The City of Vancouver has put three properties up for sale on the North Shore that were taken over from Millenium Developments (Peter and Shahram Malek). Two of the properties are located in the Lower Lonsdale area and are potentially high density redevelopment sites; the third is a small retail property at 1327 Marine Drive in West Vancouver. Despite speculation as to why the City is selling now, the properties are sure to receive significant interest.

260 West Esplanade is an entire city block currently improved with two lowrise commercial buildings. Totalling 2.24 acres in size, the site is designated in the OCP as Town Centre Mixed-Use, potentially allowing a redevelopment to include residential up to a density of 2.6 FSR, or approx. 255,000 sq ft.

119-131 West Esplanade, a property known locally as “Site 8” is a 17,500 SF site located just north of Lonsdale Quay. This property is also designated in the OCP for density up to 2.6 FSR under the Town Centre Mixed Use classification. This site was previously proposed for a 36-storey tower by Millenium; a plan that faced significant community opposition in 2007/2008.

David Taylor of Colliers is pleased to have acted in the sale of 3744 Canada Way, a single-tenant retail building located on Canada Way near Boundary Road in Burnaby. The purchase price was $2,900,000. The property is occupied by a local retailer, Charlie’s Chocolate Factory.

Haro Court, an 18-unit apartment building located in the West End of Vancouver has sold for $4,350,000, representing $242,000 per unit and a 3.0% cap rate. The building had been listed for sale for $4,400,000.