A small-bay industrial building in Burnaby has sold for $4.8 million, $568,000 above its assessed value, indicative of the mixed-use development potential of its 0.4-acre lot close to a SkyTrain station.
Property type: Industrial
Location: 6945 Palm Avenue, Burnaby
Number of units: 5
Building size: 8,634 square feet.
Land size: 0.4 acres
Current zoning: M-4 (heavy industrial)
Planned rezoning: Mixed-use residential
BC Assessment value: $4.23 million
List price: $4.88 million
Sale price: $4.80 million
Brokerages: NAI Commercial, Colliers International and Re/Max
Brokers: Brian MacKenzie from NAI, Matt Fawsitt, Colliers International and Dave Hall of Re/Max