Strip Retail Centre in Richmond Sold in $28M Deal
A 140,000 SF strip retail centre on No. 3 Road has sold for $27,950,000. The property, located at 4551 No. 3 Road had been on the market for sale as an investment deal with the 5.5 acre site having upside for future redevelopment. Based on the 2012 reported income, the deal would appear to represent an approximate cap rate of 4.8%.
Under the OCP the allowed density is 2.0 FAR for a total potential buildable area of 238,012 SF.
