A local investor group has acquired 1827 West 5th Avenue, a 2-storey office building and parking lot located on West 5th Avenue in the Kitsilano area just west of Burrard Street. The building is 11,300 sq ft and is fully leased to KPMG for a term of two years with three one year renewal options.The site area is 11,200 sq ft.

The purchase price was $6,280,000, representing a 5.0% cap rate on existing income. The zoning for the property is RM-4 and C-3A, which permits redevelopment in the future.

Does Vancouver’s hot investment market make building a better option?.

Consistent demand and high lease values in Vancouver’s downtown office and retail property markets combined with low interest rates continue to fuel a sizzling investment market.

“I don’t think I’ve ever seen the investment market this robust, vibrant and strong. We get multiple bids on everything and anything,” says Ross Moore, director of research for CBRE Canada.

Developer floats Lower Cap revamp.

DEVELOPERS are looking to completely revamp a large section of the Lower Capilano neighbourhood, converting what is largely empty space to a “village centre” complete with multifamily homes, a community centre and public plaza.

Larco Investments presented the plan to neighbours at two meetings last week. The proposal, still in its preliminary stages, would see a cluster of multi-storey residential buildings and a limited amount of commercial space appear on what is now a vacant lot – once the home of the Capilano Winter Club. The 4.35-acre site sits between Curling Road and Fullerton Avenue to the west of Capilano Road.

Vancouver planner wants to end ad hoc approach to developer fees.

Vancouver’s new director of planning wants to get rid of the city’s contentious method of negotiating with developers over fees they are required to pay for public services.

Brian Jackson, who starts his job as the general manager of planning and development Aug. 27, said the current “one-by-one” method of negotiating so-called community amenity contributions with individual developers is both unproductive and divisive. Instead, he wants the city to institute a system that allows developers to know up front what they’ll have to pay for parks, daycares and other needed community services.