BC Hydro is paying more than $1 billion to acquire full ownership of a dam in the B.C. interior.
The company is purchasing the remaining two-thirds ownership interest in the Waneta Dam and Generation Station in Trail from Teck Resources Limited. BC Hydro already holds a one-third share, purchased for $825 million in 2010.
The remaining shares will be purchased for $1.2 billion.
BC Hydro believes full ownership of the dam will help keep energy costs down. A 20-year lease agreement is in place with Teck to continue to supply power to the Teck smelter in Trail, with an option to extend the lease for an additional 10 years.
The BC NDP provincial government expressed their support of the sale but the transaction is pending approval from the British Columbia Utilities Commission.
“Securing a long-term source of clean, reliable power at a cost-effective price to continue serving the Trail smelter is a great development for the entire province,” said Katrine Conroy, Minister of Children and Family Development and MLA for Kootenay West. “At the same time, Kootenay jobs and economic investment will strengthen as a result of BC Hydro’s purchase of the Waneta Dam.”
From | NAI Commercial, Vancouver. NAI agents Brandon Harding, Terry Harding and Jackson Tang report the following sale:
DEAL | Single-family residential site near Burquitlam SkyTrain station slated for multi-family development. Como Lake Avenue, Coquitlam. Price: $6.82 million.
From | HQ Commercial, Vancouver. HQ agents Mark Goodman and Cynthia Jagger sold the following:
DEAL | 58-suite rental building slated for redevelopment, situated on a 39,275-square-foot lot, Willingdon Avenue, Burnaby. Price: $33.8 million.
From | Avison Young, Vancouver. Avison Young agents Russ Bougie and Kevin Kassautzki report:
DEAL | 18,392-square-foot industrial lot with automotive shop, slated for stacked strata project. Clark Drive, Vancouver. Price: $7.6 million.
DEAL | Four-unit, fully-tenanted warehouse on a 1.57 acre lot. Norland Avenue, Burnaby. Price: $5.75 million.
Avison Young Edmonton agent Reed Newman brokered the following:
DEAL | Three mobile home parks across central Alberta totaling 40.95 acres, purchased by Prestigious Properties Group. Located in Rocky Mountain House, Eckville and Drayton Valley. Price: $6.3 million.
From | Frontline Real Estate Services Ltd. Frontline agent Todd Bohn reports the following sales:
DEAL | 19-acre development site with potential for multi-family and single-family homes, sold for six times its assessed value. Pine Street, Abbotsford. Price: $16 million.
DEAL | 1.59-acre industrial corner site in Gloucester Industrial Estates, zoned for manufacturing use, Langley. Price: $2.08 million.
From | Colliers International, Vancouver. Colliers agent Roy Pat sold the following:
DEAL | 5,481-square-foot warehouse zoned operating as an auto service shop. Curragh Street, Burnaby. Price: $2.28 million.
From | Sutton Group West Coast Realty, Harrison Hot Springs. Sutton Group agent Freddy Mark reports:
DEAL | Cabin motel property on Harrison Lake, situated on 1.06-acre lot. Lillooet Avenue, Harrison Hot Springs. Price: $2.6 million.
From | Sutton Premier. Agent Ken Heppner sold the following:
DEAL | 1.02 acres of land with multi-family development potential in the West Clayton neighbourhood. 185 Street, Surrey. Price: $3.1 million.
From | William Wright Commercial. William Wright agent Cory Wright reports the following:
DEAL | 1,243-square-foot retail space tenanted by international retailer, Goorin Bros. Hat Shop. Hamilton Street, Vancouver. Price: $2.19 million.
From | HomeLife Glenayre Realty. HomeLife agent Rick Toor reports the following sale:
DEAL | Retail strip with anchor tenant CIBC bank on an 18,295-square-foot lot. 272nd Street, Aldergrove. Price: $2.3 million.