I am pleased to announce the sale of 1609 Cypress Street, a 16-unit apartment building in Kits. The building was sold to a local investor for $4,400,000.

I am pleased to announce the closing of another land assembly sale, this one at the corner of Granville Street & West 62nd Avenue. The 3-lot site was acquired by Coromandel Properties and now has development approvals in place under the new RM-9N zoning for a 40-unit project, in pre-marketing as “The Leveson“, expected to be complete in 2017.

In one of Vancouver’s largest retail deals of the year, Ackroyd Plaza, a 6.8 acre strip retail centre at Ackroyd Road and No. 3 Road in Richmond, has sold to a local investor.

Major tenants include PriceSmart Foods, White Spot, Boston Pizza and a BC Liquor Store.

The 106,000 SF plaza is currently zoned Downtown Commercial District allowing a maximum floor area ratio of 3.0. Richmond’s City Centre Area Plan designates the site as Urban Core (T6) and Village Centre which allows a maximum density of 4.0 FAR. The existing improvements are only built to a 0.36 floor area ratio, thus representing approximately 1,000,000 sq ft of residual density, therefore the purchase price was based more on the land value then the existing income. The cap rate was well below 3%.