1281 Broughton Street, a 31-unit building in the West End, has been sold by Reliance Properties to CAP REIT in a deal valued at $13,953,000, or $450,000 per unit.

The building is located on the Southwest corner of Broughton & Burnaby Street in the West End. The 8-storey concrete building was built in 1959 all all corner units with hardwood flooring. The building has laundry, storage, and some parking.

Details:

Lot size: 8,650 SF

The asking price for the property had been $15,900,000.

The property was listed and sold by CBRE.

Building rental listing “Twelve81”: https://www.capreit.ca/apartments-for-rent/vancouver-bc/the-twelve81/

A streetfront retail and office building on Main Street near East 28th Avenue in Vancouver has sold for $5,500,000 or $810 per SF. The property sits on a 66 x 100′ mid-block lot and was fully leased (with demo clauses) at the time of sale.

The building had been listed for sale for $5,600,000 and was sold by Dorset Realty.

A strata-titled retail and apartment building at 2023 West 4th Avenue has sold. The building contains 2 retail units and 8 residential units (five two-bedrooms and three one-bedrooms).

Property details:

• Type: Streetfront multi-tenant retail and apartment
• Retail tenants: Brier Home Decor, Blue Sky Clothing
• Building Size: 10,435 SF
• Lot Area: 5,543 SF
• Year Built: 1998
• Price: $6,100,000
• Cap Rate: 5.6%

The property was listed and sold by Lee & Associates. A brochure can be viewed here: https://leevancouver.com/wp-content/uploads/4th-Ave-W-2023-Lee-Investment-Sale.pdf

Goh Ballet Academy has submitted a rezoning application for the small corner site they currently own and operate at 2345 Main Street, at the Northwest corner of West 8th and Main in Mount Pleasant.

The existing building was formerly a Royal Bank building, built in 1912 that Goh Ballet took over in 1985. The site is 62′ x 100′ and is on the heritage register.

The site is located in the Main Street Village Area A subarea of the Broadway Plan, which enables the development of retail/service, office, residential, and cultural uses up to 6 storeys and 3 FSR. The retention of heritage assets and development of cultural spaces can enable additional building heights up to 8-9 storeys. The proposal is seeking relaxations due to its proximity to the upcoming Broadway Line Station.

The proposal calls for a redevelopment of the 6,181 SF site with a 26-storey student housing tower that includes:

• 344 student housing units;
• 1,500 SF of ground floor retail space;
• 3 levels of underground cultural spaces (expansion of Goh Ballet);
• a total density of 23.0 FSR;
• A building height of 343 ft. with additional height for rooftop amenity space; and
• Retention of the Royal Bank Heritage Building (Vancouver Heritage Register).

This application is being considered under the Broadway Plan and requests consideration of density and height in excess of the existing policy.

The architect for the project is Align Architecture.

The full application can be viewed here: https://www.shapeyourcity.ca/2345-2349-main-st

A streetfront retail property in the Connaught Heights area of New Westminster has sold for $5,000,000. The property is fully leased to ten local retail tenants.

Property Details:

• Type: Streetfront multi-tenant retail
• Building Size: 10,478 SF
• Lot Area: 16,113 SF
• Year Built: 1919
• Cap Rate: 5.3%

The property includes 18 parking stalls. It had been listed for $6,500,000.

The property was listed and sold by Cody Davis of Jovi Realty.