Simon Lim and David Taylor are pleased to have acted on behalf of the Vendor in the sale of 222-236 West Broadway, Vancouver, B.C.

Comprising three 2-storey commercial buildings on a 15,974 sq ft site, the property represents an excellent redevelopment opportunity with holding income located just 2 blocks east of Cambie Street and the Canada Line.

The price was $7,500,000, representing $158 per buildable sq ft.

The Sutton Place Hotel in Downtown Vancouver has been sold to Northland Properties Corporation for $163,625,000. The transaction includes the La Grande Residence building that had been operated as long-term stay units. Those units will likely be sold as strata-titled hotel units.

The hotel was built in 1986 and renovated in 2005. It comprises 561 units overall including 350 hotel rooms and 47 suites. The overall price per room is $291,667.

There has been significant land transaction activity in the Surrey City Centre area recently which led us to question where current concrete residential values are today, and where they are heading.

Recently, several highrise residential projects including Park Place and Ultra have been in pre-sales (Park Place is nearing completion, while Ultra is in the excavation stages). Several more tower projects are in various stages of planning and approval, with many developers taking a long-term view of the area and it’s growth potential.

New concrete residential highrise projects are typically averaging $380-400 per sq ft with a focus on price points that indicate value for both first-time buyers and investors.

An analysis of all concrete resales for buildings less than 10 years old suggests that concrete residential unit prices are moving up closer to new sales and the spread between new and old product is being reduced. A reduced spread is present in more mature markets such as Vancouver and Burnaby. The current average for resales is now over $350 per sq ft.

Source: MLS

Allied REIT has acquired 948 Homer Street, a 4-storey office building located in Yaletown. The building is 45,321 square feet and was built in 1931. It features high ceilings and openable windows. The purchase price was $18,500,000, representing $408 per sq ft.

This is Allied REIT’s second office building acquisition in Vancouver after acquiring 840 Cambie Street earlier this year.

Source

520 10th Street, a 3-storey, 50 unit walkup apartment building in New Westminster has sold for $5,500,000, representing $110,000 per unit and a capitalization rate of 5.6%. The building is woodframe and was built in 1967.