Office Redevelopment Site, Vancouver

CAN$8,000,000

877 Hamilton Street, Vancouver, BC

In Vancouver’s booming downtown market, this property was in high demand. However, it has restrictive development potential due to its size (50’ x 120’) and the fact that it is next to a City of Vancouver fire hall. The property needed to be marketed by using analysis undertaken for the various options that could happen as a standalone site, or as assembled with a smaller property next door. When this analysis was completed, various interested parties could be shown the different possibilities, allowing for a successful bid to be accepted.

PROPERTY FEATURES AND HIGHLIGHTS

  • Located in the area next to Yaletown, on a quiet downtown street
  • Heritage and public buildings nearby result in less shadowing and increased views
  • Opportunity to assemble with neighbouring property to make for viable underground parking

PROPERTY INFORMATION

  • Lot Size = 50’ x 120’
  • Zoning = Downtown District ODP (Area C) (5.0 FSR residential)
  • Actual Use = Office and retail uses, 2 storey low-rise

Our Comments

This property required significant in-depth knowledge of City guidelines, plans, policies, and parking requirements to analyze. In the detailed and complex downtown city environment, this becomes unwieldy for most owners without professional help. Due to the discretionary zoning nature of the downtown, this becomes even more problematic in terms of developing rational redevelopment options and valuing the property accordingly. Our staff accomplished this in short order and a successful bid was received quickly, allowing our client to turn attention to other projects.

Sold by Kenganey Investments.

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