Metrotown high density residential site sold for $33.8 million
The site's three-storey rental apartment complex sold for $583K per suite
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A redevelopment site near Metrotown Shopping Centre has sold for $33.8 million, The Goodman Report team at HQ Commercial reports.
The 39,275-square-foot site includes a 58-suite rental building in Burnaby’s Maywood neighbourhood. Under the draft Metrotown OCP, the site has been outlined as RM-5s (high-density residential), which, if approved, provides a base density of 3.4 FSR and a bonus density of 1.6 FSR to be purchased from the City. Therefore, the total density of 5 FSR would equate to 196,375 square feet of buildable area.
The property is located 6390 Willingdon Ave., Burnaby.
No. of Units: 58
Lot Size: 39,275 SF
Property Type: Multi-family
2016 B.C. Assessment Value: $16,529,000
Date of Sale: 04/20/2017
Name of Brokerage: HQ Commercial
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