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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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Development

Plans for 48-acre Southgate Neighbourhood Taking Shape

Plans are coming together for the Southgate neighbourhood, the 48-acre Safeway distribution centre that was sold to Ledingham McAllister in 2012. The City of Burnaby has been working through a draft plan since last year and has now released a concept for the site.

Overall Site Plan

Overall Site Plan

The preliminary plan includes the following:

  • A gross density of 2.8 FAR
  • 5.8 Million SF of Market Residential
  • 200,000 SF of Commercial Space
  • Approx. 20 towers up to 46-storeys in height
  • 15-20 year build-out
Tower Heights

Tower Heights

Southgate 2

May 26, 2014by david.taylor@colliers.com
Development, Investment

Three Lower Mainland First Nations Buy Crown lands in Burnaby and East Vancouver

The B.C. government has signed an agreement with three Lower Mainland First Nations that includes the sale of Burnaby’s Willingdon Lands and the Liquor Distribution Branch warehouse site in Vancouver.

The agreement with the Musqueam, Tsleil-Waututh and Squamish nations outlines how the proceeds of Crown land sales within the bands’ territories will be shared and how to develop the properties in partnership with the government.

“This agreement is so important for our three communities and we hope it sets a positive example of what can be achieved when we truly work together as one,” Tsleil-Waututh Chief Maureen Thomas said in a news release.

Andrew Wilkinson, the minister of technology, innovation and citizens services, called the agreement “historic” in a written statement.

Under the agreement, the Musqueam and Tsleil-Waututh have purchased the Willingdon Lands at Willingdon Avenue and Canada Way, while all three nations have signed a contract to buy the LDB warehouse site on East Broadway. Representatives of the three nations could not be reached for comment on what the lands will be used for.

The sale price for the Willingdon property was $57.9 million, a price that the province says was based on an independent appraisal. The LDB property sale is expected to close by the fall, at which time the price will be publicly available.

Read more at Vancouver Sun.
March 28, 2014by david.taylor@colliers.com
Development

Two More Lowrise Projects Proposed for Hastings Heights Area

Two rezoning applications went before Burnaby City Council last night for 4-storey projects in the Hastings Heights area of Burnaby:

4295 Hastings Street

4295 Hastings St.

Developer: Citimark-Omicron

Site: Currently vacant and previously a gas-station. 14,994 SF. Zoned C-8 (Urban Village Commercial District) 3.0 FAR density.

Proposed Development: 4-storey mixed-use development with retail at grade and three and a half storeys of residential above. The development proposes to take advantage of the potential C-8 framework allowing an additional storey at the rear lane.

418 Gamma Avenue

418 Gamma Avenue

Developer: Epta Properties

Site: Currently vacant. 23,141 SF. Zoned CD from 2010 – the previous rezoning included office space which has proven difficult in the current market.

Proposed Development: 4-storey mixed-use development with retail at grade and 3 storeys of residential above. The rezoning anticipates a redesign based on RM-3 and C-2 to scrap the office component.

March 25, 2014by david.taylor@colliers.com
Market Research

MARKET SPOTLIGHT: Concrete Condo Resales Prices

Here is a snapshot of pricing for resales of concrete condos in Vancouver’s submarkets over the past two years. It shows moderate price gains in most areas, with those more pronounced gains in Burnaby and North Vancouver as a result of newly completed projects which saw some resales upon completion.

Concrete Condo Sales_PPSF_March 2014

The analysis used only condos built since 1999 and concrete construction. Surrey was the only submarket without any price growth since 2012.

March 20, 2014by david.taylor@colliers.com
Development

Low-rise Condo Project Eyed for Royal Oak and Imperial

A four-storey condo project is proposed for a long-vacant site at the southeast corner of Imperial Street and Royal Oak Avenue.

The site is made up 6808 and 6826 Royal Oak Ave and 5250 Imperial St. The proposal is for a mixed-use development with ground-floor commercial space and parking underground.

Rezoning for an earlier proposal was given third reading by council in 2008 but the owner has since revised the plan, making a new process necessary.

The current proposal is for commercial on both Imperial and Royal Oak with 45 apartment units on the three upper floors.

The units will comprise 15 one-bedrooms, 10 two-bedrooms, 17 two-bedrooms-plus-den units and three three-bedrooms-plus-den units.

Read more: http://www.burnabynewsleader.com/news/247098061.html

February 27, 2014by david.taylor@colliers.com
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First Capital REIT acquired by Choice Properties and KingSett for $5.2-billion

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First Capital REIT --> Choice Properties REIT and Kingsett Capital are teaming up to acquire the Canadian real estate company in a deal valued at over $9 billion, including assumed debt. Choice Properties will acquire roughly five billion dollars worth of shopping centres, while

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West Vancouver condo project in receivership, causing 'heartbreak' in Dundarave

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Greater Vancouver commercial real estate transactions down 8.3% in 2025 via @westerninvestor

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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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