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Marine Drive banquet hall sold for $2M over assessed value

The property is zoned I2 and was purchased by a private investor for industrial development
dance hall
The building sold for almost $2 million more than its assessed value.
Price: $5,250,000
Lot Size: 11,000 SFL
Property Type: Industrial
Zoning: I2
2015 B.C. Assessment Value: $3,371,000
Date of Sale: 10/19/16
City: Vancouver
Province: B.C.
Name of Brokerage: NAI Commercial
A free-standing retail building in Marpole has sold for $5.25 million to a private investor, Rick Lui of NAI Commercial Vancouver tells Western Investor.
The building features a 6,000-square-feet dance and banquet hall on the second floor complete with a high ceiling. The property is zoned industrial and is slated for future development. The site was listed on the market for $5.6 million.
The property is located at 768 SW Marine Dr., a 10-minute walk from Marine Drive SkyTrain station. 

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