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Burnaby 0.55 acres of industrial sells at $2 million over assessment

Property, zoned M2 with potential for FSR 2.75 medium-density development in Royal Oak area, sold for $6.75 million.
CASM Global, Vancouver, for Western Investor

Property type: Land

Location: 7305 Buller Avenue, Burnaby, B.C.

Size of land: 23,400 square feet

Land size in acres: 0.55 acres

Building size: 10,000 square feet

Zoning: M2 (general industrial)

Potential: Floor space ratio (FSR) 2.75

BC Assessment value: $4.73 million

List price: $7 million

Sale price: $6.75 million

Date of sale: May 30, 2023

Brokerage: CASM Global, Vancouver

Broker: Steve Da Cruz