A two-storey office building at 1525 West 8th Avenue has sold for $19,500,000. The building sits on a 13,680 SF C-3A zoned property and has potential for redevelopment in the future to include residential. Based on the anticipated base density of 3.0 FSR, the price equates to $475 per buildable SF.

The building had been listed for sale earlier this year. Here is a promotional video outlining the property, including a rendering of a potential future condo tower on the site:

1525 West 8th Ave, Vancouver, BC from Cushman & Wakefield | Vancouver on Vimeo.

An interesting proposal has surfaced for a 33-foot lot on Commercial Drive at the corner of Napier Street. The site, which is improved with a 2-storey heritage commercial building built in 1908, is now being planned for heritage preservation with an infill apartment building at the rear lane.

Details of the proposal include:

• retaining the existing 2-storey Heritage B building (now occupied by Moja Coffee)
• a new 5-storey infill residential building with 8 rental apartment units at the rear of this site;
• a maximum height of 48.5 feet;
• a density of 2.70 FSR (10,108 SF);
• one-car share parking space having vehicular access from the lane;
• removal of one street tree on Napier Street.

Under the site’s existing C-2C1 zoning, the application is conditional and requires the approval of the planning department. For this project, relaxations would be required on building height and some setbacks. The application references incentives under the Rental 100 program.

View from Napier St – existing heritage building on the right

View from rear lane

The architect for the project is Cornerstone Architecture.

The property was listed for sale in 2013 and sold for $1,690,000, which equates to approx. $125 per buildable SF when the existing building is taken to account.

Here is a construction update on Serracan Properties‘ office building project at the southeast corner of Seymour St. and West Pender St. in Downtown Vancouver.

510 Seymour will be 82,000 square feet and 10-storeys tall. Upon completion, the majority of the building will be occupied by Adler University and shoes.com.

The building looks to be nearly topped out now.

Photo courtesy mcminsen http://po.st/7Ap7Hh via @imageshack

Photo courtesy mcminsen http://po.st/RtRmLm via @imageshack

Photo courtesy mcminsen http://po.st/WE7jqj via @imageshack

1290 Homer Street is a 14,800 SF heritage style office building located at the corner of Homer and Drake Streets in the Yaletown area of Downtown Vancouver. The building sits on a 50.5 x 120 ft site and is an excellent candidate for repositioning and/or redevelopment.

Please contact me at david.taylor@colliers.com for details.

I am pleased to announce the sale of 1166 West Pender Street, a 140,000 SF office building located in Downtown Vancouver.  This off-market transaction closed earlier this month.

The 15-storey building was built in the early 1970’s and is located on an 18,700 SF site that may permit a higher density and height in the future.

Transaction details:

Buyer: Reliance Properties

Seller: Triovest Realty Advisors, on behalf of Greystone

Please contact me for further information regarding this sale.