Mount Pleasant Commercial Site Sells After Strong Interest

Continuing the trend of strong demand for Mount Pleasant industrial properties with redevelopment potential, 34-54 West 7th Avenue has sold for $8,510,000, or $157 per buildable SF. The buyer was Chard Development.

The existing building is an aging two-level industrial building originally a meat packing plant and now a food manufacturing facility.

The 18,117 SF site is zoned I-1. Traditionally, I-1 zoning was a mixed light-industrial office zone, but in 2013 the City of Vancouver amended the zone to allow 100% general office. This amendment has set off a two year long flurry of speculative sale and development activity, with a few office projects already in the works. With few opportunities to build smaller office buildings downtown, and with soaring land prices everywhere where residential or mixed-use is allowed, Mount Pleasant has been a target for many developers and users.

The building had been listed for sale by Casey Weeks, Matt Smith and James Starke of Colliers and received multiple offers.