Interest Rates Low for Q3 in Vancouver, BC
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Wesgroup Properties has acquired the Chevron site at Dunbar and West 39th Avenue in Vancouver. The 18,009 sq. ft. C-2 zoned site sold for $19,400,000, or $430 per buildable sq. ft. based on the density permitted under the existing zoning.
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The gas station site was one of a few properties offered for sale by Chevron in 2016. Others included the site on West Georgia Street in downtown Vancouver and the Clark Drive station located on the eastern border of the False Creek Flats. The only remaining gas station in downtown Vancouver remains an Esso station on the south-west corner of Burrard and Davie Streets.
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Last summer, Chevron announced its plan to close and sell three Vancouver locations for redevelopment. All three gas stations sit on highly appraised land, according to the latest evaluation by BC Assessment.Â
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The West Georgia Street station occupying one-third of a city block on the border of the West End and Coal Harbour is valued at $32.77 million. The adjacent White Spot property, which is largely a ground-level parking lot for restaurant patrons, takes up the remaining city block and holds an assessed value of $52.2 million.
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Comparatively, the Dunbar Street station, which was purchased by Wesgroup Properties for over $19 million, had an assessment of $14.44 million. The Clark Drive station is worth $5.56 million.
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For more information on these recent transactions or other land investment opportunities across the Lower Mainland, please contact our Vancouver office to speak with a commercial real estate advisor.
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