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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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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Development, Retail

Heritage Retention Part of Kerrisdale Development Proposal

Bogner Developments has applied to the City of Vancouver for permission to develop a 12,458 SF site on East Boulevard between West 46th and West 47th. The plans for the C-2 zoned site are for a five-storey building including:

  • 21 residential units on the first through fifth floors;
  • two commercial retail units on the first floor and mezzanine;
  • 46 parking spaces in an underground garage;
  • overall density of 3.08 FSR (38,357 SF);
  • building height of 57.51 feet;
  • retention and restoration of the façade of the existing 2-storey commercial building.
Existing Heritage Facade/Building

Existing Heritage Facade/Building

6168 East Blvd_2

“In order to achieve the development that is proposed, City Council will be asked to consider a Heritage Revitalization Agreement (HRA), which would approve the form of development and vary the provisions of the Zoning and Development By-law in order to enable this development to proceed. This HRA, as well as the municipal designation of the existing heritage building, will secure the rehabilitation of this heritage resource, and assist in its long-term preservation.”

6168 East Blvd 6168 East Blvd_3

Rositch Hemphill is the architect for the project.

The site was acquired by Bogner in December 2013 for $5,318,756, or $139 per buildable SF based on the density in the application.

March 30, 2016by david.taylor@colliers.com
Investment, Retail

1424 West Broadway Sells in $19.8MM Deal

1424 West Broadway, more commonly known as the Joeys Broadway, has sold for $19,800,000 to the Value Group. The 15,265 SF C-3A zoned site was previously sold in 2014 for $14,300,000. Joeys lease expires in 2019, though there is no word on redevelopment plans for the property.

The property had been listed for sale by Colliers in late 2015, and received multiple offers. The adjacent property at 1448 West Broadway was also listed for sale.

1424WBroadwayVanApr14 (6)

March 15, 2016by david.taylor@colliers.com
Apartment, Development

Redevelopment of Masonic Centre to Include 18-storey Rental Tower

The Vancouver Masonic Centre has submitted a rezoning application for their property at 1495 W 8th Avenue (between Granville Street and Hemlock Street). The plan the 23,983 SF site is to rezone from the current C-3A to a CD zone to permit a new four-storey building on West 7th Ave., connected to an 18-storey secured rental residential building on 8th Ave. The proposal includes:

    • 159 rental apartment units (mix of non-market and market units);
    • A neighbourhood restaurant on West 7th Ave.;
    • A height of 174 ft;
    • A total density of 5.96 FSR.

1495 West 8th 1495 West 8th_1 1495 West 8th_2

 

March 9, 2016by david.taylor@colliers.com
Apartment, Development, Retail

Construction Update: 245 East Georgia

Here is a construction update on an interesting infill project in Chinatown that was approved under the Rental 100 program in 2013. 245 East Georgia St. is a 9-storey apartment being built on a 25-foot lot. As described on Gair Williamson Architect’s website:

“The design is for 40 studio apartments ranging in size from 320 to 360 square feet and a commercial unit at the ground level. All units have floor to ceiling glazing with either juliet windows or a balcony, there is also a communal roof deck providing opportunities for urban agriculture.”

There will also be retail on the ground floor.

68XTFEPhoto courtesy mcminsen http://po.st/GUBcQ6 via @imageshack

AJPvwVPhoto courtesy mcminsen http://po.st/etb2h9 via @imageshack

G4lGGSPhoto courtesy mcminsen http://po.st/etb2h9 via @imageshack

static1.squarespace.comhttp://www.gwarchitects.ca/245-east-georgia-street/q9o9orelcnkzsotggn08ksgz4aniul

The site was sold by Colliers in 2012 for $1,150,000.

March 8, 2016by david.taylor@colliers.com
Apartment, Development

Rental Building Planned for Mt. Pleasant

A development application has been filed for a 49.5′ x 122′ RM-4 zoned site at 944 East 8th Avenue, between St. Catherines and Windsor Streets near Vancouver Community College. Details of the proposal include:

  • 4-storey woodframe apartment
  • 15 market rental apartment units
  • a total density of 1.45 FSR (8,749.3 SF)
  • elevator
  • a building height of 39.9 ft
  • 2 car-share parking spaces

The existing property is a 3-storey walkup apartment with 6 units that sold to the current owner for $1,250,000.

The developer is seeking relaxations on height and parking in order to build rental units.

944 East 8th Ave_1944 East 8th Ave

 

March 2, 2016by david.taylor@colliers.com
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First Capital REIT acquired by Choice Properties and KingSett for $5.2-billion

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First Capital REIT --> Choice Properties REIT and Kingsett Capital are teaming up to acquire the Canadian real estate company in a deal valued at over $9 billion, including assumed debt. Choice Properties will acquire roughly five billion dollars worth of shopping centres, while

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West Vancouver condo project in receivership, causing 'heartbreak' in Dundarave

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Greater Vancouver commercial real estate transactions down 8.3% in 2025 via @westerninvestor

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David Taylor Personal Real Estate Corporation

Colliers International

DT

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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