Vancouver C-2 zoned warehouse / development site

Overview

Opportunity to acquire a rarely available 24,142 SF C-2 zoned property improved with a 21,900 SF freestanding warehouse and a large yard/parking area. The site is in a high-exposure location on the south side of Dundas Street, three blocks west of Nanaimo Street. It is currently tenanted on a month-to-month basis, with a demolition clause in the Landlord’s favour. The property is well suited to an owner-user, investor, or can be redeveloped to a maximum of 3.0 FSR.

Warehouse Improvements

Existing improvements comprise a 21,900 SF warehouse featuring a partially above-grade basement level built out by the current tenant with massive walk-in freezers, main floor office and high-ceiling warehouse space, and mezzanine storage. The building has extensive walk-in coolers / freezers owned by the tenant that could be available for a buyer. Additional features include two dock-level loading bays and a large fenced yard / parking area (approx. 100’ x 122’) off the rear lane.

The most recent lease term expired in October, 2022 and the tenants have remained in the building on a month-to-month basis. The lease has a Demolition Clause in favour of the landlord. Warehouse space in the area is in high-demand, with limited space of this scale available in close proximity to Downtown Vancouver.

The property also benefits from a short-term billboard signage lease with Pattison Outdoor Advertising. The signage lease runs through August 2024 and features a demolition clause on behalf of the Landlord.

Redevelopment Potential

The 24,142 SF site offers 198 feet of frontage onto Dundas Street and 122 feet on Lakewood Drive.

C-2 zoning allows up to 2.5 FSR as mixed-use strata or 100% market rental project. No rezoning is required to develop under C-2 zoning, saving significant time and avoiding costly Community Amenity Contributions (CACs).

The “Apartment 6-storey” designation under the Grandview-Woodland plan also provides potential to rezone up to 6-storeys and 3.00 FSR as a strata or 100% market rental project.

Flexible zoning makes it highly desirable for light industrial, commercial and multi-family residential uses.

Location

57 Lakewood Drive is situated on the southwest corner of Lakewood Drive and Dundas Street within the Grandview-Woodland neighbourhood. It’s in a highly visible location in close proximity to the Port of Vancouver and Downtown Vancouver. Powell Street and East Hastings Street are major east-west arterials providing access directly into Downtown Vancouver, while Nanaimo Street and Clark Drive are nearby north-south arterials through the City of Vancouver.

This locale offers ultimate flexibility in future uses, being positioned on the eastern edge of one of the few remaining industrial nodes within the City of Vancouver, while properties to the east and south are improved with multi-family residential within the up-and-coming Grandview-Woodland neighbourhood.