Wesgroup has acquired the Chevron at 1008 West 41st Avenue (Southwest corner of Oak and 41st) for $12,249,400. The 135′ x 130′ (17,500 SF) site is currently zoned C-1 commercial, but can be potentially rezoned to allow greater density for rental housing.
Wesgroup also acquired the adjacent building and lot to the South at 5775 Oak Street earlier this year for $16,350,000.
The two sites combined would create a consolidated lot 35,980 SF in size.
Wesgroup Properties has acquired the Chevron site at Dunbar and West 39th Avenue on Vancouver’s Westside. The 18,009 SF C-2 zoned site sold for $19,400,000, or $430 per buildable SF based upon the density permitted under the existing zoning.
The gas station site was one of a few properties offered for sale by Chevron in 2016. Others included the site on West Georgia downtown, and a now closed commercial station at Clark & 1st.
A rare 2.34 acre piece of land located at Oak Street and West 18th Avenue has sold to Wesgroup Properties for $46,200,000. The property, which contains frontage on both West 18th and most of West 19th from Laurel Street to Oak Street, is currently zoned RT-2 and is improved with 17 low-density rental apartment duplexes built in the 1950’s.
The site had been speculated for future redevelopment for some time and was only recently identified by the City as a potential rezoning location under the Cambie Corridor Phase 3 planning review given it’s current 0.75 FSR zoning and its proximity to transit. The scope or timing of a potential rezoning application remains to be seen.