Sold

1938 152nd Street

Surrey

Development Site

SOLD $7,000,000

Overview

This offering provides an opportunity to purchase a multi-family development site with holding income in the South Surrey White Rock Town Centre. The community is one of the most desirable and affluent areas in the Lower Mainland with miles of beaches, spectacular views, beautiful parks and now one of the largest and innovative open air shopping/life style centres in Western Canada.

Location

The subject property is located on the east side of 152nd Street between 19th and 20th Avenues in the Semiahmoo Town Centre of South Surrey, British Columbia. 152nd Street is one of three main north/south arterials running the full length of the City of Surrey. 20th Avenue is a main east/west arterial which runs from the tip of Semiahmoo Peninsula to the West to Highway 99 to the east.

Improvements

The subject is improved with a three-storey five level concrete and steel building of approximately 48,571 square feet housing a fitness/racquet club, a bowling centre and a pub.

Development Potential

The property is “L” shaped providing 148′ frontage on 152nd Street, 123′ on 19th Avenue with a depth of 263′ for a total site area of approximately 59,206 square feet.

The subject property, along with all properties fronting 152nd Street from 16th to 20th Avenue, is going through a “Land Use Density and Urban Design Review” process whereby the City of Surrey Planning Department is recommending a 2.5 FAR with an outright height of up to 20 storeys. A development of this magnitude would have 3600 views from most floors from the North Shore Mountains to the San Juan and Gulf Islands.

Asking $8,850,000 (4.23% Cap Rate and $59.80 per buildable square foot based on proposed zoning).

Summary

Price$8,850,000
Lot Size148 ' x 123 ' (59,206 sq. ft.)
Sale Price$7,000,000
Sale Date01/01/2010

Financials

Income and Expenses
Net Operating Income
Net Operating Income$374,100
NotesFor a detailed information package, click here.

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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