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.