Here’s a quick look at the largest deals of 2014. While the announcement of the sale of the Jericho Lands was considered to be among the biggest deals of the year, this is not included as this was not a market transaction.

1. Hyatt Regency ($140 MM)

The sale of the Hyatt Regency hotel in Downtown Vancouver to InnVest REIT last month was the largest deal in Vancouver in 2014. The 644-room hotel sold for $140 Million. According to an InnVest press release: “InnVest funded the acquisition of the Hyatt with a new $70 million, 3.8% floating rate mortgage (three-year term plus two one-year options) and cash on hand”.

2. 1500 West Georgia ($120 MM)

Bosa Properties acquisition of 1500 West Georgia from Morguard was one of the most talked about deals in 2014. The 193,000 SF A Class office building sits on a very valuable and partially underutilized 43,320 SF, full-block site at the Southeast corner of West Georgia and Cardero. Speculation abounds as to future redevelopment.

3. Langara Gardens ($102 MM)

Peterson Group quietly sold a 50% interest in their 621-unit, 21 acre apartment property on Cambie Street known as Langara Gardens to Concert Properties in a deal that would peg the value over $200 Million. The site has been undergoing a preliminary planning process with the City of Vancouver since 2013.

4. 3777 Kingsway ($87 MM)

Another 50% sale managed to make Vancouver’s top deals of the year. The 50% sale of a building that many Vancouverites refer to as the ‘Telus Boot’, a 22-storey office tower near Metrotown, was sold by H&R REIT to Crestpoint for $87 Million.

5. 1444 Alberni & 740 Nicola ($84 MM)

Wall Financial’s acquisition of a full-city block in the West End was one of Vancouver’s largest deals with redevelopment potential. At just under an acre and containing existing apartments and office space, the site has redevelopment potential under the City of Vancouver’s new West End Community Plan.

There’s a lot of buzz in the market right now about 2015 assessed values, particularly for residential which seem to be all over the map with respect to increases/decreases from 2014.

For most Vancouver commercial properties over the past decade, market values have been consistently higher than assessment values. There are multiple reasons for this phenomenon, the most obvious of which has been a market that has seen steady capital appreciation rates that continue ahead of the assessors.  Here’s a quick look at all of the office buildings that sold in Metro Vancouver in 2014 for over $2,000,000:

Note that in almost all cases, purchase prices fall in a range of 10-40% above assessed value, and only in rare cases do they fall below assessed values. (If you’re wondering why  411 Dunsmuir Street wasn’t included, it was fully renovated and sat vacant for over a year before being fully leased and sold earlier this year and traded for over 3 times assessed value.

While in the works now for over a year, plans for a new office tower just East of Waterfront Station have become public. Cadillac Fairview is planning a 26-storey tower at 555 West Cordova, a site most will be familiar with as the parking lot between The Station building and The Landing, where Steamworks is located. The site is already zoned DD and so only requires a development permit approval process.

An original version of the project had been slightly taller, but was then revised to respect a view cone after an initial review by the Gastown Historic Area Planning Committee.

Details of the project include:

• a 26-storey tower with a total height of 417 feet
• 409,000 SF of commercial space
• a shared open courtyard with Watefront Station
• one level of underground parking accessed off the lane
• off-street parking shared with nearby Cadillac Fairview waterfront office properties

No word yet on pre-leasing activity. This project joins a handful of others at various stages of development, including 320 Granville Street one block West, which achieved rezoning in 2014, but has yet to go under construction.

This project certainly has location and potential views in its favour. Stay tuned for further updates.

Photo by 604 City, Flickr

By ChangingCity

The façade of 151 Water St would be retained, and 157 Water Street would be redeveloped. The project would end up with six floors of office over retail and restaurant uses, and the letter says the project would be 95 feet high. Musson Cattell Mackey are the architects. The Gastown Historic Area Planning Committee will review the scheme this week – they have a few more details; the total space would be 105,426 square feet and their notes say it would be 103 feet high to the top of the mechanical room.

…read more

Source:: Changing City