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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Apartment, Development, Office

SOLD: 3680 East Hastings Street, Vancouver

We are pleased to announce the completion of sale of Pacific Professional Centre, 3680 East Hastings Street, Vancouver, B.C. The 34,000 SF office building is located on a 14,000 SF C-2C zoned corner site. Nearly fully leased, the Property presents an optimal mix of potential income growth, coupled with future redevelopment potential under the City’s Rental 100 rezoning policy for rental apartments.

March 7, 2018by david.taylor@colliers.com
Development, Office, Retail

4-Storey Mixed-Use Building Proposed for Kerrisdale

A development application has been submitted for a site on West 41st Avenue in Kerrisdale, just West of East Boulevard. The site at 2074 West 41st Avenue is currently improved with an older 2-storey retail and apartment building. 

The plan for redevelopment of the 13,100 SF C-2 zoned site is a new four-storey concrete mixed-use building, consisting of:

  • Retail on the ground floor;
  • Offices on the 2nd and 3rd floors;
  • A 7-room hotel on the 4th floor;
  • A total density of 2.50 FSR;
  • A common garden and green roof on the rooftop level;
  • three levels of underground parking having vehicular access from the lane.

The application describes the design rationale: “The architecture is classic, in recognition of the history of Kerrisdale and its image as an upscale community. The building is generally symmetrical. The exterior materials include manufactured stone facing, metal windows, architectural detailing and a masonry balustrade on the fourth level patio facing West 41st. Canvas awnings above the first level retail add interest and delight.”

The site was sold to Canada Golden Land Holdings in 2016 for $18,000,000.

The architect for the project is Rositch Hemphill Architects.

March 7, 2018by david.taylor@colliers.com
Development, Office, Retail

New Mixed-Use Development Slated for Central Lonsdale Site

Rezoning and OCP amendment applications have been submitted for the Northmount Medical Centre site, located at 123-145 East 13th Street in the Central Lonsdale area of North Vancouver. The site is directly across the street from Onni’s recently completed Centreview project, and just East of Wesgroup’s The Prescott, completed a few years ago.

The one acre site, currently improved with two older medical office buildings, one at 4-storeys and the other at 9-storeys, sold in 2017 to the Millenium Development for $43,500,000. The site is one of only a handful that will allow taller buildings in the Central Lonsdale area.

The proposed redevelopment includes:

  • an 18-storey tower on the Eastern side of the site;
  • a 7-storey midrise on the Western side;
  • 162 residential units;
  • 1 studio, 61 one-bedrooms; 53 two-bedrooms and 34 three-bedrooms;
  • 18,331 SF of ground floor retail;
  • 31,718 SF of office space on the 2nd and 3rd floors;
  • a total density of 4.95 FSR;
  • a total building height of 187 feet;
  • 279 underground parking stalls;
  • a total community benefits package of $6.4 Million.

The architect for the project is Chris Dikeakos.

 

March 5, 2018by david.taylor@colliers.com
Apartment, Development, Office, Retail

Mixed-Use Development Planned for Commercial & Pender

Cressey Development Group has applied to the City of Vancouver for permission to develop a 24,775 SF site at the Northwest corner of Commercial Drive and East Pender Street in East Vancouver. The site is currently zoned MC-1, which allows a total combined mixed-use density up to 2.50 FSR and 4-storeys.

The site is actually located within the boundaries of the Grandview Woodland Community Plan which allows up to 6-storeys, but Cressey has elected to develop under the existing zoning, rather than rezoning. The site to the immediate North can be built up to 10-storeys per the Grandview Plan.

The development proposal for the site at 485 Commercial Drive is for a 4-storey mixed-use residential/commercial building containing:

    • 8,206 SF of retail space in two CRU units fronting Commercial Drive;
    • 3,226 SF of office space on the 2nd floor;
    • 10 rental units (4 studios, 4 one-bedrooms and 2 two-bedrooms)
    • 31 condo units (10 studios and 21 three-bedroom townhouse units)
    • a total density of 2.23 FSR;
    • an overall building height varying from 46.42 feet – 49.67 feet; and
    • one level of underground parking providing 61 parking spaces, having vehicular access from the lane.
    • 11,493 SF of gardens and decks.

 

The architect, Gair Williamson describes the application: “The proposed mixed-use development comprises residential, commercial and office units in forms of four discrete building blocks gathered around an internal courtyard. Bounded by two streets, a laneway and a part wall to the west, the development proposes distinct functions and facade treatments on each elevation. Back of house on the laneway serves parking and utilities; the Commercial Drive frontage is dedicated to commercial units, and the East Pender Street elevation accommodates two main lobby entrances for the residential and commercial components, as well as individual entries to the residential units at grade.

A key feature of the proposed development is the courtyard on the 2nd level. Not only does it host entrances to the residential units, but accomodates a safe, semi-private outdoor amenity for families, allowing functions such as communal gathering and playing.”

The application requires a variance to the maximum allowable height by just a few feet.

The full application can be viewed here (for a limited time only): http://development.vancouver.ca/pc485commerical/index.htm

January 30, 2018by david.taylor@colliers.com
Development, Office

4-Storey Commercial/Industrial Building Planned for Mount Pleasant Site

A development application has been filed by Man 6 Holdings Inc., a project company made up of the partners of EKISTICS Architecture. The site is 6,039 SF, zoned I-1 and is located at the corner of West 6th Avenue and Manitoba. The proposed development concept is a new four-storey, mixed industrial and commercial building consisting of ground level Manufacturing use and Office uses on the 2nd to 4th floor. Details include:

  • 12,078 SF of office space
  • 6,040 SF of light industrial space
  • a total density of 3.0 FSR;
  • 64 ft. building height;
  • two levels of underground parking with 19 spaces.

Ekistics describes the design rationale: “EKISTICS is currently located at 1925 Main Street. We are excited to be designing and building our own studio space within this neighbourhood. We have been actively searching for a new company home for the past four years. We managed to stretch our resources to purchase this land in order to keep our office close to where people live and in a desirable and exciting neighbourhood. We feel passionate about our city, and being part of making it a great place to live and work. Our goal is to redevelop the site to include one floor of light industrial use, and three floors of office use. EKISTICS will occupy 2 of the 3 office floor for its studio. Our intention is to lease the main and second floors to local businesses which will compliment our design work.”

 

 

 

 

 

 

 

 

 

 

Under the site’s existing I-1 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

The architect for the project is Ekistics Architecture Inc.

The site was acquired in Mach 2017 for $5,000,000.

January 11, 2018by david.taylor@colliers.com
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David Taylor Personal Real Estate Corporation

Colliers International

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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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