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

92-Unit Rental Building Planned for East Hastings

PCI Group has filed an application to rezone a property they own at 2805 East Hastings Street, most commonly known as a Burger King for many years. The plan for the 24,902 SF, C-2C1 zoned site is to develop a six-storey rental building with retail on the ground floor. The proposal includes:

    • 92 rental apartment units;
    • 18,300 SF of CRU retail on the ground floor;
    • a density of 3.84 FSR
    • a building height of 70.2 ft. ; and
    • 97 underground parking spaces.

This application is being considered under the Rental 100 Program and is possible due to the site’s location on a main arterial street. The site has 204 feet of frontage on Hastings.

2805 E Hastings

The application describes the development as follows:

“Located on the Hastings corridor, the project provides for a ground floor containing small scale retail CRU’s with five storeys of residential use consisting of 92 residential rental units, which include 55 one-bedroom units (average size of 544sf), 32 two-bedroom units
(average size of 742sf) and 5 three-bedroom units (average size of 1,000sf).


The project incorporates one and a half levels of underground parking with access at the northeast corner from the lane. A modest size amenity space is located on the sixth floor with an adjacent landscaped outdoor terrace. The elevators provide access to a roof garden.”
2805 E Hastings_2 2805 E Hastings_3 2850 E Hastings_1
The architect for the project is Burrowes Huggins Architects.


PCI Group acquired the site in August 2015 for $11,100,000. It was listed and sold by Casey Weeks and Steve Fame of Colliers.
October 17, 2015by david.taylor@colliers.com
Investment, Office, Retail

604 West Broadway Sells in $39MM Deal

A lowrise retail and office building at West Broadway and Ash Street has sold for $38,888,888 to a Chinese investor. The 34,600 SF building was sold by TPMG Capital, a long-time owner. The property is 31,250 SF in size and is zoned C-3A which allows a density of 3.0 FSR, but only for commercial use in this sub-area, this equates to $415 per buildable SF. The main retail tenant is Rogue, which has a long-term lease.

604 West Broadway

 

October 14, 2015by david.taylor@colliers.com
Apartment, Development, Retail

Redevelopment of Mt. Pleasant Dealership Includes Apartments

A rezoning application has been filed for a 46,563 SF site at 445 Kingsway in the Mount Pleasant area which would allow rezoning from the existing C-2 zoning to allow a 6-storey mixed-use building that includes:

    • 109 secured market rental apartment units;
    • Commercial use (car dealership) at grade;
    • A density of 3.69 FSR;
    • A building height of 75.5 ft.; and
    • 90 residential parking stalls, 209 dealership parking stalls, 4 loading spaces and 156 bike parking spaces.

The application is being considered under the Secured Market Rental Housing (Rental 100) Program.

The site is currently improved with Desination Hyundai, a single-storey auto dealership. The renderings appear to show that Destination Honda will be the new tenant. The architect for this proposal is FNDA Architecture.

445 Kingsway445 Kingsway_3 445 Kingsway_1

October 5, 2015by david.taylor@colliers.com
Development, Office

Seaspan Planning North Shore Office Building

Seaspan is seeking development permit approval to construct an office building to provide the necessary office facilities for their ship building operations at the foot of Pemberton Avenue in North Vancouver.

The new central facility will house the office component of its ship building and marine service operations. The location on the site offers both overview of the shipyards, and easy access for staff moving back and forth between on-site facilities. The proposal includes:

  •  a new 4-storey building with offices, meeting rooms, change rooms, and a canteen for the Seaspan staff
  • Total floor area of 84,000 SF
  • 122 parking spaces on an adjacent lot

In 2011, Seaspan was awarded a contract to build 17 non-combat ships on the adjacent site.

Seaspan_1Seaspan Seaspan_2

October 5, 2015by david.taylor@colliers.com
Apartment, Development

23-Storey Rental Tower Proposed for West End Site

Larco Investments has applied to the City of Vancouver for permission to develop a site they own at Davie and Cardero with an additional new 23-storey building. The proposal for 1668 Davie St. includes the following:

    • 158 secured market rental residential units;
    • 105 studio and one-bedroom units, and 53 two & three bedroom units.
    • Retention of the London Drugs
    • Retail on the ground floor;
    • Building height of approximately 210 ft;
    • Total floor area of 123,895 SF; and
    • 95 underground parking spaces accessed from the lane.
    • Density of 6.1 FSR

The site is currently zoned C-5A and the application is being made under the existing zoning, which allows for planning to conditionally approve the proposal. The site also falls within the newer West End Community Plan, under the Lower Davie Village subarea, which allows up to 7.0 FSR.

The proposal calls for demolition of an existing parking garage next to the London Drugs.

The architect for the project is DA Architects & Planners.

1668 Davie 1668 Davie_1 1668 Davie_2

1668 Davie Street is just one of several existing and pending applications that have resulted from the 2014 West End Community Plan, including 1177 Jervis Street, a project three blocks East on Davie that is being developed by Intracorp. Several other sites are in the process of being sold for future applications.

September 24, 2015by david.taylor@colliers.com
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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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