2022 was an active year for land sales activity in Metro Vancouver; largely a carryover from a return to acquisitions in 2021 after a two-year period of general stagnation in the market.
Continuing a trend since 2019, the bulk of land sales activity is happening in suburban markets, and now predominantly for commercial and industrial properties. The Downtown luxury tower sites that dominated the market between 2015-2018 remain largely absent.
Here’s a look at each of the 10 largest land deals of 2022:
1. The Grove Brentwood, Burnaby
The goods: For the second year in a row, the largest land deal of the year took place in the Brentwood Town Centre area of Burnaby, one of the fastest growing, densest municipal centres in all of Metro Vancouver.
“The Grove” project, originally designed and rezoned by Aoyuan, is an 8-acre multi-tower, 2,400 unit high density residential project. Aoyuan was forced to sell in 2021 amid financial pressures.
Anthem Properties, with partner Kingsett Capital, will now move the project forward, with rezoning for individual parcels to occur in the near term.
2. Coronation Park, Port Moody
- Price: $158 Million
- Site Area: 15 Acres
- Vendor: Land assembly
- Purchaser: Wesgroup
The goods: This sale represents the completion of an epic land assembly by Wesgroup; worthy of its own write up. The assembly involved 54 single family lots located in the Coronation Park area at the Eastern edge of Port Moody. The lots had been marketed in multiple assemblies and secured by Wesgroup over three years. The deal faced several twists and turns amid market uncertainty and evolving guidance and support from the City of Port Moody as to the OCP designation for the overall master plan for the site. Wesgroup submitted their formal rezoning application in July 2022.
The sale of the majority of the lots complete in September 2022 and now Wesgroup can turn their attention to execution of the high density master plan project, expected to include over 2,600 units built in several phases.
The land assembly was completed by Grant Gardner & Thomas Trowbridge of London Pacific.
3. 86-168 S.E. Marine Drive, Vancouver
The goods: This site was previously owned by Walmart Canada until Hungerford acquired the property in 2018 for $90 Million. Hungerford undertook preliminary design and planning for the development of a mixed commercial/industrial project until an off-market deal came along from Amazon. Preliminary plans call for a new Amazon fulfillment centre on the strategically located South Vancouver site.
4. Coquitlam College Site, Coquitlam
- Price: $148 Million
- Site Area: 7.5 acres
- Vendor: Coquitlam College
- Purchaser: Onni
The goods: The Coquitlam College site and 11 adjacent single-family parcels were acquired by Onni in a deal negotiated in 2021. The assembled site presents an opportunity for future rezoning for high density residential under the Burquitlam Lougheed Plan. Preliminary rezoning plans have yet to be filed with the City of Coquitlam.
The sale was facilitated by Alon Shapiro of CBRE.
5. Kingsway & Willingdon, Burnaby
The goods: For the second year in a row, Keltic Development has made a splash with one of the largest land transactions in Metro Vancouver. An off-market sale of the Esso Gas Station site at 4444-4488 Kingsway was negotiated in July 2022 and completed November 30, 2022. Bosa’s preliminary plans included two towers, up to 70-storeys in height with potentially condos, rental, retail and hotel.
The sale was negotiated by Goran Bucan of Sutton Group West Coast Realty.
6. Tricity Central, Coquitlam
- Price: $130 Million
- Site Area: 5 acres
- Vendor: Private Investor
- Purchaser: Marcon & Quadreal
The goods: In the works for well over two years, this deal closed representing one of the largest master plan communities in Coquitlam. Marcon and Quadreal have passed through the initial rezoning phase for the site at the southeastern corner of Lougheed and Barnet highways for “TriCity Central”. The multi-tower development will see approximately 2,000 residential units in addition to office, hotel and retail space.
7. 7590-7688 80th Street, Delta
- Price: $117 Million
- Site Area: 23 acres
- Vendor: Private Investor
- Purchaser: Beedie
The goods: Beedie outbid 13 other buyers for this site, the largest industrial land deal of the year. The former Delco Container site is vacant pending redevelopment plans by Beedie.
This sale was brokered by Steve Brooke and Joel Barnett of CBRE.
8. 19469-19511 92nd Avenue, Surrey
- Price: $111 Million
- Site Area: 14 acres
- Vendor: Private Investor
- Purchaser: Conwest
The goods: Conwest closed on this 14 acre industrial sale in October 2022. The total sale price represents $7.8 Million per acre.
9. 900-990 West 12th Avenue, Vancouver
The goods: The VGH & UBC Hospital Foundation closed on this full city block property across from Vancouver General in March 2022 with a long term vision for potential redevelopment. For now, the existing Windermere Lodge long term care facility and adjacent apartment building will be retained pending future redevelopment of the sites.
10. 5910-5998 Cambie Street, Vancouver
The goods: This full city block at Cambie & 43rd was sold by myself, Simon Lim, James Lang and Jessica Hathaway in an off market transaction negotiated in late 2021 and closed in February 2022. The site has rezoning approval for a two-tower development including condo and hotel.
Some notes from the above list:
- 3 of the 10 largest land deals in Metro Vancouver took place in the City of Vancouver (down from 5 of 10 last year, and 9 out of 10 at the “peak” of the market in 2017)
- 6 of 10 are residential land deals, down from 8 of 10 in 2021
- 3 of 10 were sold by open market bid process (the other 7 were ‘off-market’ or not openly offered)
- All 10 were bought by well-established ‘local’ development groups, a shift from 2016-2018 when many “new” buyers were making a splash
Please contact me for further information on any of the above transactions, or if any questions, comments, or corrections to the article.
Happy Holidays!
