New Westminster office building and development site sold for $16M

Combined site takes up a full city block and offers potential for mixed-use development

By
for Western Investor
January 10, 2020





DD New Westminster office and site William Wright sold

An office building and neighbouring development site in New Westminster, comprising a full city block, was sold for $16 million, reports William Wright Commercial. The existing building plus parking spaces offers an income property, as well as the prospect of a future mixed use development of over 104,000 of buildable square feet. The sale also includes the rights to approximately 76 underground parking stalls revenue and expenses located in the neighbouring tower.

Breakdown:

Property type: Office building and development site 

Location: 625 Fifth Avenue and 513 Seventh Street, New Westminster, B.C.

Building size: Approx. 51,122 square feet

Land size: Approx. 34,696 square feet 

Zoning: C3/MH

List price: $18,900,000

Sale price: $16,000,000

Brokerage: William Wright Commercial, Vancouver 

Agents: Cory Wright, Will Hall 


Cory specializes in the acquisition and sale of commercial investment properties in Metro Vancouver, the Fraser Valley and Chilliwack market.

William Wright Commercial
430-605 Robson Street
Vancouver, BC V6B 5J3
Office: 604-428-5255

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