I am pleased to announce the sale of 1609 Cypress Street, a 16-unit apartment building in Kits. The building was sold to a local investor for $4,400,000.
In one of Vancouver’s largest retail deals of the year, Ackroyd Plaza, a 6.8 acre strip retail centre at Ackroyd Road and No. 3 Road in Richmond, has sold to a local investor.
Major tenants include PriceSmart Foods, White Spot, Boston Pizza and a BC Liquor Store.
The 106,000 SF plaza is currently zoned Downtown Commercial District allowing a maximum floor area ratio of 3.0. Richmond’s City Centre Area Plan designates the site as Urban Core (T6) and Village Centre which allows a maximum density of 4.0 FAR. The existing improvements are only built to a 0.36 floor area ratio, thus representing approximately 1,000,000 sq ft of residual density, therefore the purchase price was based more on the land value then the existing income. The cap rate was well below 3%.
A new light industrial/office building is being planned for a mid-block site on Railway Street, in an area East of Main Street along the CN Rail tracks. The plan for the 132′ x 53′ (6,584 SF), M-2 zoned site is for a 6-storey building including:
- retail on the ground floor, manufacturing on floors 2, 4 & 5, wholesaling on the third floor and office space on the 6th floor
- a total density of 5.0 FSR
- a building height of 100 ft.
- 3 levels of underground parking
- no building setbacks
Considered Design Inc., the landscape architect for the project, has some renderings on their website, including the one below.
Orr Development has applied to rezone a site at the Southwest corner of 49th and Main Street from C-2 to CD-1. The plan is calls for a rezoning of the site under the Rental 100 program to allow a 6-storey apartment building building that includes:
- 75 secured market rental units;
- retail space at grade
- a building height of 70.2 ft. from grade;
- a density of 3.60 FSR, and
- 80 underground parking spaces and 97 bicycle parking spaces
