Allied Properties REIT has acquired two office buildings located at 1040 Hamilton Street and 1286 Homer Street for a combined total of $42 Million. The seller in the transaction was MDC Properties. The purchase price represents $605/SF and an implied cap rate of 6.2% on stabilized income.

This purchase will bring Allied’s portfolio in Vancouver to 5 office buildings totalling 300,000 SF. From the press release:

1040 Hamilton Street, Vancouver

“Located on the south side of Hamilton and extending through to and having frontage on Mainland Street, this property is comprised of 44,667 square feet of GLA. Built in 1920 as for a paper company, the building was redeveloped for office and retail use in 1988. Management believes that municipal approval can be obtained to add an additional 20,000 square feet of GLA to the building and that such an addition is structurally feasible.”

1286 Homer Street, Vancouver

“Located on the south side of the Homer and extending through to and having frontage on Hamilton, this property is comprised of 24,723 square feet of GLA. Built in 1910 for warehouse purposes, the building was redeveloped for office and retail use in 1989. Management believes that municipal approval can be obtained to add an additional 10,000 square feet of GLA to the building and that such an addition is structurally feasible”.

Source: Press release: http://finance.yahoo.com/news/allied-properties-real-estate-investment-210743702.html

Colliers International has acted on behalf of the Vendor in the sale of 1445 West Georgia Street, a six storey 32,490 SF office building on a 10,800 SF site located in Coal Harbour in Downtown Vancouver. This site is a redevelopment property under the existing DD zoning, which allows residential up to 6.0 FSR. The purchase price was $15,250,000, representing $469 per SF for the building, or $235 per SF of buildable area.

Plans unveiled for WV’s gateway.

West Vancouver’s aging police station could soon be replaced by an eight-storey residential complex if a plan tabled by the site’s prospective owners is taken up by the municipality.

Grosvenor property developers submitted a development permit application to the district Monday that would see the entire 1300block of Marine Drive levelled and replaced with a pair of tiered mid-rises joined by a covered galleria. If approved, the west block would rise eight storeys and the east block seven. The ground floor would be taken up with retail space, and the floors above it would contain a total of approximately 88 residential units, according to the municipality.