A south Edmonton development will transform an old, underused warehouse into a new, 100,000-square-foot hub featuring a number of small-bay, commercial strata properties for sale.
Maintaining only the exterior walls and roofing system, PC Urban Properties is renovating the site into 13 new commercial condos near the new Davies light-rail transit station.
“We are transforming a dormant property into a new business hub in an up-and-coming area of Edmonton,” said Brent Sawchyn, CEO of Vancouver-based PC Urban Properties. “IntraUrban Davies Station is a rare ownership opportunity in a core location.”
Unit sizes will range from 5,300 square feet to 12,400 square feet and units can be combined. Prices start at $220 per square foot.
Area zoning permits a wide variety of retail and industrial uses. All units have grade loading (larger units feature both grade and dock-level loading), 22-foot ceiling heights, high-efficiency lighting and sprinklers. Features such as glazed storefronts, glass overhead door and rough-in service for washrooms on the main floor are included.
In 2019, 1.3 million square feet of Edmonton industrial space was leased or sold, the highest absoprtion rate since 2014.
According to Thomas Ashcroft, principal at Avison Young, Edmonton’s relatively low industrial vacancy rate of less than 6 per cent and lower mortgage rates are persuading more businesses to buy rather than lease space.