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Investment, Office

576 Seymour Street, Sold

576 SeymourThe Arts and Crafts building located at 576 Seymour Street has sold to an offshore investor for $15,200,000, or $430 per SF.

The 35,411 SF C-Class building is located on the East side of Seymour between Dunsmuir and West Pender Streets. The cap rate was 4.4%.

November 20, 2013by david.taylor@colliers.com
Development, Retail

Richmond Walmart Gets Green Light

After almost three hours of impassioned pleas begging city council to say no; it said yes, gifting to Richmond in the process its first ever Walmart.

At a packed out, standing room only public hearing at city hall council chambers, city council, by a majority 6-2 vote, approved SmartCentres’ controversial $150 million, ten-year-old proposal for a 14-acre outdoor shopping centre – anchored by U.S. retail giant Walmart.

Councillors Harold Steves and Chak Au were the only two to vote against the West Cambie plan – bound by Alderbridge Way, Garden City, Alexandra and No. 4 roads.

Before the plan was approved, veteran Steves went as far to brand the development the “worst or second worst” the city has ever been involved with.

However, although many in the audience had nothing but condemnation for the proposal – traffic concerns, loss of green space and views, environmental damage and dislike of Walmart topped the list – there was a surprising throng of approval for the project.

Read more: http://www.richmond-news.com/news/richmond-walmart-gets-green-light-1.701622#sthash.6uB8rJsY.dpuf

November 19, 2013by david.taylor@colliers.com
Apartment, Investment, Market Research, Office

Vancouver Ranks 4th in Canada for 2014 Market Prospects

PWC’s annual Emerging Trends in Real Estate 2014 report was released this week. The annual report surveys industry professionals and rates Canada’s nine largest commercial real estate markets on prospects for investment, development and homebuilding.

PWC 2014

This year the survey placed Vancouver fourth, just slightly behind Saskatoon, and behind the energy-driven markets of Calgary and Edmonton; in first and second respectively.

Perhaps not surprisingly, respondents placed Vancouver firmly in buy/hold territory for most asset classes in 2014. Here are a couple of examples:

Apartment Buy/Sell/Hold Recommendations

PWC 2014 AptOffice Buy/Sell/Hold Recommendations

PWC 2014 Office

Download the full report here: http://www.pwc.com/ca/en/real-estate/emerging-trends-real-estate-canadian-summary.jhtml

November 14, 2013by david.taylor@colliers.com
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