Well-located residential development sites continue to attract investors in Metro Vancouver, witnessed by the December sale of a 35,580-square-foot high-rise-zoned residential parcel in Burnaby for $43.2 million.
That price pencils to about $1,214 per square foot in gross land costs. Density on the site allows for a potential of 5.0 floor space ratio (FSR) for residential and 1.3 FSR for commercial density (assuming assembly with the corner site) for a total of 6.3 FSR, or 224,154 square feet of potential buildable. Based upon the base density (1.6 FSR was purchased from the City) under Burnaby’s Metrotown official community plan, this equates to a per-buildable square foot cost of approximately $258. Using only the base density of 3.4 FSR, the price per buildable square foot is $357.
The parcel is composed of two lots that are currently improved with two rental apartment buildings providing holding income during the rezoning process: 6675 Dow (23 units) and 6691 Dow (15 units)
The Goodman team at HQ Commercial in Vancouver sold the 6675 Dow site.
From | NAI Commercial, Langley. NAI agent Ken Kiers sold the following:
DEAL | 6.73-acre vacant property, rezoned to C2 for development. Flood Hope Road, Hope. Price: $2.17 million.
DEAL | Five-unit warehouse sold at three times its assessed value of $813,000. Progress Way, Chilliwack. Price: $3.47 million.
From | Frontline Real Estate Services Ltd., Langley. Frontline agents Kyle Dodman and Todd Bohn sold:
DEAL | 14,122-square-foot freestanding industrial facility, sold at $290 per square foot.. 92A Avenue, Langley. Price: $4.1 million.
Frontline agent Mike Harrison brokered the following:
DEAL | Four-lot land assembly, totaling half an acre. 179 Street and 98 Avenue, Surrey. Price: $3 million.
Frontline agent George Richmond sold:
DEAL | 5,807-square-foot freestanding commercial unit, zoned for medium-density mixed-use. 6th Street, Burnaby. Price: $2.6 million.
From | JLL Canada, Edmonton. JLL agent Samuel Dean reports the following:
DEAL | Fully leased office building, purchased by the City of St. Albert. Carleton Drive, St. Albert. Price: $8.78 million.
From | CBRE Edmonton. CBRE agent Bradley Ginegrich sold the following:
DEAL | 60-unit apartment building sold for $145,000 per suite. Elbow Drive NW, Calgary. Price: $8.7 million.
From | Colliers International, Edmonton. Colliers agents Amit Grover and Jandip Deol sold the following:
DEAL | Low-rise apartment complex, situated on a 14,570-square-foot lot. 150 Street, Edmonton. Price: $1.41 million.
From | William Wright Commercial, Vancouver. William Wright agents Will Hall and Cory Wright sold:
DEAL | 1,549-square-foot commercial unit at the Ellsworth Mount Pleasant development. Main Street, Vancouver. Price: $2.25 million.
From | HomeLife Glenayre Realty. Joe Varing of Varing Marketing Group reports:
DEAL | Two-acre land parcel sold for high-density residential development. 92 Avenue, Surrey. Price: $3.7 million.
HomeLife agent Rick Toor sold:
DEAL | Two-storey, mixed-use building with two commercial units and two residential suites. Railway Avenue, Chilliwack. Price: $725,000.