Vancouver Market - Tracking commercial real estate investment sales across Metro Vancouver — sale prices, cap rates, and $/SF data for apartment, retail, office, land, and development transactions. By David Taylor, SVP at Colliers International Canada.
Vancouver Market - Tracking commercial real estate investment sales across Metro Vancouver — sale prices, cap rates, and $/SF data for apartment, retail, office, land, and development transactions. By David Taylor, SVP at Colliers International Canada.
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Development

Heritage, Land Use Studies on 2015 Planning Agenda

Vancouver’s planning department will grapple with subjects ranging from heritage buildings to policy statements for large parcels of land in 2015.

In a sit-down with the Courier earlier this month, Brian Jackson, the city’s manager of planning and development, outlined priorities for the coming year.

Finding more ways to protect heritage buildings remains a top concern. A series of reports related to the city’s Heritage Action Plan will be brought forward in stages in 2015.

Last June, council approved a one-year prohibition on demolishing pre-1940 homes in the First Shaughnessy District so the city could review the area’s official development plan and determine what steps can be taken to conserve heritage property in the district.

Jackson expects a report on that issue will be brought forward in March or April followed, in June, by recommendations on how to save more of the city’s character homes. In the fall, another report on additional heritage preservation techniques or methods, as well as how to finance them, will be unveiled, along with an update to heritage register — the first update in almost 30 years.

Read more: http://www.vancourier.com/news/developing-story-heritage-land-use-studies-on-2015-planning-agenda-1.1737933

January 22, 2015by david.taylor@colliers.com
Apartment, Development

North Van Rental & Condo Tower Passes Public Hearing

A plan by FDG Property Management to rezone a site at 161-165 East Keith Road has gone through public hearing. The plan is for a 17-storey, 93 unit residential development, of which 52 units will be stratified and 41 units will be secured as rental in perpetuity as a density bonus. Parking will be provided underground and accessed from East 6th Street. A density transfer is being proposed from adjacent City land (closed road).

161 East Keith Rd_6 161 East Keith Rd_2 161 East Keith Rd_3 161 East Keith Rd_4 161 East Keith Rd_5

January 21, 2015by david.taylor@colliers.com
Development, Office

Market Spotlight: MNP Tower

Some great crane shots of MNP Tower, which is now nearing completion. Fixturing is underway for tenants with opening in the Spring.

Photos by Donald Jones, Flickr.

January 16, 2015by david.taylor@colliers.com
Development

Imperial Oil Sells 232-acre Site in Port Moody to BCG

Imperial Oil has sold its 232-acre property in Port Moody and Anmore to a Vancouver-based company called Brilliant Circle Group (BCG), The Tri-City News has learned.

The sale became official last week, nearly two years after Imperial Oil put the property up for grabs as one of the largest prime real estate development opportunities in Metro Vancouver.

A PRESENTATION OF  SERVICES PREPARED FORThe undeveloped land — 150 acres in Anmore and 82 in PoMo, including the historic Ioco townsite — sits on the eastern side of Imperial Oil’s 600-acre holdings in the area.

“We’re starting with a blank piece of paper, we’re not coming in with any preconceived ideas,” said architect James Cheng, renowned as one of Vancouver’s leading residential tower designers. Cheng is representing Vancouver-based BCG and said the company’s principal, who asked that his name not be used, is a Canadian citizen with residences both here and in Hong Kong.

BCG is well aware of the environmental, heritage and bylaw restrictions on the land, Cheng said, but the property was too enticing to resist, adding that the group has purchased chunks of land in Metro Vancouver before but nothing on this scale.

Read more: http://www.tricitynews.com/news/288464921.html

January 14, 2015by david.taylor@colliers.com
Development, Retail

New Retail Building Proposed for West 4th & Arbutus

Bonnis Properties is proposing to redevelop a site that they acquired at the northwest corner of West 4th Avenue and Arbutus Street. The plan calls for a one-storey, 4,010 SF retail building with a roof deck. The 50 x 111′ C-2B zoned site is currently occupied by a Midas service centre.

The proposal is explained by the architect in the application: “The proposed structure has been design for potential relocation of the adjacent Lululemon store to the proposed building.The design including the roof terrace is based on the requirements and specifications of this potential tenant. The design of the building is flexible to allow for one or two commercial units in the future if required. The proposed building is a non-combustible steel construction and the exterior finishes are a combination of exterior architectural concrete panel system and metal cladding.”

2101 West 4th_1 2101 West 4th_2 2101 West 4th_3The site was acquired through a bidding process in late 2013 and was ultimately sold for $6,000,000, or $1,081 per SF of land.

 

January 14, 2015by david.taylor@colliers.com
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David Taylor

Senior Vice President, Colliers Canada

David Taylor is a Senior Vice President at Colliers International in Vancouver, BC, specializing in the sale of commercial real estate across Metro Vancouver. He has sold over $1.7 Billion in office buildings, retail properties, apartment buildings and development land since 2004.

Vancouver Market chronicles investment and development activity in Metro Vancouver, including sale prices, cap rates, $/SF metrics, and market context for commercial real estate transactions.

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