Barclay Mansion, a 40-unit apartment building in the West End has been sold by John Gee, Colliers for $10,300,000, or $258,000 per unit. The purchaser was a local investor.
Constructed in 1962 by a well-known local developer, Barclay Mansion is improved with a nine-storey concrete high-rise offering eight bachelors and thirty-two one bedrooms, and approximately 23,000 square feet of net rentable area.
Bentall Kennedy, on behalf of the Bentall Kennedy Prime Canadian Property Fund and some other of its pension fund clients, has purchased Bentall 5 for approximately $400 Million, representing almost $700 per sq ft, and a cap rate below 5%. The Vendor in the transaction, the German bank Deka Immobilien GmbH, had purchased the tower just three years ago for $297 Million.
Paul Zemla, Chief Investment Officer for Bentall Kennedy’s Canadian operations told PR newswire: “Following direct discussions with Deka, we were very pleased to pursue this “AAA” office asset. Our knowledge and comfort with Bentall V, which we developed and have managed since its inception, combined with the very attractive long term prospects for the Vancouver office market made this a unique opportunity for our clients”.
The tower, completed in 2002 and expanded in 2007, contains approximately 580,000 sq ft of AAA office and retail space.
This deal represents a new benchmark for valuations of AAA office buildings in Vancouver.
