Burnaby manufacturing site sold for double its assessed value
The industrial site has potential for high-density residential development and sold for $12.8 million
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A large manufacturing facility with redevelopment potential has sold in Burnaby for $12.8 million, Lee & Associates reports.
The property is a two-storey warehouse and office space with two leasable units, with 25,760-square-feet of gross leasable area. The industrial building is situated on a 33,195-square-foot lot currently zoned for manufacturing use. However, the lot has potential for high-density residential development upon rezoning. The property sold for more than double it’s assessed value of just over $6 million.
The property is located at 4455 Alaska St., Burnaby.
No. of Units: 2
Lot Size: 33,195 SF
Property Type: Industrial
2016 B.C. Assessment Value: $6,005,800
Name of Brokerage: Lee & Associates
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