A 13,700 SF retail and office building on West 4th Avenue near Alma Street has sold for $10,500,000. The building is 2-storeys with office above retail and the site, measuring 11,191 SF is zoned C-2 commercial.
The sale equates to a price per SF of $768 for the building, or $375 per buildable SF based on the zoning. The cap rate equates to 2.8%.
The property had been listed with Macdonald Commercial.
Coromandel Properties has completed on the acquisition of two lots at West 57th Avenue and Laurel Street in the Cambie/Marpole area of Vancouver for $44,000,000. The two lots comprise 1.3 acres and add to a land assembly that now totals 1.97 acres.
The lots in question include a large vacant, treed lot on West 57th, as well as a single family lot fronting Laurel Street.
The lots are connected to the separately owned Salvation Army Homestead site which will be similarly redeveloped in the future as part of a different development with a shared roadway dedication linking Laurel Street and Oak Street.
The lots form part of a ‘Unique Site’ designation in the Cambie Corridor Plan, which will allow rezoning for:
“new development (that) will include low- and mid-rise buildings that provide an active residential street interface. New connections through the site and an enhanced public realm along 57th Avenue will integrate the site into the mixed use community.
…Allow a range of housing types, emphasizing low-rise apartments or townhouses on the southern portion of the site and lower mid-rise buildings internal to the site.”
It is also anticipated that the heritage house at 7255 Laurel Street will be preserved and possibly relocated on site as part of a rezoning proposal.
No rezoning application has yet been made public nor density figures announced.
