Investors Group has sold Trenant Park Square, a 138,716 square foot, open format, grocery and drugstore anchored retail centre located in the Ladner area of Delta, B.C. to Keltic Canada, for $64,500,000, or a 4.8% cap rate. The property was built in 1989 and sits on a 9.7 acre site with future development upside.
The property was listed and sold by Jones Lang Lasalle. It is anchored by FreshCo. and London Drugs; other tenants include RBC, Dollarama, Starbucks, Cobs Bread, Subway and Kin’s Farm Market.
Keltic Development has submitted their formal development application for 220 Prior Street, a 20,000 SF site, an I-3 zoned site adjacent the future new St. Pauls Hospital that they acquired in February 2020 for $25,000,000.
The proposal for the site includes a new 10-storey office building that includes:
1,600 SF of retail on the ground floor;
16,000 SF of manufacturing/light industrial uses on the main & 2nd floor;
84,000 SF of medical office space;
a total density of 5.0 FSR;
a building height of 149 ft.;
173 parking spaces on four underground levels.
Under the site’s existing I-3 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.
The plan includes preserving the existing 2-storey heritage warehouse/office building constructed in 1911, and adding three additional floors of office space. The site is zoned DD is 6,992 SF.
A previous proposal for a 26-storey residential tower was not supported by the City due in part to shadowing on Terry Fox Plaza.
Details include:
retail uses on the ground floor;
office uses on the 2nd to 5th floors;
rooftop amenity space;
a total building area of 39,000 SF;
modern mass timber beams and columns and laminated timber floors;
steel elements to provide code compliant lateral resistance;
a building height of 90 ft.;
a density of 5.50 FSR including a 10% heritage density bonus;
loading is located in the lower level having vehicular access from the lane.
Existing Building
Under the site’s existing DD zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board.
