Hollyburn Properties have acquired Crestview Terrace, a 10-storey concrete apartment building located at 1414 Davie Street in the West End of Vancouver. The building has 36 units and was built in 1965. The price was $7,641,560, equating to $212,000 per unit, and a capitalization rate of 3.8%. The zoning for the property is RM-5A.

Holborn Group has acquired 620-622 Seymour Street in Downtown Vancouver for $5,500,000, or $478 per sq ft. The 2-storey, 11,500 sq ft building has been vacant. The site is 6,000 sq ft which equates to $183 per buildable square foot on land value.

Holborn owns the adjacent Bay Parkade and this acquisition represents additional assembly of land with future redevelopment potential.

Anthem Properties has acquired 190 Alexander Street, ‘The Harbourview’, a 6-storey, 40,000 sq ft office building located at Alexander Street and Hastings Street on the edge of Gastown in Vancouver, B.C.

The purchase price was $10,375,000 representing $262 per sq ft. The building is reinforced concrete and was built in 1979. It features excellent views of the North Shore.

The College of Physicians and Surgeons of British Columbia has bought seven floors of space in a new Vancouver office tower in what is believed to be the largest office sale to a single user in the city’s history.

The group bought the space in the Offices at Hotel Georgia, part of a $450-million redevelopment of the 84-year-old Hotel Georgia that includes another two floors of as-yet unsold office space as well as 156 condo units.

The deal was worth just under $30-million.

Delta Land Development Ltd. is building the project, and Avison Young brokered the deal. The College plans to move its 90 employees into the space by the end of the year.

“It has always been the vision of the board to own rather than lease office space,” the College said in a statement. “The finance and audit committee considered 24 buildings in Vancouver and Burnaby before making its final decision.”

The strata space – where ownership is comparable to a condo – was bought to avoid future rent increases in a pricey market. It also means the organization won’t have to pay HST on leasing costs.

Source: Globe and Mail