North Shore Outlook – A new kind of grocery store to take over Safeway lot in West Van.
From the outside, it doesn’t seem like much is happening to the boarded-up former Safeway building on Marine Drive in Ambleside.
But crews are quickly working on extensive renovations to make way for Fresh St. Market, a grocery store that will offer 70 per cent veggies, fruit and meat and 30 per cent grocery items.
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A two-storey retail building on the south side of West Broadway has sold for $2,320,000, representing $498 per sq ft. The asking price was $2,350,000. The building is adjacent Joey’s Broadway.
The building is 4,658 sq ft in size and is leased to a tanning salon on the upper floor on a month to month basis. The bottom floor is available for lease and asking $35.00 per sq ft net.
Retail continues to be in high demand in White Rock as an investment, particularly due to the ongoing demand on behalf of investors to find buildings in well-established safe markets. In particular, White Rock has seen relatively little new construction over the past several years. This is a small market that is difficult to buy into and this has been reflected in increasing rental rates and values.
Retail assets that have traded over the past 10 years have typically been streetfront retail, with most sales occurring in the Marine Drive and town centre areas.
Current cap rates for retail tend to be between 5.0% and 6.0% in this market, and have exhibited gradually increasing average prices over the past 10 years as follows:
Source: Colliers Research
A two-storey retail building has sold at the Southwest corner of Denman and West Georgia Streets in Downtown Vancouver. The building is 9,400 sq ft and tenants include the Running Room. The purchase price was $7,360,000, equating to $780 per sq ft.
David Taylor and Simon Lim of Colliers are pleased to present for sale 2116 West 41st Avenue, a 2-storey retail and apartment building located in the heart of Kerrisdale.
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