Reliance Properties has acquired The Pemberton Building, 744 West Hastings Street in Downtown Vancouver, B.C. The building is a 65,000 sq ft, 8-storey C-Class office building built in 1912.
The purchase price was $19,000,000, representing $291 per sq ft.
Ted Mildon and Derek May of Colliers acted on behalf of the Vendor and Purchaser in the transaction.
Polygon Homes has submitted a rezoning application to the City of Burnaby to develop a 33-storey, 253 unit tower at the corner of Dow Avenue and Beresford Street adjacent Metrotown. The site is just over one acre in size, and the total density is 227,700 sq ft, representing 5.0 FAR as per the density bonus provisions in the Burnaby Zoning Bylaw by adding a new suffix (‘s’) for the RM3, RM4 and RM5 Districts. There will be no commercial component.
The proposal will go to public hearing September 20, 2011.
Source: City of Burnaby
British Columbia Investment Management Corporation (bcIMC) has announced plans for the construction of its newest office building, 745 Thurlow, a 400,000 square foot, AAA office tower to be built to LEED Gold standard, in downtown Vancouver.
The project has secured it’s lead anchor tenant, McCarthy Tetrault, who currently occupies 75,000 sq ft at 777 Thurlow St.
The project is scheduled to complete in 2015, with demolition of the existing structure to commence in early 2012.
Values for freehold office buildings and strata office space remain stable in North Vancouver, with steady growth exhibited over the past several years, a trend expected to continue with new supply generally limited to a handful of sites.
This market is predominantly characterized by owner occupiers. The average sales value over the past five years in this market is $350 / SF. Newly built buidlings and strata space in the core areas of lower and mid-Lonsdale have achieved values approaching $500 / SF, with older product in business park or industrial areas reaching below $300 / SF.
Investment activity in this market has been relatively confined to strata sales since the acquisition of the Westmar Building (233 West 1st Avenue) by Upcountry Group in September 2009. Since the acquisition, Upcountry has strata-titled the building and rebranded it ‘The Lookout‘ with 31 units, ranging in size from 538 to 25,000 SF. Several units are still available in the building, averaging approximately $450-550 / SF.
Yuanheng Developments Ltd. has purchased a 2.2 acre site on No. 3 Road just south of Sea Island Way in the Capstan Village area of Richmond, B.C. The total purchase price was $15,080,000.
Under the City of Richmond’s City Centre Area Plan, the property is designated as Urban Centre T5, which allows residential to a maximum density of 1.2 FAR, and a total density for mixed uses of 2.0 FAR. The total price per buildable square foot therefore equates to $78.03.
