The City of Burnaby, where industrial land is scarce and the industrial vacancy rate is among the lowest in Metro Vancouver, is looking to sell a “prime” 17-acre light industrial property at 3990 Marine Way.
Bids starting at $63 million are being accepted to purchase the land, but there is an option for a 60-year lease.
The city’s preference is for the land being developed for light industrial, office space, or new media and film production studios.
The request for offers is under the condition that the successful bidder will apply to rezone the site to permit a site-specific development, “and thereafter construct a development in line with specified development parameters and time frames.”
The 17.1-acre site is in the Big Bend neighbourhood, part of a major industrial and business park in South Burnaby.
“This is a rare and exciting opportunity to develop a parcel with so much potential,” said Mayor Mike Hurley in a news release. “It’s a fantastic location, and we’re looking for proponents who want to create jobs in our community and create a home for businesses that want to put down roots in Burnaby.”
The industrial vacancy rate in Burnaby is 1 per cent, according to Avison Young, lower than the Metro Vancouver average vacancy of 1.2 per cent.
In its February 2 announcement, the promoted the location as being near public transit, parks, walking trails and shopping. The Riverway Golf Course, Burnaby Fraser Foreshore Park and Market Crossing Shopping Centre are all nearby.
There are no buildings on the site, which is currently assessed to be worth $60 million – up from the $52.4-million valuation a year ago, according to BC Assessments.
The minimum bid to purchase the lot is $63 million, while the minimum bid for a 60-year lease is $54.6 million, according to a news release from the city.
The closing date for the sale offer is 4 p.m. on April 2.