Metrotown high density residential site sold for $33.8 million

The site's three-storey rental apartment complex sold for $583K per suite

By
for Western Investor
July 13, 2017





metrotown apartment
 
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. 
 

Breakdown: 

 
Price: $33,825,000
No. of Units: 58
Price/Unit: $583,189
Lot Size: 39,275 SF
Property Type: Multi-family 
Zoning: RM-5s 
FSR: 5
2016 B.C. Assessment Value: $16,529,000
Date of Sale: 04/20/2017
City: Burnaby    
Province: B.C. 
Name of Brokerage: HQ Commercial 
 
 

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Mark Goodman is a principal at Goodman Commercial and specializes in the rental apartment and development site market in Metro Vancouver. He is also a co-publisher of The Goodman Report.

Goodman Commercial
560–2608 Granville Street,
Vancouver, B.C. V6H 3V3
Office: 604-558-5511
www.goodmanreport.com

Cynthia Jagger is a principal at Goodman Commercial and specializes in the rental apartment and development site market in Metro Vancouver. She is also a co-publisher of The Goodman Report.

Goodman Commercial
560–2608 Granville Street,
Vancouver, B.C. V6H 3V3
Office: 604-558-5511
www.goodmanreport.com

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