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Real Estate News for Vancouver
Crunch at the Pumps: Vancouver to Lose More Gas Stations Amid Real Estate Boom
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(Posted on Jan 28, 2017 at 03:06AM by Michelle Bogle)
As the real estate market in Vancouver continues to boom, drivers across the city may find it harder to fill up their vehicles with fuel as Chevron Canada Ltd. plans to put another five stations up for sale.
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The company decided to sell the five locations after marketing three others last year, including one on Georgia Street that is currently one of only two gas stations in the downtown core. Although the sales haven’t finalized on the first three, interest in the properties was strong enough to persuade the company to list the next lot of stations, especially as land remains in high demand across the city.
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"There's intense demand for housing in the city and, with that in mind, it makes sense that we market these properties in some of the most valuable parts of the city," said Chevron spokesman Adrien Byrn in an interview with CTV Vancouver. "That's really the primary driver behind this decision."
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However, this trend isn’t just applicable to Metro Vancouver – it’s a trend in other major markets too. According to industry watchers, gas stations have been disappearing steadily across North America over the past quarter century, as companies drive consumers toward fewer higher-volume, multi-pump stations.Â
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To date, Vancouver’s business license database shows 70 active retail gas stations, along with three others listed as pending. Chevron, which has the largest market share of all the gas companies in the city, says that even when the listed stations sell, the company will retain 19 other locations.
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For more information on these Chevron locations or other land investment opportunities across the Lower Mainland, please contact our Vancouver office to speak with a commercial real estate advisor.
Department of National Defence to Sell Royal Roads Lands in Victoria, B.C.
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(Posted on Jan 10, 2017 at 04:16PM by Michelle Bogle)
After selling its Jericho Lands in Vancouver’s Point Grey for $480 million to a trio of First Nations last year, the Department of National Defence (DND) is preparing to sell its Royal Roads property in Victoria, B.C. The DND no longer has a use for the 536-acre parcel, which houses Royal Roads University.
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Currently, the DND is engaging with the Songhees and Esquimalt First Nations, which have expressed interest in the property and identified it as a core part of their claimed traditional territories.Â
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Even if they do acquire the land, Royal Roads University will continue to operate in its current location. It has 83 years remaining on a 99-year lease with the DND. Other plans for the land remain unknown.Â
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“If we do acquire it, we’ll be sitting down to see what areas can be developed, what areas people have labelled as green space, what our dreams and aspirations are and working together to – I can’t say it enough – make it work for everyone,†says Songhees Chief Ron Sam in an interview with Business in Vancouver.
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To learn more about the sale of the DND’s Royal Roads property in Victoria, please contact Marcus & Millichap’s Vancouver office to speak with a commercial real estate advisor.
Residential Land Sales Dominate Vancouver’s Commercial Real Estate Sector
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(Posted on Jun 9, 2016 at 01:00PM by Michelle Bogle)
Sales of residential land and apartment buildings dominated Vancouver’s record-setting commercial real estate market in the first quarter of this year.
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In fact, four out of the five top transactions in the $2.7 billion buying splurge during the first quarter involved residential land. In all, sales of residential land accounted for more than $1.3 billion and represented more than half of the total sales volume.
Industry experts believe that much of the land is being bought for higher-density zoning.
Industry experts believe that much of the land is being bought for higher-density zoning.
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In the commercial market, the overall dollar volume for property in the first three months of 2016 increased by 7% and set a record for the second quarter in a row. Residential land sales advanced 60% from the previous quarter.
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All of the top residential land sales in the first quarter are by developer acquisition and located in the city of Vancouver. They include the Omni Group’s $302 million purchase of the 24-acre Pearson Dogwood lands, a 1.3-acre site on West 8th Avenue that was bought by Delta Group for $70 million and one-third of an acre in Vancouver’s West End, which was snatched up by an unknown private investor for $59 million.
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Additionally, the sales of rental apartment buildings, totalling $243 million, were worth more than the sales of all Metro Vancouver office buildings and retail property combined in the first quarter.Â
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For more information regarding Vancouver land assets, please contact our office to speak with one of our skilled associates.Â
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