A 14-unit three-storey walkup apartment building in Kits has sold for $4,800,000, or a 3.1% cap rate ($343,000 per unit). The building, located at 2250 York Avenue contains one and two bedroom units and had been listed for sale for $5,600,000. The property is zoned RM-4.
Based upon the most recent statistics from the Real Estate Board of Greater Vancouver’s Home Price Index, sales activity and benchmark prices for condos in New Westminster have been relatively flat over the past 24 months . The benchmark price for condos has increased 0.8% since July 2011.
(click above for greater detail) (source: REBGV stats)
A commercially designated site near Lougheed and Willingdon in the Brentwood town centre area has sold.
4488 Halifax Street is a 18,299 sq ft site that is located mid-block on Halifax Street west of Willingdon Avenue.
The property, which has been vacant for several years, sold for $3,313,000. Previous development inquiries for the site included office & commercial schemes at densities up to 6.0 FAR.
Changes coming for Heights site.
The site of a self-serve car wash at 6147 Hastings St. could be redeveloped into retail and restaurant space.
At the July 30 council meeting, Burnaby council authorized the city’s planning and building depart-ment to work with Terry Barabash, president of JKB Holdings Ltd., on a master plan for the site.