property’s owner that it will be closing down. Coburn said for the last year the costs of labour, operating and rental exceeded the revenue generated.

“We have been unable to recover from this decrease in sales,” said Coburn. Read more: http://www.newwestnewsleader.com/news/187782891.html

Nelson development to go ahead, despite concerns.

Plans for a 38-storey tower and three-storey townhouses on two properties on Nelson Avenue are going ahead despite a handful of concerns brought forward by area residents.

The rezoning application, put forward by developer Concord Pacific, went to second reading at Monday night’s council meeting. The primary concerns regarding the properties at 6530 and 6550 Nelson Ave. focused on the density and shape of the building, loss of the rental housing currently on the two properties, vehicle access and traffic safety, and construction impacts, according to a report from the city’s planning and building department.

The concerns are related to the proposed density and shape of the building related to the amenity density bonus, and the form of the building in relationship to the neighbourhood, the report stated.

The development plan is consistent with council’s policies on density and the plan for the Metrotown area, Lou Pelletier, director of building and planning, stated in the report, and the value of the amenity bonus would be $9.5 million.

Courtesy Financial Post

“Canadian real estate investment trusts have outperformed the Toronto Stock Exchange for four straight years and a fifth may be on the horizon.

In a year-end report, CIBC World Markets Inc. analyst Alex Avery says Canadian REITs are on pace for a total return of about 17% in 2012, which is 10 percentage points better than the S&P/TSX composite index.

This strong outperformance in 2012 was driven by a confluence of factors, including low and falling interest rates, strong property fundamentals, challenging outlooks for many other sectors, and strong demand for stable income-producing investments, representing a nearly ideal environment for real estate and REIT investing,” Mr. Avery said.”

View the full article HERE.

The City of Vancouver’s Planning Department and Vancouver Coastal Health are initiating the first phase of a comprehensive planning program to consider the redevelopment of the Pearson Dogwood Lands, located on Cambie Street, between 57^th and 59^th Avenues.

The City of Vancouver and Vancouver Coastal Health (VCH) are discussing renewal and expansion plans for the 25.4 acre site of the George Pearson Centre and Dogwood Lodge. Pearson Centre is home to adults with a range of disabilities, while Dogwood Lodge houses seniors who require complex care.

VCH needs to renew the existing site to meet the current and future health care needs of the community and would like the site to provide other uses as well. In the future, this area could welcome new residential, office, retail and community amenity uses.

The City is initiating a comprehensive planning program to create a policy statement to guide the redevelopment of the Pearson Dogwood site. This process will include opportunities for community members and stakeholders to offer their feedback and ideas.

OPEN HOUSE:

Dates & Times

Thursday, January 31^st , 5-8 pm

Saturday, February 2^nd, 10 am – 2 pm

Location:

Pearson Dogwood Project Office, 601 West 59^th Avenue, Vancouver