A 14-unit apartment building in the South Granville area has sold for $4,000,000, representing a 3.4% cap rate and $286,000 per unit. The building had originally been listed for $5,000,000, but the price was later reduced to $4,400,000. The building, known as St. Charles Apartments, was built in 1927 but was substantially renovated.
The office building known as the Ravensong Community Health Centre located at 2450 Ontario Street has sold to Vedado Properties headed by Chip Wilson of Lululemon. The 38,000 SF office building sold for $15,350,000, or $405 per SF. The building is fully leased to Vancouver Coastal Health, representing a 4.7% cap rate on the deal.
The Tri-City News – Port Moody’s development future on agenda for Tuesday’s meeting.
Future Conceptual Drawing of Moody Town Centre
Port Moody residents interested in proposed development guidelines for neighbourhoods like the western gateway and Moody Centre should attend Tuesday night’s council meeting.
Staff will be presenting the draft official community plan and discussing options for public consultation.
Most of the changes proposed in the draft OCP are in Moody Centre, where the city is pursuing transit-oriented design principles to increase density around the Evergreen Line stations. The vision for areas around the Ioco and Moody Central stations suggests the most significant changes within a 400- and 800-metre radii (or five- to 10-minute walking distance) of the stations, including high-rise towers.