Colliers is pleased to introduce for sale 5050 Hastings Street, a 2-storey church/daycare property located on a 12,000 SF lot in a highly accessible location on Hastings Street in Burnaby’s Hastings Heights area.

For more information: https://www.collierscanada.com/en-ca/properties/for-sale-rare-church-property-in-convenient-location-in-burnaby/can-5050-hastings-street-burnaby/can2020111

A 10-unit Metrotown apartment building located at 6700 Dow Avenue in the Metrotown area of Burnaby has sold. The 1968 walkup apartment building is located on a 9,118 SF site that has future high density development potential under the Metrotown Plan.

Sale details:

• $3,300,000
• 3.0% cap rate
• $330,000 per unit

The property was listed and sold the Blair McEvay team at Marcus & Millichap.

Equiton Living has completed on the acquisition of Mountain Park Residences (formerly Oceana Court), a 117-unit lowrise apartment complex on a 2.7 acre site at 7070 Inlet Drive, at the base of Burnaby Mountain.

Details:

• Purchase Price: $46,625,000
• Cap Rate: 4.4%
• Price per unit: $390,000
• Year Built: 1967

The property was listed and sold by Cushman Wakefield: https://www.cwinvestmentproperties.com/listings/7070-inlet-drive-oceana-court-burnaby-bc-66/

Forum Asset Management has submitted a preliminary for a large-scale, multi-phase student housing project on the Eastern border of Burnaby, at the bottom of the hill below SFU.

The 3.7 acre site is an assembly of 16 single family lots on the East side of Rathburn Drive at Broadway. It is designated in the Burnaby 2050 Official Community Plan Draft as Mid Rise Apartment 1, which supports mid-rise residential apartment buildings of up to 12 storeys.

The preliminary proposal for the site calls for four terraced buildings, up to 16-storeys, and includes:

• 950 student housing units
• 450 market rental units
• Two phases

The architect for the project is Gensler.

The City of Burnaby adopted the final draft version of their updated Official Community Plan, to be forwarded to public hearing and final adoption this fall.

The final version of the OCP is the culmination of a multi-year process that was most recently accelerated by the new Provincial legislation.

The final draft of the OCP can be viewed here:

https://pub-burnaby.escribemeetings.com/filestream.ashx?DocumentId=83303

The approval process:

The new OCP arrives concurrently with Burnaby’s new ‘Height Based Zoning Framework’ which removes the previous rezoning designations and replaces them with a new height based model.

Implications for rezoning and property values remain to be seen, but the new framework is expected to create more transparency in the overall process.