A lowrise retail and office building at West Broadway and Ash Street has sold for $38,888,888 to a Chinese investor. The 34,600 SF building was sold by TPMG Capital, a long-time owner. The property is 31,250 SF in size and is zoned C-3A which allows a density of 3.0 FSR, but only for commercial use in this sub-area, this equates to $415 per buildable SF. The main retail tenant is Rogue, which has a long-term lease.
A rezoning application has been filed for a 46,563 SF site at 445 Kingsway in the Mount Pleasant area which would allow rezoning from the existing C-2 zoning to allow a 6-storey mixed-use building that includes:
The application is being considered under the Secured Market Rental Housing (Rental 100) Program.
The site is currently improved with Desination Hyundai, a single-storey auto dealership. The renderings appear to show that Destination Honda will be the new tenant. The architect for this proposal is FNDA Architecture.
In one of Vancouver’s largest retail deals of the year, Ackroyd Plaza, a 6.8 acre strip retail centre at Ackroyd Road and No. 3 Road in Richmond, has sold to a local investor.
Major tenants include PriceSmart Foods, White Spot, Boston Pizza and a BC Liquor Store.
The 106,000 SF plaza is currently zoned Downtown Commercial District allowing a maximum floor area ratio of 3.0. Richmond’s City Centre Area Plan designates the site as Urban Core (T6) and Village Centre which allows a maximum density of 4.0 FAR. The existing improvements are only built to a 0.36 floor area ratio, thus representing approximately 1,000,000 sq ft of residual density, therefore the purchase price was based more on the land value then the existing income. The cap rate was well below 3%.