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Investment, Retail

Ackroyd Plaza Sells in $102MM Deal

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%.

aerial_2015

September 17, 2015by david.taylor@colliers.com
Development

7-Storey Building Planned for Cambie Corridor

Pennyfarthing Homes has applied to the the City of Vancouver to rezone a 23,625 SF site at 4976-5010 Cambie Street from RS-1 to CD-1 to allow a 7-storey residential building, the retention and heritage designation of the Wong Residence at 5010 Cambie Street, and a laneway house at the rear of the site. The proposal includes:

    • 49 residential units;
    • retention and heritage designation of the Wong Residence at 5010 Cambie Street;
    • a maximum building height of 90 ft.;
    • a density of 2.46 FSR; and
    • 54 underground parking spaces and 63 bicycle parking spaces.

The application is being considered under the Cambie Corridor Plan. Pennyfarthing has already experienced success in the Cambie area with Bennington House, which is now selling.

4976 Cambie 4976 Cambie_1

4976 Cambie_2

Rendering: Shift Architecture

The retention of the Wong residence is described by the architect for the project Shift Architecture:

“On the southern-most lot of the parcel sits the Wong residence: a split-level West Coast Modern house originally designed by modernist architect Harry Lee of Duncan McNab & Associates in the mid 1950’s. In true West Coast style, the house embraces the natural landscape, seated atop a substantial volcanic rock outcropping that fronts Cambie Street with a tangible presence. The prominence of the rock is subtly countered by an elegant water garden and landscape design by renowned landscape architect, Cornelia Hahn Oberlander. Pennyfarthing Homes and the City of Vancouver have recently expressed interest in the preservation of the house, the rock and landscaping, and a formal Statement of Significance has been prepared as a testament to both its design and its late owner, prominent Vancouver philanthropist Milton Wong. Accordingly, preservation and an innate respect of the Wong residence are at the core of the proposal.”
September 15, 2015by david.taylor@colliers.com
Development

SOLD: 300 West Esplanade, North Vancouver

I am pleased to announce the sale of 300 West Esplanade, North Vancouver, B.C. This ideally located development site sold for $3,300,000.

300 West Esplanade

September 14, 2015by david.taylor@colliers.com
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