Burnaby industrial site with potential fetches $4.8M

Small-bay industrial building goes for $568K over assessed value, due to development potential of 0.4-acre lot close to SkyTrain station

By
for Western Investor
January 27, 2020





DD Burnaby industrial site

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.

Breakdown: 

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


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