The subject property is a strategic and centrally located Westside development site with good holding income adjacent to major arterial routes at West 41st Avenue and Oak Street in Vancouver, BC.
The site is rectangular in shape, totalling 18,480 SF, with a C-1 Commercial zoning designation. The existing zoning allows for commercial mixed-use development of 1.2 floor space ratio (FSR). The site is situated in the Cambie Corridor Phase 3 plan which is currently under review.
Given its location and zoning, the site would be ideal for redevelopment under the Rental 100: Secured Market Rental Housing policy which allows for a FSR of 2.5 and generally a height of 4 storeys offering a potential of 46,200 SF of buildable area.
- Strategic high-exposure redevelopment site improved with a cashflowing two-storey commercial complex offering secure holding income of ~$359,000 per annum
- Prominent Vancouver Westside location surrounded by some of the City’s top private and public schools, parks and other amenities
- Option to develop under the existing C-1 Commercial zoning or apply to redevelop a purpose-built rental building with ground floor retail under the Rental 100 Program which supports higher density of up to 2.5 FSR
- Capitalize on extreme demand for new rental housing in an established neighbourhood only a stone’s throw from 41st Avenue and Oak Street
- Tenant leases are month-to-month or on short term leases with demolition clauses in place
- Property is not encumbered by existing financing presenting investors the opportunity to take advantage of record low mortgage interest rates
- Stage 1 Environmental Report concluding no further investigation required
Cambie Corridor Plan — Phase 3
The subject property is located in the Cambie Corridor Plan Phase 3 which is currently under review (draft to the community in the Spring—City anticipates the final draft plan to go to Council in late 2017/early 2018). The Plan will explore potential land use changes in key areas within walking distance to the Canada Line. Phase 3 is about providing more housing options for a diverse, growing population and guiding the integration of community amenities and public spaces. The focus will be to:
- Explore more ground-oriented housing options (like townhomes and rowhomes) in the surrounding areas off major streets
- Provide appropriate transitions between apartment areas on major streets and surrounding single-family neighbourhoods
- Coordinate community amenities and the design of public spaces
The subject property is located in a prominent and central Westside location along Oak Street at W. 42nd Avenue. This area is highly coveted with easy and efficient access to Downtown Vancouver (11 minutes), YVR Airport (12 minutes) and UBC (15 minutes). Close proximity to traditional bus service, the Canada Line rapid transit system as well as excellent retail and amenities. Walking distance to Oakridge Shopping Centre, the JCC, VanDusen Botanical Garden, Queen Elizabeth Park and Montgomery Park. BC Children’s Hospital, Women’s Hospital and Vancouver General Hospital are all located within a 4-8 minute drive north. The area features many new developments which have been constructed or are proposed under the City of Vancouver’s Cambie Corridor Plan.