The Mr. Lube property on Arbutus Street in the Westside area of Vancouver has sold for $4,380,000. The property is located at the corner of West 12th Avenue on a 75′ x 125′ site and is zoned C-8, commercial.
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.
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.
Read more: http://www.northshoreoutlook.com/news/170352856.html
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