GBL Architects has applied to the City of Richmond for permission to rezone a 1.20 acre site at 8091 Capstan Way, from “Auto-Oriented Commercial (CA)” to “Residential/Limited Commercial (RCL5)”, to permit the construction of a two-tower, high-density, mixed use development in the City Centre’s Capstan Village area.
The site sits directly across the street to the South of the Wall Centre Richmond complex.
The proposed development includes:
- 136 residential units
- 59 one-bedrooms, 77 two & three bedrooms
- 75 hotel rooms
- 9,688 SF of ground floor retail
- a total density of 3.65 FAR
- a cash contribution of $1,141,402 and public dedication
- 193 underground parking spaces
1004732 BC Ltd. has applied to the City of Richmond
to rezone a 52,541 SF site at the Northeast corner of No. 3 Road and Anderson Road for a new mixed-use project. The site is located in Richmond’s City Centre Brighouse Village area plan.
The proposed rezoning includes a new residential tower and new office tower with a commercial podium including:
- 75 condo units in a 10-storey building fronting Anderson Rd
- 12,371 SF of retail space on the ground level
- 105,420 SF of office space in a 12-storey building fronting No.3 Road
- a total density of 3.00 FAR
- 237 underground parking spaces
In one of Vancouver’s largest retail deals of the year, Ackroyd Plaza, a 6.8 acre strip retail centre at Ackroyd Road and No. 3 Road in Richmond, has sold to a local investor.
Major tenants include PriceSmart Foods, White Spot, Boston Pizza and a BC Liquor Store.
The 106,000 SF plaza is currently zoned Downtown Commercial District allowing a maximum floor area ratio of 3.0. Richmond’s City Centre Area Plan designates the site as Urban Core (T6) and Village Centre which allows a maximum density of 4.0 FAR. The existing improvements are only built to a 0.36 floor area ratio, thus representing approximately 1,000,000 sq ft of residual density, therefore the purchase price was based more on the land value then the existing income. The cap rate was well below 3%.
8010 Saba Road in Richmond has sold for $24,250,000. The property is improved with a 33,456 SF retail and office building whose main tenants include HSBC and National Bank Financial. The purchase price equates to a 4.4% cap rate, or $722 per SF. The building was sold by bid process in June with no asking price.
Here is a video overview of the property by the listing agent, Cushman Wakefield:
8010 Saba Road, Richmond BC from Cushman & Wakefield | Vancouver on Vimeo.
A two acre property in Richmond’s City Centre area has sold for $24,550,000. The site, at 7100 Elmbridge Way, is currently occupied by industrial buildings, but is designated within the City of Richmond’s City Centre Area Plan for Urban Core T6 in the Landsdowne Village sub-area. This designation allows for redevelopment for mixed-use including residential up to 2.0 FAR.
The buyer was Xpec Development. Xpec has other projects on the go in Vancouver including sites on Fraser Street and Oak Street.
I am pleased to have acted on behalf of the Vendor in the sale of Cranberry Lane, an 88-unit apartment complex in the Hamilton area of Richmond.
A 45-unit Richmond apartment complex known as Cook Place Apartments has sold for $11,700,000 to a local investor. The price represents $260,000 per unit and a cap rate of 3.3%. The property is ideally situated near the City Centre area of Richmond, just one and half blocks East of Richmond Centre Mall and a short walk to the Canada Line.
The building itself is a 3-storey woodframe building built in 1979, with underground parking. There are 30 Two-Bedroom units and 15 One-Bedroom units. Rents were approximately 10% under market. The property was listed with an asking price of $11,888,000.