Residential Redevelopment Site

CAN$1,550,000

7007 204th Street, Langley. BC

This 1.2 acre property with 2400 sf home is a well built newer house with garage and separate workshop and was part of the Central Gordon land use plan for the Township of Langley. The recently approved plan identified this parcel as part of the commercial/residential core of the plan, prescribing up to 60 units per acre. As such, developers have been attempting to assemble all of the properties in the area for redevelopment. By identifying the opportunity for about 72 units to be approvable on-site, as well as identifying the location as a needed crossroad corner in the plan, our client was able to purchase a property that suits his needs at present and allows for redevelopment in the future.

PROPERTY FEATURES AND HIGHLIGHTS

  • This property has been approved for redevelopment at Multi-family (60 upa)
  • Corner lot location with retail at grade approved in the plan

PROPERTY INFORMATION

  • Lot size = 52,007 sf
  • Zoning = Single family residential
  • Actual Use = Single family home on acreage

Our Comments

This unique opportunity was uncovered through research in the area and understanding the plan. The end result is an approximate doubling of the $1.55 M purchase price in the first year of ownership. The overall development hinges on this location and the area developers have made multiple offers to purchase the property. Our advice to hold the property for the time being suits both our clients desires for residing, but also his desires for investing, with future significant increases in value a certainty.

NOTE: This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate board, Fraser Valley Real Estate Board, or Real Estate Board of Greater Vancouver which assume no responsibility for its accuracy.

This property was listed by Omaxwell Realty Surrey.

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