Vancouver City Council will vote this week on whether to approve the Pearson Dogwood Policy Statement.

The Policy Statement will guide the rezoning and redevelopment of the 25.4 acre Pearson Dogwood site at Cambie and 59th that is controlled by the Province/Vancouver Coastal Health. It considers the future mix of uses, density, height, building forms, character, public spaces, circulation and movement, and parks and community facilities to serve the new and existing community.  Below is a summary:

• a density of 2.8 FSR (gross)
• 3-28 storey residential buildings mixed with community space, commercial space, and a new transit station

745 Clark Drive in East Vancouver has sold for a reported $4,000,000. The 21,000 SF office building is located on the northwest corner of Clark Drive and East Georgia Street. Recently renovated with exposed timber beams, the building is in excellent condition with potential for expansion on the 15,030 SF lot. Gated parking facilities are available on site. The price represents $191 per SF.

As we ring in the New year, an analysis of the REBGV’s Housing Price Index for apartment/condo’s on Vancouver Westside, including Downtown, shows that pricing has been flat for over two years now.

Resales values have likely been suppressed amid a large amount of new inventory coming to market; particularly in areas like Southeast False Creek and Cambie Corridor.

2013 has been relatively quiet for the sale of office buildings in Metro Vancouver. There were no major downtown office buildings sold in the past year; though there were a number of sizable deals elsewhere in the region.

Here are the top 5 office deals in Metro Vancouver in 2013 (ranked by purchase price):

1. Discovery Parks Building, 887 Great Northern Way – Dundee REIT acquired the building through a share sale in May for a total purchase price of $66,135,000. The 165,000 SF building was developed in 2002 by Discovery Parks. It is fully leased and includes tenants such as QLT Inc., and 1-800-GOT-JUNK. The cap rate was reported to be 6.2%.

 
2. Surrey Central Business Park – Concert Properties‘ sale of Surrey Central Business Park was one of the larger deals of the year at $59,700,000. This five building, 350,000 SF portfolio was bought by a local investor. This sale was linked with another of Concert’s assets in Burnaby.

 
3. 1770 West 7th Avenue – just a few weeks ago this sale was announced. Chip Wilson, former CEO of Lululemon acquired this 5-storey, 75,000 SF office building located at Burrard and West 7th. The building, built in 1985, was sold for $32,625,000, or $430 per SF.

4. 3500 – 3650 Gilmore Way – this sale was part of Concert’s portfolio sale of suburban office assets. The $30,700,000 purchase price equates to $295 per SF.

5. 33991 Gladys Avenue – this newly constructed 3-storey, 71,500 SF office building was sold by the developer to a local private investor for $20,250,000. The building was 85% leased to the Federal Government.

The Goldilocks Bakery property at the Southwest corner of West Broadway and Fir has sold for $4,350,000. The 6,250 SF site was listed for sale for $4,500,000. The Bakery does not have a lease and will likely vacate.