Onni has submitted a rezoning application for a 42 storey, 269 unit residential tower at 1396 Richards Street. The proposed FSR is 8.615.
More information can be found HERE.
Burnaby’s Brentwood development could nearly double neighbourhood population.
Burnaby council chambers was packed for Tuesday night’s public hearing on the master concept plan for the Brentwood Town Centre site, with people gathering outside the doors to hear the proceedings.
The proposed development is divided into four phases and would include 10 residential towers possibly ranging in height from 20 to 70 storeys, depending on their location, and two office towers ranging in height from 30 to 40 storeys. The design also includes a redeveloped commercial centre, a 50,000-square-foot food store, and a variety of public outdoor spaces.
Values for apartment buildings in Surrey have grown steadily over the past 10 years, a trend expected to continue with new supply of rental units generally limited to new condo projects. More affordable rental units tend to be limited to older rental stock.
This market is predominantly characterized by low-rise buildings and complexes over 20-years of age. The average sales value over the past five years in this market is just over $100,000 per unit.
With a limited stock of apartment buildings per capita relative to other municipalities such as Vancouver and New Westminster, investment activity in this market has been relatively confined to less than a dozen transactions each year. Cap rates have fallen steadily as well, to average just over 6.0% currently.
The prospects for this market are generally positive, with new supply limited to areas of residential development such as Surrey City Centre. According to CMHC, vacancy rates for apartments are approximately 3.7%; this is higher than the Metro Vancouver average, but still in healthy territory. Average rents range from $610 for bachelors, up to $982 for 3-bedroom units. CMHC estimates that there are over 29,000 condos in the Fraser Valley, of which approximately 21% are rented at rates averaging 10-20% higher than purpose built rental.
A two-storey retail building on the south side of West Broadway has sold for $2,320,000, representing $498 per sq ft. The asking price was $2,350,000. The building is adjacent Joey’s Broadway.
The building is 4,658 sq ft in size and is leased to a tanning salon on the upper floor on a month to month basis. The bottom floor is available for lease and asking $35.00 per sq ft net.