The Renaissance Apartments on Shaw Avenue were sold earlier this month, brokered by NAI Commercial Real Estate. The property is improved with 111 low-rise apartment units on approximately 1.83 Acres in Coquitlam, close to the Lougheed Hwy and North Road intersection. The zoning for the area is RM-2, which allows for a 0.9 FSR, and 3-storey maximum height. The property sold for $11,950,000, and the asking price was $13,800,000.
Industry Veteran Michael McKiernan leaves Cushman and Wakefield to join Avison Young as Principal and Managing Director of Avison Young Chicago. McKiernan previous held the position of Executive Managing Director and Branch Manager for Cushman & Wakefield in Chicago. Avison is the largest independantly owned Canadian Real Estate Brokerage Firm. They operate offices across Canada and in Chicago, IL.
Link to News Release:
The Henry’s Collision Property on 2315 Cambie Street was recently sold privately (Not DTZ, as previously claimed) for around $1.8M. This property is located near West 7th Avenue on the West side of Cambie Street, on the Cambie Rise. This is an excellent area that is of course very close to the Canada Line station. It is a small real estate lot with approximately 40 feet of frontage on Cambie Street.
According to a report on Colliers International website, Canadian Parking rates rise again for the sixth consecutive year. Parking rates nationwide went up an average of around 10%. Vancouver, while high in real estate property value, surprisingly does not have the highest parking cost. Here is the breakdown:
Canadian Market Daily Median Rate (CAD) Monthly Unreserved Median Rate (CAD)
Calgary, AB $22.00 $460.00
Edmonton, AB $14.00 $275.00
Halifax, NS $14.00 $153.00
Kitchener-Waterloo, ON $10.00 $100.00
Montreal, QC $17.00 $280.00
Ottawa, ON $17.00 $195.00
Regina, SK $8.00 $148.00
Saskatoon, SK $9.00 $158.00
Toronto, ON $22.50 $305.00
Vancouver, BC $17.00 $224.00
Victoria, BC $12.00 $185.00
Winnipeg, MB $18.00 $190.00
NATIONAL AVERAGE $15.04 $222.75
Bill Goold is on a roll with another Apartment sale this month. The 23-unit apartment sold for $3,696,700. Asking price for the property was $4,200,000. The Apartment is a 3-storey plus basement, wood frame low-rise building located on 2054 Comox Street in the West End of Downtown Vancouver, close to Stanley Park.
After receiving a Certificate of Compliance for the remediation of the site at 1495 West 13th Avenue (Southeast Corner of Granville and 13th), Chevron has decided to put the site up for sale. They have also received an Approval in Principle of the remediation of the adjacent lands that were contaminated. The site is now approved for Commercial Development.
Chevron has chosen to list the site without representation, and will not be paying commission. The Purchaser will be the one that is responsible for any fees that the services of a real estate broker will incur. Smart move on their part to save a fairly large chunk of change. This also opens this sale up to any broker with the client who is willing to pay the most.
See more info here:
A rezoning and development application has been submitted to the City of Port Coquitlam to develop the property located at 1968 – 1976 Suffolk Ave. Kingsley K. Lo Architect Inc. are the architects submitting the application for the 28-unit, 4-storey woodframe condominium project.
According to Dave Hobden, an economist with Central 1 Credit Union, we should see a stabilization and aubsequent recovery of the Commercial Real Estate market in BC over the next 1-2 years.
Hopefully this is true, but we all know how often Economists are right!
Full Report on Central 1’s Website here:
The Hub on Fraser, located in the Guildford area of Surrey on Fraser Highway, launched their new branding and marketing campaign and website recently. According to the website the unit mix will consist of One and Two bedroom units, some with Den and some without.
Number of units: 108
Building Height: 4 storeys
Parking Spaces: 164
Oceanaire Apartments on 2033 Beach Avenue was just sold for the price of $11,368,000. Sources say this has an approximate capitalization rate of 3.4%. This follows a trend of lower cap rate sales in high-demand areas. The building had a total assessment price of $7,804,000. The building has 36 units, and was brokered by Bill Goold.