Bristol Estates | Multi Highrise Development Site

Multi-Family for Sale
Catylist Listing ID: 30191762
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: $98,000,000
Unit Price: $628,205.13 Per Unit
Property Use Type: Investment
Building Name: Bristol Estates
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/17/2018

Overview / Comments

Large scale development opportunity! Present improvements comprise of one legal lot, lot B, of 11 low and medium rise rental buildings with a total of 156 units.

The land 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.

Current Floor Area Ratio (FAR) is 3.5 with potential bonus density – Lot B is zoned as RM-45, Multiple Residential Zone. This property is located within a mid to high rise area. In 2016 a draft master planned development concept scheme was discussed with a long range planner at City of Surrey, who is receptive and positive to the scheme. The previous proposed development envisioned approx. an average FAR multiplier of 4.8. Contact Listing Broker for more details.

Additional Details

Nearest CMA: Vancouver
Regional District: Greater Vancouver
Parcel ID: 006-993-567
Zoning: RM-45
Community Amenities: Play Ground, On-Site Maintenance
Site Description: Many sites surrounding the lot are zoned as Comprehensive Developments, (CD Zones). As density expands out from the City Center there is a trend for lots to apply CD zoning. The current zoning and the increase of allowable densities in adjacent properties may support an increase in allowable density. 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 may support an increase in density. This will need to be investigated by prospective Purchasers.
Area Description: In June of 2015 the Vendor commissioned ZGF Cotter Architects to conduct a feasibility study to determine the development potential for a mix of both Market and Residential buildings on the subject properties located in the Central Surrey West Village neighborhood. Given their involvement in other landmark developments in the immediate area and their interpretations of the current Surrey Centre Official Community Plan, they envision the following potential urban plan for the site
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: FAR 3.5 with potential bonus density - Lot B is zoned as RM-45, Multiple Residential Zone. Lot B is located within a mid to high rise area.
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;


Contact

Photograph of Listing Agent

Dean Thomas

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