A development application has been filed for 9 West Cordova (at the corner of Cordova and Carrall Street in Gastown, formerly home to Boneta) to rehabilitate the heritage building by converting 22 vacant SRA units into 8 self-contained residential market rental units that could also include office and artist studio uses on the 2nd and 3rd floors. The conversion of SRA units and heritage revitalization agreement was previously approved in 2008 after the plan was originally proposed in a slightly different form in 2007. This time it appears that the owner, King Tiger Investments, is planning to proceed.
” [The Boulder Hotel]…started life as a 2-storey building in 1890, and later grew another at some point before 1910…. It was designed by the Fripp Brothers (Robert and Charles) for American tunnel builder turned real estate mogul A G Ferguson.” – Changing Vancouver
By Paul Brent
Real estate investors have been the beneficiaries of a two-decade decline in interest rates but with rates expected to trend upward again, buyers need to be pickier and focus on operations even as the prospects for landlords are improving along with the U.S. and Canadian economies.
That is one of the conclusions that can be drawn from Jones Lang LaSalle‘s recently released report on Canada’s debt market Commercial Property Financing Renaissance. (The adjacent table is sourced from JLL Debt Capital Markets and referenced in the report.)
“Rates have been declining pretty much every year for 25 years and going forward we are looking at a reversal of that,” said Amar Nijjar, vice-president and practice lead with JLL Canada‘s Toronto office. “Borrowers will have to have some readjustment: buyers will have to see a different type of financial modelling and rely more on income growth than just cap rate-related appreciation.”
The JLL executive said the pressures behind rising bond yields and interest rates are also good news for real estate operators in general.
“They are rising because inflation is getting up and unemployment levels are going down. Those are the …read more
Source: RENX
An 11-unit building at 2358 York Avenue has sold for $3,938,000, or $358,000 per unit / 2.6% cap rate. The realtor’s brochure describes the building as follows:
“…a well maintained three storey plus penthouse apartment building located in Vancouver’s extremely popular Kitsilano neighbourhood. Only one block south of Kits Beach, the property features 11 suites including 2 penthouse units with sweeping views of English Bay and the North Shore Mountains. Ideal for owner-occupier. Rents significantly below market.”
The building had been listed for sale for $4,000,000.