West End co-op apartments sold for nearly $1 million per suite

The prime redevelopment site has 19 units and sold for a total of $18 million

By
for Western Investor
July 11, 2017





shermanor apartments
 
A West End co-op apartment complex with immediate redevelopment potential has sold for $18 million by Lee & Associates. 
 
Shermanor Apartments, built in 1948, is a three-storey residential property with 19 units. PC Urban Holdings Ltd. purchased the property for close to $1 million per suite. The investment purchase offers the buyer the possibility to assemble neighbouring properties and redevelop up to 18 storeys under current RM-5B zoning. Owner may also renovate units to maximize rental income potential and utilize as holding income. The site sold for nearly $6 million above its most recent assessed value. 
 
Shermanor Apartments is located at 1150 Barclay St., two blocks away from Robson and Burrard streets in downtown Vancouver. 
 

Breakdown:

 
Price: $18,000,000
No. of Units: 19
Price/Unit: $947,368
Lot Size: 11,935
Property Type: Multi-family
Zoning: RM-5B
2016 B.C. Assessment Value: $12,324,700
Date of Sale: 06/30/2017
City: Vancouver 
Province: B.C.
Name of Brokerage: Lee & Associates Vancouver 
Name of Buyer: PC Urban Barclay Holdings Ltd. 
 
 

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Martin is senior vice-president of Lee & Associates Vancouver and specializes in investment sales.

Lee & Associate Vancouver
500-475 West Georgia Street
Vancouver, B.C. V6B 4M9
Office: 604-630-3406

Arash joined Lee & Associates Vancouver in 2015 and has experience in land valuation & marketing.

Lee & Associate Vancouver
500-475 West Georgia Street
Vancouver, B.C. V6B 4M9
Office: 604-630-3406

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