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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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, Market Research

The West End’s Largest Properties

As the West End Community Plan is emerging, we thought it would be interesting to take a look at the largest lots in the West End. There aren’t many large lots; in fact, of privately held properties, there are less than 10 of an acre or more.  Here are the 40 largest parcels in the West End, by land area (SF):

West End_Top 40 LotsAll of the above properties are improved with sizable income producing (mostly apartment) properties that won’t likely be redeveloped anytime soon; however, many of these, and many smaller lots (of which there are over 500), will see some activity in the coming years as part of the West End Plan. Here is the City’s depiction of what the West End might look like in 30 years once built out per current policy:

West End Plan

Contact us if you would like to know more about the WECP and where are the opportunities are.

July 12, 2013by david.taylor@colliers.com
Development

Steveston Secondary Land Enters Next Phase

The short list of developers for the Steveston secondary site got shorter last Tuesday. Richmond School Board members have narrowed it down to three potential applicants.

“They were all very high calibre, and I was very impressed with all of them,” said board chair Donna Sargent.

The board will convene for a summer meeting on July 22 to consider the three submissions.

Last month, five residential developers were chosen over a dozen who applied to build on the 13-acre site along No. 2 Road.

Board members based their criteria on value (financial compensation the district would receive), vision (for the neighbourhood that takes into account its surroundings) and voice (ensuring the residents have a say).

Read more: http://www.richmond-news.com/life/Losing+religion+Buddhism+bucks+trend/8618990/story.html#ixzz2YkWFcvPm
July 11, 2013by david.taylor@colliers.com
Development

Onni to Stage Open Houses on its Imperial Landing Proposal

Onni to stage open houses on its Imperial Landing proposal – Richmond Review.

The Onni Group will stage two open houses next week in Steveston as part of a bid to rezone its newly-constructed Imperial Landing properties.

The developer’s six low-rise buildings—built along Bayview Street on the last piece of land at Imperial Landing—feature apartments on upper floors and commercial units on the ground floor. But the commercial zoning allows for only maritime-related businesses.

Imperial Landing

Onni submitted a rezoning application to the city in March to allow more commercial uses in the ground floor space of the six buildings, which are now largely complete.

On a website dedicated to Onni’s new proposal, waterfrontrezoning.com, the developer contends rezoning the commercial space to allow a broader range of commercial retail uses “will better serve the community’s needs.”

Read more: http://www.richmondreview.com/news/214434901.html

July 9, 2013by david.taylor@colliers.com
Investment, Retail

Vancouver Honda, 850 SW Marine Drive, Sold

The Vancouver Honda dealership property at 850 SW Marine Drive has sold for $12,925,000 to Value Group Properties. The 2.1 acre site has over 460 feet of frontage on SW Marine Drive and a 2-storey, 45,621 square foot auto retail building occupied by Vancouver Honda. The dealership will lease back the property. The zoning for the property is I-2.

Vancouver Honda

 

July 8, 2013by david.taylor@colliers.com
Development

City Backtracks on Towers at Broadway and Commercial

It appears as though there has been heavy public opposition to the idea of towers near Broadway and Commercial as proposed in the recently presented Grandview Woodlands Community Plan.

The preliminary plan, presented at open houses last month suggested a dozen tower sites of 22-36 storeys within a 5-minute walk of the Commercial/Main Skytrain Station.

Grandview Woodlands Plan

Here is an excerpt from a recent planner update:

“We are still in the process of gathering input on all aspects of our Emerging Directions work – and many of you have already taken the time to share your feedback on the DRAFT policies.That being said, we have heard clearly from the community that there is serious concern about the extent and height of tower building forms in the vicinity of the station area. In light of this, I wanted to let you know that we will not be proceeding with the proposal as presented in the sub-area policy for Broadway and Commercial.

While we’ve heard support through the planning process for additional density in the Broadway & Commercial area, we know that community members would like to see options of building forms explored that are different than the concentration of tall towers proposed in June.”

Source: City of Vancouver

July 5, 2013by david.taylor@colliers.com
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David Taylor Personal Real Estate Corporation

Colliers International

DT

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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