for sale 855 kingsway€¦ · bells and whistles biltmore cabaret portland craft osteria savio...
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FOR SALE
855 KingswayVancouver, BC
Rob Greer*, Principal 604.647.5084 [email protected] *Robert Greer Personal Real Estate Corporation
Winnie Ng, Senior Analyst 604.647.5065 [email protected]
Carey Buntain, Vice President 604.647.1352 [email protected]
Chris Wieser, Principal 604.647.5089 [email protected]
Rare opportunity to acquire a fully-rezoned, purpose-built rental development site on Kingsway
Partnership. Performance.
OPPORTUNITYAvison Young is pleased to market for sale a 12,088
square foot development site located at 855 Kingsway in
Vancouver, BC (the “Site”). This is an exclusive opportunity to
acquire a fully-rezoned, purpose-built rental development
site with approval to build a 6-storey apartment building
under the Rental 100 program. Furthermore, the City of
Vancouver has provided a prior-to permit issuance letter in
response to the development application submitted earlier
this year.
SITE DESCRIPTION Municipal Address 855 Kingsway
PIDS 004-994-281; 004-994-183
Legal Description
LOT 13 BLOCK 90 DISTRICT LOT 301 PLAN 187;
LOT 14 BLOCK 90 DISTRICT LOT 301 PLAN 187
Site Area 12,088 sf
Zoning CD-1 (rezoned from C-2, Commercial)
Density 3.4 FSR (previously, 2.5 FSR allowable)
Gross Buildable Area
40,583 sf(after setbacks)
Asking Price Contact listing agents
WALK SCOREWalker’s Paradise Daily errands do not require a car.
94
TRANSIT SCOREExcellent Transit Transit is convenient for most trips.
73
Source: WalkScore.com
DEVELOPMENT POTENTIAL The City of Vancouver approved the rezoning application for the Site in June
of 2018, allowing for purpose-built rental development up to 3.4 FSR in the
form of a 6-storey apartment building. The approved application provides
for 50 market rental housing units and commercial at grade. All residential
units will be 100% secured market rental under the Secured Market Housing
(Rental 100) Policy. A development application was submitted concurrently
with the rezoning application earlier this year, and a prior-to permit issuance
letter has been issued in response to the development permit application.
Most conditions to receiving a development permit have been addressed and
satisfied. The table to the right
summarizes the City-approved
rezoning scenario.
PROJECT STATISTICSINVESTMENT HIGHLIGHTS f Full rezoning approval for a 6-storey, purpose-built rental development
with commercial at grade f Prior-to permit issuance letter from the City of Vancouver for the proposed
development plan f Located along one of Metro Vancouver’s main public transit corridors f Held in a bare trust
Density 3.4 FSR
No. of Storeys 6
Parking 24 stalls
Unit Type Proposed Average Rents 2
Studio $1,385
1-bedroom $1,638
2-bedroom $2,459
3-bedroom $3,109
Unit Type No. of Units 1
Studio 20
1-bedroom 12
2-bedroom 8
3-bedroom 10
Total 50
1 Proposed unit mix for the project at 855 Kingsway.
2 Proposed starting rents for the project in order to be eligible for DCL waiver in 2018.
Source: 855 Kingsway Public Hearing (June 5, 2018) https://council.vancouver.ca/20180605/documents/phea5summary.pdf
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Avison Young #2900-1055 W. Georgia Street Box 11109 Royal Centre, Vancouver, BC V6E 3P3, Canada
© 2018 Avison Young. All rights reserved.
E. & O.E.: The information contained herein was obtained from sources which we deem reliable and, while thought to be correct, is not guaranteed by Avison Young Commercial Real Estate (B.C.) Inc.; DBA, Avison Young.
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Partnership. Performance.
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Rob Greer*, Principal 604.647.5084 [email protected] *Robert Greer Personal Real Estate Corporation
Winnie Ng, Senior Analyst 604.647.5065 [email protected]
Carey Buntain, Vice President 604.647.1352 [email protected]
Chris Wieser, Principal 604.647.5089 [email protected]
FRA
SER
ST
KINGSWAY