Multi Tower Highrise Site

Multi-Family for Sale
Catylist Listing ID: 30470398
Property Subtypes: High-Rise, Low-Rise/Garden
Number of Units: 156 Units
Building Size (RSF): 157,000 SF
Gross Building Area: See Agent
Gross Land Area: 6.38 Acres
Sale Price: $99,000,000
Unit Price: $634,615.38 Per Unit
Property Use Type: Investment
Building Name: Bristol Estates
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 12/4/2019

Overview / Comments

PROPERTY DESCRIPTION
Present improvements comprise of one legal lot, lot B, 13301 104th Avenue Surrey, BC. Lot B comprises of 11 low and medium rise rental buildings with a total of 156 units.

SITE SIZE Lot B is square in shape and has approximately 545 ft of frontage along 104th and 105th Avenue, with a depth of approximately 510 ft. Total site size is 277,730 sf or approximately 6.38 acres.

Attachments & Media

Additional Details

Nearest CMA: Vancouver
Regional District: Greater Vancouver
Taxing Authority: Surrey
Parcel ID: 006-993-567
Zoning: RM-45
Community Amenities: Play Ground, On-Site Maintenance
Site Description: The Central Surrey West Village neighborhood and the surrounding sites are zoned or proposed as Comprehensive Developments, (CD Zones). Allowable densities in adjacent properties are now subject to increase as the City Development Advisory Committee revisits the OCP and have planned meetings and reviews of Density Bonus, Community Amenity and Contributions slated for fall 2019.
Area Description: The retention of rental housing stock, the ability to offer accommodation for existing renters, the opportunity for the City to secure its street network, and urban design commitment to create a pedestrian scaled neighborhood with green streets should support an increase in density by city staffers. This will need to be investigated by prospective Purchasers.
Total Number of Buildings: 11
Property Condition: Good
Number of Stories: 3
Roof Type: Flat
Construction/Siding: Wood Frame
Parking Type: Surface
Laundry: Shared
Internet Access: Cable
Zoning Description: ZONING (BACKGROUND) Lot B is zoned as RM-45, Multiple Residential Zone. This property is located within a mid to high rise area. Current Floor Area Ratio (FAR) is 3.5 with 20% density bonus potential – In 2016 a draft master planned development concept was discussed with a long range planner at City of Surrey, who was receptive to the densification of the lands. Lot A a smaller portion of the draft master-planned site (1.41 Acre @ 2.5 FAR) was sold off to accommodate greater densification. At present, the city is reviewing an application to amend the OCP to increase density to a 4.2 total FAR and to allow subdivision of Lot A into 2 lots, for 2 towers (358 units). Lot B is a larger scale multi high-rise development site and is prime for amending and maximizing density allowable under the current OCP which includes potential subdivision to phase in future developments to better manage long range viability.
Lot Frontage: 545
Lot Depth: 510
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Freehold
Legal Description: PL 39842 LT 174 BLK 5N LD 36 SEC 22 RNG 2W;

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Contact

Photograph of Listing Agent

Dean Thomas

Personal Real Estate Corporation
HQ Real Estate Services Inc. Commercial First Member
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