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Top Metro Vancouver Commercial Properties: 2015

Here is a summary of Metro Vancouver’s most valuable commercial real estate assets. The summary is based on a survey of the top 25 commercial properties ranked by the 2015 tax assessment value. While assessed values don’t neccesarily reflect market values, this analysis provides a fairly accurate snapshot of our city’s most valuable assets:

2015 Assessment ValuesA few observations:

  • Metrotopolis at Metrotown continues to hold its rank as by far Metro Vancouver’s most valuable commercial property, as it has for the last decade. The nearly 1.8M sq ft shopping centre is now assessed at over $1 Billion. This value does not include the adjacent office towers which would likely add another $200 Million, also owned by Caisse de depot, which is Quebec’s largest pension fund manager.
  • The redevelopment of Sears into Nordstrom significantly bolstered its assessment value. Including the office towers, Pacific Centre is now valued at over $1 Billion.
  • Renovations and improvements at aging regional shopping centres including Park Royal and Guildford Town Centre bolstered values significantly.
  • Oakridge Centre’s value had a large increase likely based on it’s 2014 rezoning for over 2,000 residential units.
  • Langara Gardens and Landsdowne Centre both fell off this list, but will likely return in the near future. Both properties are slated for redevelopment. Landsdowne in particular is speculated to have significant redevelopment value.
  • Pension funds control the vast majority of these larger core/trophy assets. (77% to be exact)
  • A group of 6 pension fund managers (some in partnership) control well over 50% of the top 25.
  • While the top 3 are super regional shopping centres, 15 of the top 25 are Downtown office towers.

2015 Assessment_Tbl1 2015 Assessment_Tbl2 2015 Assessment_Tbl3

 

February 25, 2015by david.taylor@colliers.com
Development

Heritage, Land Use Studies on 2015 Planning Agenda

Vancouver’s planning department will grapple with subjects ranging from heritage buildings to policy statements for large parcels of land in 2015.

In a sit-down with the Courier earlier this month, Brian Jackson, the city’s manager of planning and development, outlined priorities for the coming year.

Finding more ways to protect heritage buildings remains a top concern. A series of reports related to the city’s Heritage Action Plan will be brought forward in stages in 2015.

Last June, council approved a one-year prohibition on demolishing pre-1940 homes in the First Shaughnessy District so the city could review the area’s official development plan and determine what steps can be taken to conserve heritage property in the district.

Jackson expects a report on that issue will be brought forward in March or April followed, in June, by recommendations on how to save more of the city’s character homes. In the fall, another report on additional heritage preservation techniques or methods, as well as how to finance them, will be unveiled, along with an update to heritage register — the first update in almost 30 years.

Read more: http://www.vancourier.com/news/developing-story-heritage-land-use-studies-on-2015-planning-agenda-1.1737933

January 22, 2015by david.taylor@colliers.com
Development

City Initiates Planning Process for Langara Gardens Site
Next week the City of Vancouver will likely give the go ahead to start the planning process to guide the redevelopment of Langara Gardens, a 20.8-acre site at Cambie Street at 57th Avenue.
Langara Gardens_Map
Langara Gardens is a 621-unit apartment complex consisting of four towers and multiple townhouse buildings. The property was developed in the 1960′s and expanded with a fourth tower in 1988. The initial rezoning permitted a density of 0.687 FSR in the form of three 18-storey towers and approximately 270 apartment and townhouse units in 19 low-rise buildings.

In 1987 an amendment to the CD-1 Bylaw was approved which increased the density to
0.782 FSR and permitted the construction of a fourth 18-storey rental tower with
additional commercial space along West 57th Avenue.

Langara GardensSeveral additional requests to amend the zoning were submitted in 1990 and 1993, each proposing to construct additional rental apartment towers along west 57th Avenue. Each proposal failed in the face of significant public opposition to the tower forms and the lack of a local community plan. Council directed staff to commence a planning study for the site. Shortly thereafter, however, the study was put aside in favour of the emerging Oakridge Langara Policy Statement (OLPS), which was approved in 1995.

Langara GardensLangara Gardens was eventually sold by the Wosk family in 2009 to Ben Yeung’s Petersen Group for $157 Million, representing a 4.3% cap rate. This acquisition, a Vancouver record, is increasingly looking like a great move for Petersen, with significant redevelopment potential on this sizeable lot; likely to a minimum of 1.0 FSR and potentially much higher given the potential transit station at West 57th.

The eventual Policy Statement will establish principles and objectives relating to a range of topics, including:
  • land use
  • density
  • height
  • public benefits
  • transportation
  • sustainability
  • development phasing

The Policy Statement will be presented for Council’s consideration at the end of the process (likely at least a year) and, once adopted, used to inform any future rezoning of the site.

Source: City of Vancouver
June 20, 2013by david.taylor@colliers.com
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