Shoppers Drug Mart successfully outbid any 3rd party investors and purchased a building they occupy at 1583 Marine Drive in West Vancouver. The property, which was acquired by the City of Vancouver through their involvement with Millennium Development in the Olympic Village deal, was offered for sale by tender earlier in June 2013.
The 8,100 SF single-tenant retail building sold for $8,600,000, or $1,050 per SF.
The Wenonah Building, a heritage apartment building at East 11th Ave and Main Street has sold for $6,500,000 or $342,000 per unit. The building, built in 1913, also contains some retail on the ground floor. The lot size is 8,480 SF.
A revised rezoning application has been presented for Westbank and Ivanhoe Cambridge’s plan to rezone and redevelop the 28-acre Oakridge Centre property. This is expected to be the last round of formal open houses for the rezoning before the proposal heads to the Urban Design Panel and then on to Public Hearing.
Proposed changes from 2012 version:
University Lodge Apartments, 5516 Dalhousie Road, an 11-unit apartment on the UBC Endowment lands has sold for $4,475,000, or $406,750 per unit. The cap rate was 4.5%. The 3-storey walkup apartment building was built in 1927. The building had been listed for sale for $5,068,000, or a 4% cap rate.
Morguard has applied to the City of Vancouver to amend the existing CD-1 for their property 601 West Hastings Street (also referred to as 333 Seymour Street) to retain the existing office tower, and build a 25-storey office building with:
