For Sale

Metrotown Development Site

6470 & 6508 Silver Avenue, Burnaby

High-Rise Development Site
1.4 acres —across from Maywood Park

$52,000,000

215,622 SF total buildable ($347/SF on base density)

Overview

Capitalize on strong demand for condos in Metrotown
This offering represents a rare opportunity to acquire a large-scale high-density multi-family development site in the heart of Burnaby’s rapidly changing Metrotown core. Located directly across from Maywood Park and steps away from Metropolis at Metrotown and Skytrain station, this site offers steady holding income during the redevelopment process.

Investment Highlights

  • Situated on a quiet street directly across from Maywood Park; the site will benefit from unobstructed views
  • Only 5 minutes walking distance to Metropolis at Metrotown and the Skytrain providing easy access to rapid transit and some of the best shopping in British Columbia
  • The site is currently improved with two rental apartment buildings totalling 83 suites providing good holding income during the rezoning process
  • Designated as RM4s in the Metrotown Downtown Official Community Plan, providing for high-density residential development:
  • Site size of 59,895 SF with 284 feet of frontage on Silver Avenue and 211 feet deep
  • Build up to 215,622 SF (based on 3.6 FSR)

Summary

Price$52,000,000
Lot Size59,895 SF (283.9’ × 210.8’)
Land Area1.4 acres
ZoningMetrotown Downtown Plan (RM4s High Density Residential)
Floor Space Ratio3.6 FSR (2.5 base residential + 1.1 bonus)
Development PotentialUp to 215,622 SF buildable (149,738 SF base + 65,885 SF bonus density)
Price/SF Buildable$347 on base density
PID003-254-046 & 009-082-972

Financials

FinancingTreat as clear title.
Income and Expenses
Net Operating Income
Net Operating IncomeCall agent

The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by HQ Commercial.

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