Vancouver Market - Tracking commercial real estate investment sales across Metro Vancouver — sale prices, cap rates, and $/SF data for apartment, retail, office, land, and development transactions. By David Taylor, SVP at Colliers International Canada.
Vancouver Market - Tracking commercial real estate investment sales across Metro Vancouver — sale prices, cap rates, and $/SF data for apartment, retail, office, land, and development transactions. By David Taylor, SVP at Colliers International Canada.
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Apartment, Development, Retail

Rental Apartments Planned for East Vancouver Strip Mall Property

A rezoning application has been made for a 29,102 SF site at 3868 Rupert Street (at East 22nd St) for rezoning to allow rental apartments. The site is currently improved with a grocery store – Chong Lee Market and some retail units along with surface parking.

3868 Rupert 3868 Rupert_1

The proposal calls for rezoning from C-1 to CD-1 to permit the development of 6-storey mixed-use building that includes:

    • 112 secured market rental units;
    • 78 one-bedrooms, 30 two-bedrooms and 4 three-bedrooms
    • 10,856 SF retail uses in six CRUs on the ground floor
    • a total density 3.60 FSR
    • a building height of six storeys ; and
    • 158 underground parking spaces.

The application is being considered under the Affordable Housing Choices Interim Rezoning Policy.3868 Rupert_2

The architect, GBL, describes the application:

“This project will take into account these neighbourhood factors by providing appropriate up to date commercial premises for the existing tenants and providing good quality affordable rental accommodation for the locale. The Renfrew Collingwood area has great community facilities and a number of schools close by. With this in mind, over a quarter of the units will be 2 and 3 bedrooms for families.

We are proposing that the site is rezoned for a six storey building which accommodates one floor of commercial, five floors of market rental units above over two levels of underground parking. The project will follow the Rental 100 City Policy. The area of the project is 104,667 SF, yielding an F.S.R. of 3.60. The project proposes six commercial retail units with specific size requirements ranging from circa. 670 SF up to 11,760S SF. Commercial entrances are located on Rupert Street. The Residential Lobby is positioned to the south side of the site at 23rd Avenue allowing for an uninterrupted commercial frontage. The project proposes 112 Rental Units on Levels 2-6 with over a quarter designated as 2+ bedroom family units. The average sizes meet the Rental 100 requirements with 1 beds at 570SF, 2 beds at 730SF and 3 beds at 937SF. We recognize there are good community facilities and schools in the area and our Client wants to provide a range of accommodation types which will appeal to a varied market of future tenants.”
June 13, 2016by david.taylor@colliers.com
Apartment, Development, Retail

Interesting Infill Apartment Building Planned for Commercial Drive

An interesting proposal has surfaced for a 33-foot lot on Commercial Drive at the corner of Napier Street. The site, which is improved with a 2-storey heritage commercial building built in 1908, is now being planned for heritage preservation with an infill apartment building at the rear lane.

Details of the proposal include:

  • retaining the existing 2-storey Heritage B building (now occupied by Moja Coffee)
  • a new 5-storey infill residential building with 8 rental apartment units at the rear of this site;
  • a maximum height of 48.5 feet;
  • a density of 2.70 FSR (10,108 SF);
  • one-car share parking space having vehicular access from the lane;
  • removal of one street tree on Napier Street.

Under the site’s existing C-2C1 zoning, the application is conditional and requires the approval of the planning department. For this project, relaxations would be required on building height and some setbacks. The application references incentives under the Rental 100 program.1102 Commercial_31102 Commercial

1102 Commercial_1

View from Napier St – existing heritage building on the right

1102 Commercial_2

View from rear lane

The architect for the project is Cornerstone Architecture.

The property was listed for sale in 2013 and sold for $1,690,000, which equates to approx. $125 per buildable SF when the existing building is taken to account.

May 4, 2016by david.taylor@colliers.com
Investment, Retail

Tom Lee Music Building Sells in $38MM Deal

Bonnis Properties has acquired 929 Granville Street in deal for $38,250,000. The property, officially named the Wilson Block, but more widely recognized as the “Tom Lee Music” Building on the Granville Strip is a 5-storey heritage building originally built in 1927.

The 41,000 SF building sits on a 14,985 SF site just South of the prime retail area of Granville and Robson. It is on the heritage register as a “C”.

The building was taken over by Tom Lee in 1989 and the interior substantially redesigned for the music store and head office for the company.

929 granville

April 6, 2016by david.taylor@colliers.com
Development, Retail

Heritage Retention Part of Kerrisdale Development Proposal

Bogner Developments has applied to the City of Vancouver for permission to develop a 12,458 SF site on East Boulevard between West 46th and West 47th. The plans for the C-2 zoned site are for a five-storey building including:

  • 21 residential units on the first through fifth floors;
  • two commercial retail units on the first floor and mezzanine;
  • 46 parking spaces in an underground garage;
  • overall density of 3.08 FSR (38,357 SF);
  • building height of 57.51 feet;
  • retention and restoration of the façade of the existing 2-storey commercial building.
Existing Heritage Facade/Building

Existing Heritage Facade/Building

6168 East Blvd_2

“In order to achieve the development that is proposed, City Council will be asked to consider a Heritage Revitalization Agreement (HRA), which would approve the form of development and vary the provisions of the Zoning and Development By-law in order to enable this development to proceed. This HRA, as well as the municipal designation of the existing heritage building, will secure the rehabilitation of this heritage resource, and assist in its long-term preservation.”

6168 East Blvd 6168 East Blvd_3

Rositch Hemphill is the architect for the project.

The site was acquired by Bogner in December 2013 for $5,318,756, or $139 per buildable SF based on the density in the application.

March 30, 2016by david.taylor@colliers.com
Investment, Retail

1424 West Broadway Sells in $19.8MM Deal

1424 West Broadway, more commonly known as the Joeys Broadway, has sold for $19,800,000 to the Value Group. The 15,265 SF C-3A zoned site was previously sold in 2014 for $14,300,000. Joeys lease expires in 2019, though there is no word on redevelopment plans for the property.

The property had been listed for sale by Colliers in late 2015, and received multiple offers. The adjacent property at 1448 West Broadway was also listed for sale.

1424WBroadwayVanApr14 (6)

March 15, 2016by david.taylor@colliers.com
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David Taylor Personal Real Estate Corporation

Colliers International

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David Taylor

Senior Vice President, Colliers Canada

David Taylor is a Senior Vice President at Colliers International in Vancouver, BC, specializing in the sale of commercial real estate across Metro Vancouver. He has sold over $1.7 Billion in office buildings, retail properties, apartment buildings and development land since 2004.

Vancouver Market chronicles investment and development activity in Metro Vancouver, including sale prices, cap rates, $/SF metrics, and market context for commercial real estate transactions.

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