A recent B.C. Supreme Court decision has paved the way for owners of an apartment and townhouse complex in North Vancouver to sell to a developer – despite the wishes of some owners to stay put.
B.C. Supreme Court Justice Lauri Ann Fenlon recently sided with the majority of owners of Seymour Estates on Lytton Street, who asked the court to approve the sale of the entire property.
That decision satisfied the vast majority of owners, who argued in court they’ll get more money by selling as a group than they could individually and avoid potentially costly repair bills as the 40-year-old complex ages.
For a small group of owners, however, the decision could force them to move off the North Shore, where they have community ties, if they can’t find similar affordable housing – or out of the housing market entirely.
Read more: http://www.nsnews.com/news/judge-backs-forced-sale-of-north-vancouver-complex-1.810849
A 140,000 SF strip retail centre on No. 3 Road has sold for $27,950,000. The property, located at 4551 No. 3 Road had been on the market for sale as an investment deal with the 5.5 acre site having upside for future redevelopment. Based on the 2012 reported income, the deal would appear to represent an approximate cap rate of 4.8%.
A rezoning application has been submitted for a 7.8 acre site located at 8601 Glenlyon Parkway at Marine Way. The vacant site is proposed for a 2-storey 122,000 SF warehouse and office facility, with a floor area breakdown as follows:
Onni announced via instagram today that they have acquired the 12.5 acre Gilmore Station area lands from Standard Life. The site, which is partially vacant, and partially occupied by industrial and office buildings, sold for a reported $110 Million.
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