An apartment building located at East 44th Avenue and Fraser Street in East Vancouver has sold. The 18-unit building sold for $3,220,000, or $179,000 per unit. The cap rate on the transaction was 3.2% and the marketing materials suggested there is the possibility to raise rents substantially.
Another innovative architectural design will soon be dotting Surrey’s cityscape with plans to build a new Coast Capital Savings head office to be located next to the King George Skytrain Station.
B.C.’s second largest credit union has signed a contract with PCI Developments Corp. for the construction and leasing of about 70 per cent of the approximately 180,000 square foot, nine-story property, with a targeted late 2015 completion date. Coast Capital’s “Help Headquarters”, as the new head office will be known, will join buildings like the Central City Tower and City Centre Library that have established Surrey as the home for some of the province’s most groundbreaking modern architecture and an attractive location for businesses.
Read more at Newswire: http://www.newswire.ca/en/story/1091297/coast-capital-s-new-head-office-to-boost-surrey-city-centre-revitalization
SmartCentres has submitted an application to the City of Richmond to build a open-format shopping centre on a 17-acre site in the West Cambie area of Richmond. The project, known as Central at Garden City, is located on Garden City Road between Alderbridge and Alexandra Road. The site is proposed to be developed with a 3-storey, 162,000 SF Wal-Mart, a 4-storey retail/parkade structure, and several 1-2 storey retail buildings centred around a High Street running through the site. There will be 20-70 CRU’s and a total leasable area of 372,000 SF.
SmartCentres had initially made a rezoning application in 2003, but was delayed due to a variety of issues including assembly of lots and the development of the West Cambie Area Plan by the City of Richmond.
Source: City of Richmond