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

3.4 Acre Richmond Site Sold

A 3.4 acre site known as Keybridge Centre has sold at 6851-6871 Elmbridge Way in Richmond, near the Olympic Oval. The sale price was $31,300,000. The purchaser was Bene Development Ltd.

6851-6871 Elmbridge Way

The site sits next to Onni’s Ora project, and is also identified under the City of Richmond’s City Centre Area Plan as General Urban T5.

November 10, 2014by david.taylor@colliers.com
Development

Market Spotlight: Westside Concrete Resales Values

Here is a quick look at the average pricing for concrete condo unit resales in various sub-areas of the Westside of Vancouver. The following criteria were used:

  • Condos only (not townhouses)
  • Concrete only (no woodframe)
  • 3 years old or newer at time of resales
  • 2014 Year-to-date

Some of these subareas have very small sample sizes (ie. less than 10 in the case of Marpole and Point Grey) but it still shows an interesting view.

Source: MLS

Source: MLS

November 7, 2014by david.taylor@colliers.com
Development

Towers Approved for Lower Capilano

Towers are going up in Lower Capilano. In their last action before standing for reelection, District of North Vancouver council voted 5-2 to bring Larco’s 451-unit development to the former CapWest Athletic Club site, located west of Capilano Road between Fullerton Avenue and Curling Road.

The phased development includes 18-and 12-storey towers, a new community centre, four low-rise buildings and 20 townhouse units to be built by a numbered company owned by Larco.

Bringing the project to an area described as a “blight” and a “garbage dump” constitutes a longawaited turning point for the neighbourhood, according to Coun. Alan Nixon.

“The community of Lower Cap will see the light at the end of a long tunnel,” he said, describing his relief at approving the project with two weeks left in his 12-year tenure on council.

The revised agreement will penalize Larco if the company fails to build the community centre within eight years. The community centre’s shell must be built by Nov. 17, 2022. If Larco misses that deadline the district can buy back the land for $1. Larco is also on the hook for an $8.5 million letter of credit that has to be in the bank before anyone moves into the phased development and a $2.5 million community amenity contribution.

Read more: http://www.nsnews.com/news/towers-approved-for-lower-capilano-1.1528579

November 7, 2014by david.taylor@colliers.com
Development

Construction Update: 1320 Richards Street

November 5, 2014by david.taylor@colliers.com
Development

SOLD: RM-9 Zoned Development Site in Marpole

I am pleased to announce the sale of a six-lot assembly on Yukon Street and West 63rd Avenue in Vancouver’s emerging Marpole neighbourhood to Marcon Homes. This 34,600 SF site represents one of the best and largest opportunities to develop within existing zoning in an established and mature residential neighbourhood near transit.

7900 Yukon_SOLD

 

November 5, 2014by david.taylor@colliers.com
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David Taylor Personal Real Estate Corporation

Colliers International

DT

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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