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

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.

Burnaby NewsLeader – Burnaby’s Station Square begins major transformation.

Back in the 1950s, Keith Beedie heard that a large piece of property, home to the Ford Motor Co. and Kelly Douglas, could be had for a price.

“They wanted $1 million for it. I thought, ‘are they crazy?'”

He never would have dreamed back then that one day he’d own a large piece of the property, and that the company he founded, Burnaby-based Beedie Development Group, would have a hand in its transformation.

The company, which until now had mainly been known for its industrial development projects, is now run by his son Ryan Beedie and is half-owner of Station Square shopping centre through its residential development division, Beedie Living.

Along with partner Anthem Properties, the developer is launching sales this weekend of condominium units in the first of five new towers slated for the major redevelopment.

Read more: http://www.burnabynewsleader.com/news/174798661.html

Seylynn Village, a 5.7 acre site in the Lower Lynn area of North Vancouver that was approved for rezoning in 2009, has been redesigned by the new owners and brought to council on October 15, 2012.

The new plan includes five buildings ranging in height from 3 storeys to 32 storeys. The project includes approximately 10,800 SF of commercial space, 720 market condos and townhouses, 70 affordable rental apartments, and a 2,500 SF child-care facility. The plan also calls for an extension of Keith Road to wrap around the North side of the property, effectively closing of Fern Street.

The previous version of the proposal included fewer towers, more commercial space, and fewer residential units. The new plan allows for more practical phasing of the project.

The developer, Seylynn Properties, has a website which states ‘coming soon‘.

Richmond Review – New site considered for Sea Island luxury outlet mall.

Vancouver International Airport is looking at an alternate location to place a controversial luxury designer outlet originally planned for on Russ Baker Way.

“After we consulted with our communities and residents in the summer, we considered a potential alternate site on Sea Island. The potential alternate site is located on the northeast corner of Sea Island and offers closer access to the Templeton Canada Line station,” said airport authority spokesperson Alana Lawrence. “The project is still going forward…Feasibility testing is currently underway on the site (and) should be completed this fall.”

Read more: http://www.richmondreview.com/news/174487461.html