A commercially designated site near Lougheed and Willingdon in the Brentwood town centre area has sold.
4488 Halifax Street is a 18,299 sq ft site that is located mid-block on Halifax Street west of Willingdon Avenue.
The property, which has been vacant for several years, sold for $3,313,000. Previous development inquiries for the site included office & commercial schemes at densities up to 6.0 FAR.
Changes coming for Heights site.
The site of a self-serve car wash at 6147 Hastings St. could be redeveloped into retail and restaurant space.
At the July 30 council meeting, Burnaby council authorized the city’s planning and building depart-ment to work with Terry Barabash, president of JKB Holdings Ltd., on a master plan for the site.
Residential developers continue to look to East Vancouver for new opportunities given the increasing scarcity and rising cost of developable sites in the Downtown and Westside areas.
A landmark sale for East Vancouver was Westbank’s acquisition of the Canadian Tire site at 2220 Kingsway, in the Norquay Village plan area. That site traded at $34,088,000, representing $135 per buildable sq ft.
A review of sales over the past two years shows a general average price of approx. $100 per buildable sq ft., with values varying depending on site specific conditions such as location and zoning. Sites in and around Main Street show prices above $150 per buildable sq ft, where sites along Kingsway have shown a range of $80-100 per buildable sq ft. Other increasingly active corridors include East Hastings and Fraser Street.
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Source: Colliers research.
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