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Vancouver parkade sells for $210,000 per stall

Off-market, $55.7 million deal secures 14,820-square-foot development site in downtown Vancouver
516 west pender
Claridge Real Estate Advisors, Vancouver, brokered the deal on Pender Street. | Claridge RE Advisors

A multi-level parking garage with 263 stalls in downtown Vancouver has sold for the equivalent of more than $210,000 per stall.

The parkade, at 516 West Pender Street at Richards Street, which covers a site of 14,820 square feet that is considered prime for redevelopment, sold for $55,743,000 on November 30, 2021.

Agents Patricia Wong Chong and Ashley Osborn, of Claridge Real Estate Advisors of Vancouver, brokered the deal.

In a second transactions with the same package, Wong Chong and Osborn sold a 3,160-square-foot mixed use office and retail building at 534 Richards Street for $8.64 million.

The entire package is considered a single future development site with a total of 17,940 square feet, or 0.4 acres, with a combined purchase price of $64.3 million.

According to Osborn, the vendors have owned the property for years and the buyer is also a local investor/developer.