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.
Development, Investment

Aquilinis Partner with First Nations in Land Deal

The Tsleil-Waututh and Musqueam First Nations announced this week they have partnered with the developer Aquilini Investment Group in the purchase and development of Burnaby’s Willingdon Lands.

“What I’m hoping to provide are economic benefits for the future,” said Tsleil-Waututh Chief Maureen Thomas. “We’re buying land that was originally ours to start with,” she added. “We don’t want to miss these opportunities.”

Brennan Cook, spokesman for the Aquilini Investment Group, said, “We look at our partnerships with First Nations as very valuable.”

So far there are no plans for the site, which includes 40 acres between Brentwood and Metrotown, directly adjacent to BCIT.

“It’s a prime site,” said Cook. “There’s lots of opportunity.”

The province announced two weeks ago that the Tsleil-Waututh and Musqueam had bought the property at Willingdon and Canada Way for $57.9 million, but didn’t mention the involvement of the Aquilini Group at the time.

Read more: http://www.nsnews.com/news/aquilinis-partner-with-first-nations-in-land-deal-1.951298

April 14, 2014by david.taylor@colliers.com
Development, Office

Construction Update: Telus Garden Office Tower

IMG_1023

by 604 City

April 14, 2014by david.taylor@colliers.com
Investment

Allied Properties REIT Predicts Even Better Times Ahead (…Even in Vancouver?)

By Paul Brent

Michael EmoryToronto-based Allied Properties REIT (AP.UN) just capped off a strong 2013 financial year and is not afraid to tell investors even better times are ahead. That positive message came out in a recent conference call Allied had with investors and analysts and the theme was picked up in an interview by the REIT’s president and CEO, Michael Emory (shown in image from the company website).

“It was a great year, a great quarter, and maybe even more importantly, we felt that we set a very good foundation for a very good year in 2014 and 2015,” Emory said, “to the extent that you can predict the future.”

What has changed?

After rates spiked and REITs stalled in May, the market for properties Allied is interested in have slowly and steadily recovered, meaning acquisition opportunities may be more abundant in the near term than initially expected.

Last year’s market retreat “led us to the preliminary conclusion that acquisitions may slow down. Not because we didn’t have a very favourable cost of equity and cost of debt, even after this event, but because we felt the vendors would lose some momentum and some readiness to sell,” Emory said.

“We did …read more

Source: RENX

April 14, 2014by david.taylor@colliers.com
Development, Office

Construction Update: Telus Garden

The office building is now topped out.

IMG_0993

Photo taken April 8, 2014 by 604 City.

April 9, 2014by david.taylor@colliers.com
Development, Office

Five Ten Seymour Street

By ChangingCity

This project started out as something of a mystery in June of 2013 – an office building on a site on the corner of West Pender and Seymour Street. Right now there are two older 2-storey buildings, one is a sushi restaurant and the other (dating from 1905) currently vacant.

Five TenThe mystery was that as far as we knew there wasn’t either a rezoning or development application submitted, although the building was being marketed. The design by Musson Cattell Mackey initially was for a 9-storey building with 77,000 sq ft of space (right).

Now there’s a development application, it’s a 10 storey building, and the design has evolved into something that looks really much more interesting. Our image shows the view down Seymour, looking north. There are angled glazed sections in the Seymour facade that don’t show up well from this angle, but which add an extra level of variation on what is really a very efficient block floorplate.

The Urban Design panel are due to see it in April 2014, and given a positive response it’s scheduled for the Development Permit Board in June.

 …read more

Source: Changing City

April 6, 2014by david.taylor@colliers.com
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