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commercial real estate services local vancouverWesgroup 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.
 
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.
 
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. 
 
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.
 
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.
 
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.
As the year comes to a close, we wanted to take a look back at the top land deals across Metro Vancouver for 2016, including the most recent history-breaking sale of the Oakridge Transit Centre, which tops the list in the number one spot:
 
Deal 1: Oakridge Transit Centre – 949 West 41st Avenue, Vancouver
 
Price: $440 million
Site Area: 13.8 acres
Vendor: Translink
Purchaser: Intergulf Developments/Modern Green Development
 
 
This was by far the biggest land deal of the year with a structured transaction sale amounting to $440 million in payments to TransLink by 2022. The property was publicly marketed to generate interest in the sale, which resulted in 14 competitive proposals from interested buyers. All underwent rigorous evaluations and Intergulf-Modern Green Development Corp. was chosen based on the benefit their offer presented TransLink and taxpayers.
 
Deal 2: Pearson Dogwood Lands – 650 West 57th Avenue, Vancouver
 
Price: $299.6 million
Site Area: 25.4 acres
Vendor: Vancouver Coastal Health
Purchaser: Onni
 
This prime piece of land, located at Cambie and 57th, was sold by Vancouver Coastal Health in 2014 as part of a phased deal with Onni. The sale formally completed in March of this year. A rezoning application has been submitted to the City of Vancouver, which includes over 3 million square feet of density with over 10 towers, several mid-rises and a future Canada Line Station. The deal also includes replacement of existing Vancouver Coastal Health facilities and is expected to be completed in five phases. 
 
Deal 3: Molson Brewery Lands – 1550 Burrard Street & 1655 West 1st Avenue, Vancouver
 
Price: $185 million
Site Area: 7.7 acres
Vendor: Molson Coors
Purchaser: Concord Pacific
 
The sale of the Molson Brewery Lands this past March generated a great deal of buzz across the Lower Mainland. It is also the only sale in the top three that is not a residential land sale, based on its current zoning (M-2), which allows for manufacturing/industrial uses. The site is still occupied by Molson on a leaseback basis until their eventual move and details about Concord Pacific’s plans for the site remain unknown, though it will likely include a substantial commercial component.
 
For more information about the above transactions or to discover other land investment opportunities across Metro Vancouver and beyond, please contact our office to speak with one of our skilled commercial real estate advisors. You can also view our current active listings by clicking here




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