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Whiteley Gardens

2601 - 2697 Whiteley Court, North Vancouver

Development Site
110,206 sq. ft. site

SOLD $9,500,000

Overview

Known as Whiteley Gardens, the subject property is situated in Lynn Valley, a community within the District of Vancouver and lies in a cul-de-sac immediately south of the Lynn Valley Shopping Centre.

Location

Located adjacent to the Town Centre, the property enjoys excellent exposure on both Whitely Court and East 27th Street and lies within very close proximity (across the street) to the shopping centre. Easy access to the Upper Levels Highway is only 3-4 minutes by car via the main arterial routes of Mtn. Highway and Lynn Valley Rd.

Improvements

The site contains a multi-family rental project of 46 units, including outdoor pool. It is in excellent condition.

Proposed Development Summary

There is a strong likelihood that the subject property can be rezoned to allow for two high-rise towers. With a lot size of 110,206 sq. ft. and FSR of 2.5, the potential building site is 275,515 sq. ft. ($34.48/sq. ft.).

Summary

Price$9,500,000
Lot Size110,206 sq. ft.
ZoningRM-3
Floor Space Ratio2.5
Development Potential275,515 sq. ft.
Price/SF Buildable$34.48
Sale Price$9,500,000
Sale Date01/01/2006

Financials

FinancingTreat as clear title.
Income and Expenses
Gross Income
Operating Expenses
Net Operating Income
Gross Income$525,000
Operating Expenses$180,000
Net Operating Income$345,000

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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