Social Community Portal
Real Estate News for Vancouver
$13.5 Million Multi-Family Property Sold in Vancouver, B.C.’s Coveted West End Market
Tags:
(Posted on Dec 12, 2016 at 07:03PM by Michelle Bogle)
FOR IMMEDIATE RELEASE Â Â Â Â Â
Â
Contact: Gina Relva
Public Relations Manager
(925) 953-1716
Â
VANCOUVER, December 12, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Taja Apartments, a 28-unit multi-family property in Vancouver, British Columbia, Canada.
The $13.5 million sales price equates to $482,142 per unit.
The $13.5 million sales price equates to $482,142 per unit.
Â
“The sale of Taja Apartments highlights the strong market fundamentals in Vancouver’s affluent West End submarket,†says Charlie Hughes, an associate in Marcus & Millichap’s Vancouver, British Columbia, Canada office. “The West End’s robust job growth, extremely low vacancy and the area’s long-term rental appeal bodes well for multi-family performance for the foreseeable future.â€
Â
“New ownership has the opportunity to unlock substantial upside through bringing rents in line with market values and through implementing a unit upgrade program,†adds Mike Guinan-Browne, an associate in the firm’s Vancouver, British Columbia, Canada office.
Â
Hughes represented the seller and Guinan-Browne represented the buyer.
Â
Built in 1941, the asset is situated on an 8,646 square foot site, just steps from Stanley Park, the Seawall and a myriad of beaches at 1131 Barclay St. in Vancouver, British Columbia.Â
Â
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
Nanaimo: One of the Four Best B.C. Cities to Invest In
Tags:
(Posted on Dec 10, 2016 at 06:26PM by Michelle Bogle)
Demand for Lower Mainland Industrial and Land Properties Led a Steady Q3 2016
Tags:
(Posted on Dec 7, 2016 at 08:04PM by Michelle Bogle)
According to data from Commercial Edge, a system operated by the Real Estate Board of Greater Vancouver (REBGV), the commercial real estate market in the Lower Mainland remained highly active in Q3 2016, with industrial and land properties leading the way.Â
Â
Altogether, there were 645 commercial real estate sales registered across the Lower Mainland, which represents a 6.3% increase from the 607 sales from Q3 2015. That equates to a total dollar value of $2.399 billion – a 1.9% decline from the $2.445 billion in Q3 2015.Â
Â
“While we saw some declines in office and retail sales this quarter, overall demand in the commercial market remains steady thanks to healthy economic growth in our province so far this year,†said Dan Morrison, REBGV president in a press release. “It was the busiest third quarter in the last five years for sales in our commercial market.â€Â
Â
Here’s a closer look into the Q3 2016 commercial real estate activity by category:Â
Â
Multi-Family
There were 34 multi-family sales in Q3 2016, which is a 29.2% decrease from the 48 sales in Q3 2015. The dollar value of multi-family sales in Q3 2016 was $321 million – a 31.2% decrease from $466 million in Q3 2015.Â
Â
Office and Retail
There were 203 office and retail sales in Q3 2016, which is an 8.1% decrease from the 221 sales in Q3 2015. The dollar value of office and retail sales in Q3 2016 was $438 million – a 45.4% decrease from $802 million in Q3 2015.Â
Â
Industrial
There were 153 industrial land sales in Q3 2016, which is up 15.9% over the 132 sales in Q3 2015. The dollar value of industrial sales in Q3 2016 was $335 million – a 17.3% increase over $286 million in Q3 2015.Â
Â
Land:Â
There were 255 commercial land sales in Q3 2016, which is a 23.8% increase from the 206 land sales in Q3 2015. The dollar value of land sales in Q3 2016 was $1.306 billion – an impressive 46.4% increase over $892 million in Q3 2015.Â
Â
As the data shows, demand for industrial and land properties was the driving force in Q3 2016, with multi-family assets experiencing a decline, followed by marginal gains in the office and retail classes. Land and industrial assets are proving to be very popular across the Lower Mainland, especially amongst certain industries, including film and television, which is currently dominating Metro Vancouver’s industrial leasing sector.
Â
For a deeper look into the Q3 2016 results, please click here or contact our Vancouver office to speak with a commercial real estate advisor. To view active listings in Marcus & Millichap’s Property Search Portal, please visit our website for more information.
Phase One of Burnaby’s Gilmore Place is Underway
Tags:
(Posted on Dec 1, 2016 at 05:10AM by Michelle Bogle)
Onni’s high-density mixed-use retail, office and residential development, known as Gilmore Place, went before the City of Burnaby’s council last week. The 12-acre site, which is located at the intersection of Lougheed Highway and Gilmore Avenue in the Brentwood area of Burnaby, was initially approved earlier this year, but still requires further detailed rezoning applications for each phase of the project.The first phase of the project is currently underway.
Â
The Gilmore Place represents Burnaby’s largest revitalization and urban growth master-plan, with up to 2.5 million sq. ft. of residential development and 1 million sq. ft. of commercial and retail space, which are pre-leasing now.
Â
Phase one of the multi-phase project includes:
Â
Â
• A 64-storey signature tower with 643 units
• A 51-storey tower with 510 units
• A 43-storey tower with 410 units
• 71,498 sq. ft. of residential amenity space above the commercial podium
• 291,652 sq. ft. of commercial space in a large three-storey podium
• Large format, big-box and CRU retail opportunities
• Potential office and educational space on upper levels
• Potential office and educational space on upper levels
• 1,720 parking stalls
• Total density of 6.6 FAR
• Connection to the Gilmore SkyTrain station
• Prime high-density location just 15 minutes to downtown Vancouver by SkyTrain
Â
Here’s what Onni has to say about the vision of their highly-anticipated master plan:Â
Â
“Comprised of over 12 acres of land, Gilmore Place is anticipated to feature approximately 500,000 square feet of newly constructed transit-oriented retail space with an inviting communal plaza and an abundance of residential development, directly on-site.
Â
Surrounded by long-established neighbourhoods and on-site multi-family residential developments, Gilmore Place will offer an architecturally unique, walkable and convenient shopping experience for current and future locals alike. Given the village's strategic and transit-oriented location at Gilmore Avenue and Lougheed Highway, next to Gilmore SkyTrain Station, commuters from the surrounding communities will further augment the demand for Gilmore Place's collection of stores, boutique retailers, and restaurant vendors.Â
Â
Gilmore Place is poised to be an exciting new shopping destination for all of Metro Vancouver.â€
Â
To learn more about this high-density mixed-use retail, office and residential development and the investment opportunities that it presents, please contact our Vancouver office to speak with a commercial real estate advisor.
Major Plans on “The Rise†for Vernon B.C. Golf Course
Tags:
(Posted on Nov 26, 2016 at 02:00PM by Michelle Bogle)
Two companies at The Rise, an exclusive golfing community in Vernon, B.C., have announced plans to create a destination resort.
Â
The Rise Golf has purchased 25 acres of land adjoining the golf course in order to create a state-of-the-art practice facility and a clubhouse, which is set to open later next year. The land was purchased from The Rise Development Ltd.
Â
“It’s been a great year at The Rise Golf. We’ve been working to set a solid foundation,†said general manager Ian Renton. “We’re grounded in sustainability, a beautiful and dynamic landscape and innovation. Now, with this new land and a shared vision with The Rise Development, we’re going to expand on that foundation — move forward and create a true destination.â€
Â
Next to the newly purchased land, the development group is currently building a 36-villa subdivision called Belago. “We’re curating the entire experience,†said Bruce McRitchie, board secretary. “It’s a distinctive place where the sky, land and lake meet. People will want to visit and won’t want to leave. It’s an exciting time for The Rise Development group, The Rise Golf and for the City of Vernon.â€Â
Â
Meanwhile, a 543-acre parcel of land at The Rise remains up for sale for $24 million by its Calgary owners. It is designated for residential and commercial development and is proving to be a hot listing, especially as demand for real estate in the area continues to increase.
Â
To learn more, please contact our Vancouver office to speak with a commercial real estate broker.
28-Storey Office Tower Proposed for Vancouver’s West Hastings Street
Tags:
(Posted on Nov 23, 2016 at 02:23PM by Michelle Bogle)
A new office tower is being proposed for a small vacant site at 619 West Hastings Street within the downtown business core, which is close to the hotel district, adjacent to Granville Street’s retail area and walking distance to Robson Street.Â
Â
The 52 ft x 120 ft site is sandwiched between two office buildings with the Royal Bank Building located immediately to the West at Granville and Hastings. The proposal also includes the upgrading and heritage designation of the Royal Bank Building, which is also controlled by the same owner as the vacant lot.
Â
The rezoning application (CD-1) will allow for a new 28-storey office building with:
Â
Â
• 150,837 sq. ft. of office space
Â
Â
• Floor plates of 5,400-5,800 sq. ft.
Â
Â
• An overall height of 330 ft.
Â
Â
• A density of 25.5 FSR
Â
Â
• Five levels of underground parking with 67 vehicle parking spaces
Â
Â
• Heritage designation of the exterior façade of the Royal Bank BuildingÂ
Â
Â
• A shared lateral force resisting system between the two buildings
Â
Â
• A light well between the two buildings for better light and air circulation
Â
To view the application in its entirety, which is was submitted by Musson Cattell Mackey Partnership, please click here.
Â
For more information on commercial real estate investment opportunities and developments across the Lower Mainland, please contact our Vancouver office to speak with a broker.
Â
You can also view our featured listings here.
A Look into Coquitlam’s Commercial Real Estate Investment Potential
Tags:
(Posted on Nov 21, 2016 at 08:43PM by Michelle Bogle)
Business Licences Now Required for Airbnb Short-Term Rentals in Vancouver
Tags:
(Posted on Nov 16, 2016 at 05:00AM by Michelle Bogle)
In recent years, there has been a sharp increase in online platforms, such as Airbnb, that allow people to rent out rooms or suites on a nightly basis to tourists and business travellers.In fact, according to the City of Vancouver, there are currently more than 5,000 active short-term rental listings in the city.
Â
As a result, a new proposal is being put forward where proprietors must obtain a new business licence that will allow short-term rentals (less than 30 days) in principal residences, whether owned or rented.Â
Â
"Vancouver is striking a balance in our approach to short-term rentals that ensures the best use of all our housing. Long-term rental supply will be protected and residents will be able to do short-term rentals in their principal residences," says Mayor Gregor Robertson. "Housing is first and foremost for homes, not operating a business. Both our research and broad public input tell us we can have short-term rentals in Vancouver to help supplement income, while ensuring long-term rentals are back in the rental market."
Â
Under the proposed policy, principal resident owners and renters who wish to list part or all of their home on a short-term rental site will:
• Require a business licence
• Have to post their license number in any advertisements for the rental
Â
To obtain a short-term rental business licence, principal residents would need to prove:
• Control of the home they propose for short-term rental, through a copy of title or tax assessment (owners), or signed tenancy agreement (renters) that permits short-term sublets
• The property's strata by-laws must not prohibit short-term rentals
• Regular personal business at this address, through a valid government ID with photo and address and a utility bill or piece of government correspondence dated within the last three months
Â
Short-term rentals would remain illegal in homes that are not principal residences, including empty and investment properties, or structures, such as boats or trailers, that are not considered dwellings.
Â
Short-term rental licensees may also be subject to a hotel or other tax that will be re-invested to fund affordable housing initiatives in the city.
Â
Staff are seeking approval on the proposal and will consult with stakeholders, including Airbnb, other listing sites, and the hotel and tourism industry, on implementation and enforcement of the new regulations.Â
Â
A final recommendation with go-forward steps will be announced in Q1 2017.Â
Â
For more information regarding short-term rental regulations in Vancouver or multi-family and hospitality investment opportunities across British Columbia, please contact our office to speak with an advisor.
REALTORS Care® Blanket Drive Begins November 14, 2016
Tags:
(Posted on Nov 8, 2016 at 06:04PM by Michelle Bogle)
Squamish’s Woodfibre Receives Authorization to Proceed
Tags:
(Posted on Nov 7, 2016 at 03:54PM by Michelle Bogle)
On Friday, November 4, 2016, Woodfibre LNG Limited announced that its parent company Pacific Oil & Gas Limited, which is part of the Singapore-based RGE group of companies, has authorized the funds necessary for the project to proceed.
Â
Woodfibre LNG Limited is proposing to build a new 2.1 mtpa liquefied natural gas (LNG) processing and export facility using electric drive at the former Woodfibre Pulp Mill near Squamish, British Columbia.Â
Â
This decision follows the province’s Climate Leadership Plan initiative, which encourages the use of electricity in the natural gas industry in B.C. Electricity from B.C. Hydro is more than 90% clean renewable energy and can help create the cleanest LNG in the world.
Â
“At Woodfibre LNG Limited, building a project that is right for Squamish and right for B.C. is our priority,†said Byng Giraud, Country Manager and Vice President of Corporate Affairs, Woodfibre LNG Limited. “[This] is why we made the decision to use electricity to power our facility, instead of natural gas, following community concerns over air quality. The province’s decision to offer a competitive electricity rate for proponents that choose eDrive technology allowed this ‘go forward’ decision to happen.â€
Â
It is anticipated that Woodfibre will attract a growing workforce to Squamish with an estimated 650 construction jobs per year during the two-year building period, which could begin as soon as 2017, plus 100 full-time jobs to the Woodfibre site during operation. A dozen or so administration-related position will also be seeking qualified candidates.
Â
As a result, the former lumber town is now once again poised for growth, which should play a significant role in Squamish’s commercial real estate sector – a sector that our team at Marcus & Millichap Vancouver is keeping a close eye on.
Â
For more information about commercial real estate activity in the Sea-to-Sky corridor, including Whistler and Squamish, please contact our area expert, David C. Fox at (604) 675-5222 or view his associate profile by clicking here.
Error getting status updates from Twitter.