Western Investor March 2011 Section A

15 LANGLEY’S COST OF ENTRYCity to jack costs for development up 200%Home builder spokesman Peter Simpson: $22,000 nailed onto every new housereflects a region-wide trend

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$4.29 MARCH 2011 Vol . 26 / Issue 3VANCOUVER • LOWER MAINLAND • VANCOUVER ISLAND SECTION

9 IT STARTS WITH THE DIRT Finding land for 1.2m more people in Metro forces rethink on ALR

13 NATIVES FREE LANDS First Nations strike big-profit alliances with real estate developers

Build on the Power of Our Network. Over 350 Offices Worldwide.

Commercial Real Estate Services, Worldwide.

www.naicommercial.ca

MERRITT, BC OPPORTUNITIES

MINI STORAGE ON 1 ACRE PARCEL

$1.475 Mil

WON’T LAST – HOT PRICE

Asking $749,000

CAMPBELL HEIGHTS

Asking $2.59 mil

SPLIT ZONING

Asking $2.95 Mil

3 LIGHT INDUSTRIAL LOTSAmazing price $59,900 ea.

11.4 ACRES DEV. LAND ADJACENT TO WAL-MART

$3.39 Mil

967 ACRES

Priced at $8.0 Mil ($8,275/acre)

SELF–STORAGE FACILITY

Asking $2,600,000

COURT ORDERED SALE – BEST WESTERN INNS & SUITES,

TUMBLER RIDGE BC

Price: $7,500,000

FOR LEASE 8,459 SQ. FT. SHOWROOM & W/H $5.50 s.f. plus $2.50 s.f. T.N.

INVESTMENT PROPERTIES FOR SALE LANGLEY AREA

$2,100,000

INVESTMENT/END USER FREESTANDING BUILDING

$1,900,000

INDUSTRIAL BUSINESS PARK LAND FOR SALE CLOVERDALE, BC

Basic rate starts at $7.50 sq ft net

LANGLEY - FOR LEASE VACANT EX-SPORTS COMPLEX

DON MACDONALD, CCIM OR TODD BOHN 604-534-7974 or 1-800-890-9855 [email protected]

CHRIS LANGHAUG 604-534-7974 or 1-800-890-9855 [email protected]

KEN KIERS OR KEN HICK 604-534-7974 or 1-800-890-9855 [email protected] KEN KIERS OR KEN HICK

CHRIS LANGHAUG NAI COMMERCIAL

604-240-6224

ALFRED LEUNG NAI GODDARD & SMITH

604-889-6807

GARY HAUKELAND OR JD MURRAY

604-683-7535

SOLD

KITSILANO, VANCOUVER2864 WEST 4TH AVENUE

$2.488 mil

INDUSTRIAL LAND – AGASSIZ

Asking $3,299,000

UNDER CONTRACT!SELF-STORAGE FACILITY

MIXED-USE INVESTMENT

Asking $799,000

PENDING

OFFERPUBLICATIONS MAIL AGREEMENT 40069240

RETURN UNDELIVERABLE CANADIAN ADDRESSES TO CIRCULATION DEPARTMENT:

102 EAST 4TH AVENUE, VANCOUVER, B.C. V5T 1G2

R E C R E A T I O N A L R E A L E S T A T ER E CR E CE C R E AR E AR E A T I OT I OI N A LN A LN A L R ER ER E A LA LA LA L E S TE S TE S T A T EA T EA T EA T EHOT PROPERTIESSPECIAL SECTION • B16

SUPERIOR WASHINGTON WAREHOUSE FOR LEASE!45,000 sf with 13 docks, offices, lunchroom, IT. Perfect for manufacturing/shipping/

distribution. Less than $4.50 sf NNN. 12 minutes south of Blaine just off I-5. Call Mike at www.copaccenter.com

A2 Lower Mainland www.westerninvestor.com MARCH 2011 WESTERN INVESTOR

The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, it is not guaranteed by Cushman & Wakefield. Kevin Meikle is licensed with K.H.M.Realty Ltd. and has a contractual relationship with Cushman & Wakefield Ltd. Bart Corbett is licensed with BG Corbett Realty Advisors Ltd. and has a contractual relationship with Cushman & Wakefield Ltd.

Sean Ungemach is licensed with SBU Realty Advisors Ltd. and has a contractual relationship with Cushman & Wakefield Ltd. Martin Delafontaine is licensed with Martin Delafontaine Realty Inc. and has a contractual relationship with Cushman & Wakefield Ltd. Craig Haziza is licensed with CAH Realty Inc. and has a contractual relationship with Cushman & Wakefield Ltd.

Moving with confidence

Cushman & Wakefield Ltd.Suite 700 - 700 West Georgia StreetP.O. Box 10023, Pacific CentreVancouver, BC V7Y 1A1

T: 604.683.3111www.cushmanwakefield.comwww.vancouverlisting.ca

239 - 241 E. 1ST AVE

BRAD NEWMAN-BENNETT/DAVID POTTINGER

FOR SALE - $1,065,000

RON EMERSON

TRIPLE AAA TENANTS - INVESTMENT OPPORTUNITY

DAG MEYER

FOR SALE - LIGHT INDUSTRIAL WAREHOUSE

LEE HESTERPERSONAL REAL ESTATE CORP.

PEMBERTON MULTIFAMILY SITES

BILL RANDALLPERSONAL REAL ESTATE CORP.

FOR SALEBC RETAIL PORTFOLIO

DEVELOPMENT OPPORTUNITY

±

MARK GALLAGHER

FOR SALE

DAVID POTTINGERDAVID CANNING

BRETT AURADON DUNCAN / CHRIS DRIVER PERSONAL REAL ESTATE CORP.

FOR SALE - WEST END MULTIFAMILY


MARK GALLAGHERLEAH COLLINGS

RETAIL SHOPPING CENTRE - INVESTMENT OPPORTUNITY

HUDGE PARMAR

RETAIL INVESTMENT OPPORTUNITY

HUDGE PARMAR

GROCERY ANCHORED SHOPPING CENTRE

*CRAIG HAZIZA

ADAM FRIZZELL

HIGHWAY EXPOSURE


MARK GALLAGHER

HUDGE PARMARPERSONAL REAL ESTATE CORP.

COURT ORDERED SALE

FOR SALE - 2.7 ACRES OF INDUSTRIAL LAND

*SEAN UNGEMACHMICHAEL THOMPSON

PERSONAL REAL ESTATE CORP.

FOR SALE: BRAND NEW STRATA BUILDING

BILL RANDALL / DON DUNCAN CHRIS DRIVER


BRETT AURA

FOR SALE - SALT SPRING ISLAND RESORT


94,040 SF INDUSTRIAL BUILDINGS ON 10.28 ACRES

SENIORS HOUSING OPPORTUNITY

MARK GALLAGHER

200,000 SF INDUSTRIAL FACILITY

LOT 6, SMITH CREEK ROAD, WEST KELOWNA

CHRIS J. NEWTONMATTHEW MACLEAN

TWO FULLY LEASED COMMERCIAL BUILDINGS ON

1 ACRE OF LAND

WILLIAM N. HOBBSPERSONAL REAL ESTATE CORP.

FOR SALE - INVESTMENT

BILL RANDALLPERSONAL REAL ESTATE CORP. ERIC WALKER

FOR SALE-3 FULLY LEASED INDUSTRIAL BUILDING

PORTFOLIO

BRETT AURA DON DUNCAN


FOR SALE37 ROOM MOTEL

DAVID POTTINGER

FOR SALE

RICK EASTMANPERSONAL REAL ESTATE CORP.

RARE FREESTANDING 5 UNIT INDUSTRIAL BUILDING

HUDGE PARMARPERSONAL REAL ESTATE CORP.

RETAIL INVESTMENT OPPORTUNITY - HERITAGE

POINT CENTRE

CRAIG BALLANTYNEJENNIFER ROBERTSON BILL RANDALL


SILVER CHALICE PUBHOPE, BCJAMESON HOUSE OFFICES

DON DUNCAN / CHRIS DRIVER / PERSONAL REAL ESTATE CORP.

BRETT AURA

FOR SALE - 15 LEGAL SUITE S. GRANVILLE APARTMENT

HIGH VISIBILITY INVESTMENT OPPORTUNITY

RICK EASTMANPERSONAL REAL ESTATE CORP.


DAVID CANNINGBILL RANDALL


FOR SALE - HIGH EXPOSURE CLOVERDALE PROPERTY

BART VANSTAALDUINENPERSONAL REAL ESTATE CORP.

7.1 % RETURN

ERIC WALKER

RANDY SWANT SEAN UNGEMACH


INVESTMENT PROPERTY & BUSINESS OPPORTUNITY

*SEAN UNGEMACH KYLE WILSON

Ron Bennett (USN Ret.) / Owner - Broker 1-360-671-9440 www.RonBennett.comRON BENNETT COMMERCIAL REAL ESTATE

READY TO BUILD131 UNIT APARTMENT SITE

The site is vacant and consists of a tract of land of 4.52 acres, is level and at street level. The site is fully serviced with utilities. Access to the multi-family site will be a privately maintained boulevard. City street has been recently upgraded.

Has an appraisal on 6/13/08 for $3,930,000.

Asking price today at $550,000.

✓ ✓VALUE FOR $ GOOD RETURN ✓ TENANT COVENANT ✓ UPSIDE ✓ CAREFREE

CALL Don MunroSUTTON GROUP

WEST COAST REALTY

604-817-7338 fax [email protected]

ACREAGESCOMMERCIAL / INDUSTRIALSURREY188th Street & 80th Ave

Acres

LANGLEY 48th Avenue & 216th St

LANGLEY27449 60th Avenue

LANGLEY 24421 Fraser Highway

LANGLEY27691 Downes Road

n

LANGLEY889 Lefeuvre Road

LANGLEY20552 24th Avenue

LANGLEY 27571 60th Avenue

CHILLIWACK51140 Ruddock Road

CHILLWACK

700 Columbia Valley Road

SURREY11151 Bolivar Street & 13340 112 Avenue

LANGLEY27031 Fraser Highway

SURREY19518 32nd Avenue

MAPLE RIDGE21163 Lougheed Highway

AGASSIZ6958 Pioneer Avenue

CHILLIWACKFOR LEASE 44580 Yale Road West

CHILLIWACK7730 Old Orchard Road

CHILLIWACK45860 Cheam Avenue & 9070 Birch Street

LANGLEY203-20771 Langley Bypass

6 0 4 - 6 6 9 - 8 5 0 0 o r 1 - 8 0 0 - 6 6 1 - 6 9 8 8 f a x : 6 0 4 - 6 6 9 - 2 1 5 4 i n f o @ we s t e r n i n ve s t o r. c o m w w w. w e s t e r n i n v e s t o r . c o m 1 0 2 E a s t 4 t h A v e n u e , Va n c o u v e r , B . C . V 5 T 1 G 2

FEATURES15 Development cost charges to double in popular suburb Download a PDF of all our Regional Roundups online at www.westerninvestor.com

9 Metro land use plan sparks debate about future of farms

13 Reserves seen as relief valve as land pressures heat up

19 But neighbouring suburbs face glut of space, falling prices

COLUMNS6 27

On the coverPeter Simpson, president and CEO of the Greater Vancouver Home Builders’ Association: fears rising DCCs on homes.Photo: Richard Lam

2–20

8 21

21–27

HOT PROPERTIES


HOTELS, APARTMENT BUILDINGS and SITES inVANCOUVER, VICTORIA, NANAIMO and SQUAMISH!

• FEATURE: Port Moody apartment building, complete rebuild, as new with plumbing, wiring, roof, fl ooring, cabinets, 32 huge suites (22 x 2bed, 6 x 1bed and 3 x 3bed) $360,000 net, price $6,550,000.

• Squamish Hotel: 25 rooms + guest suite, pub, night club, café & retail. Upgraded. Makes money! $2,588,000 + terms with $550,000 down!

• Island, Waterfront Hotel and Marina. Quality in a great Location.

• Nanaimo, Waterfront Hotel, marina plus condo Site, $6,000,000.

• Richmond, Site: Condo development + hotel turnkey. $8,000,000.

• Vancouver, Site: Great Sky-train location. $26,000,000/terms.

• Squamish, condo Sites: 31 units, downtown. $1,500,000 with terms and/or possible joint venture available. Permit ready and fees paid.

• North Vancouver, Apartment buildings: Central Lonsdale area.

20 Suites, $3,650,000 - 11 huge suites (2 & 3 bedroom) $2,250,000.

• North Vancouver, Residential Holding Properties: sites (4) leased, for rezoning next to proposed high density, high rise redevelopments with a new Community Center and Retail Village/Town Center.

PAUL MURPHY (604) 986 1586email: [email protected] WESTCOAST REALTY

For Commercial, Investment, Land Assembly and Project Development Call:

www.UNIQUEPROPERTIES.ca

UNIQUE PROPERTIES

“We are focused on achieving the results YOU want.”

CATERING BUSINESS & COMMISSARY KITCHEN

The building may be leased or purchasedThis custom built kitchen offers about 3,000 sq ft. There is a small retail café of 400 sq ft plus a 1,600 ft 2nd fl r. This turnkey operation will ap-peal to chefs, caterers, schools and restaurateurs. Call LARRY 604-787-7654

FOR SALE

FOR SALE4316 FRASER

3900 sq ft buildingLots of opportunity

$1,225,000

Call SANDI778-949-0005

PRIME WESTSIDE INVESTMENT OPPORTUNITY

2094 West 43rd AvenueThe property is located on the ground fl oor of the Southeast corner of West 43rd Avenue and East Boulevard in Kerrisdale, one of Vancouver’s oldest and most affl uent neighbourhoods. 4,997 square feet in 5 separate strata lots sold together. Great 5 year lease in place, Aprox. 4.13 capCall SANDI FRATINO 778-999-0005 OR REID DEWSON 604-732-9944

81,260 sq.ft. R&D

FOR SALE

Asking $3,388,000

Dexter Associates Realty Commercial Real Estate, Your Trusted Advisors

BUILDING AT UBC3800 Wesbrook Mall provides an ex-cellent environment that will support and enhance the intellectual and social development goals of companies involved in R&D. Laboratories, offi ces, teaching, training, and conference facilities, in sup-port of research and development in a number of key areas.

Call LARRY 604-787-7654

WESTERN INVESTOR MARCH 2011 www.westerninvestor.com Lower Mainland A5

Tel: (604) 684 7117 Sign up for e-mail newsletters at www.dtzvancouver.com

For more information and other available listingsplease contact our office or visit our new website

Although the information contained within is from sources believed to be reliable, no warranty or representation is made as to its accuracy being subject to errors, omissions, conditions, prior lease, withdrawal or other changes without notice and same should not be relied upon without independent verification. DTZ Barnicke Vancouver Limited, Real Estate Brokerage 03/2011.

INDUSTRIAL SALE

2511 Vauxhall Place, RichmondRare freestanding building in North Richmond

6,875 sq ft of ground floor space on 0.326 acres

Casey Bell, Anthony Lux

INDUSTRIAL SALE

125 Glacier Street, Coquitlam2 units totalling 31,115 sq ft on 1.34 acres Owner/user opportunity with potential

Chris McIntyre, Steve Caldwell

INDUSTRIAL SALE

Unit 5 - 3009 Murray Street, Port Coquitlam2,088 sq ft strata warehouse unit

High quality office finishingsGrade level loading

Steve Caldwell

INDUSTRIAL/OFFICE SALE/LEASE

375 Lynn Avenue, North Vancouver3,600–11,000 sq ft STRATA units available

Rand Thomson

INDUSTRIAL LEASE

7280 River Road, Richmond 37,440 sq ft manufacturing/warehouse/office

$4.75 per sq ft

Mark Elworthy, Casey Bell

INDUSTRIAL SALE/LEASE

6010 Trapp Road, Burnaby61,995 sq ft on 4.4 acres

Steve Caldwell, Chris McIntyre

INDUSTRIAL SALE

1955 East Hastings Street, Vancouver

8,134 sq ft office/showroom/warehouse

Ryan Saunders, Mitch Ellis

STRATA OFFICE SALE/LEASE

3410 Lougheed Highway, Vancouver

New concrete office developmentAdjacent to Rupert SkyTrain station

Don Mussenden, Anthony Lux

FOR SALE/LEASE

1683 East Pender Street, Vancouver

Dock and grade loading

Don Mussenden

Price Reduction

RETAIL LEASE

5550 Fraser Street, Vancouver

Clare Stevens

INDUSTRIAL SALE

117 - 42 Fawcett Road, Coquitlam2,770 sq ft office/warehouse

Steve Caldwell

RETAIL INVESTMENT

1777-1799 Kingsway, VancouverThree ground floor retail units 3,005 sq ft

osure corner location

Conor Finucane

604.263.2823

APARTMENT BUILDING SPECIALIST

Plus many other listings! Please visit our website at www.billgooldrealty.com for more information.

31 Units – MetrotownWell maintained

5% Cap Rate

BURNABY

51 Units – Prime locationNear beach, shopping, amenities

Gross Income $637,158

WEST END

10 – 1 Bedroom unitsCharacter Building


SOUTH GRANVILLE

36 Units – Central locationTenant base is seniors

5.35% Cap Rate

CLOVERDALE

8 Units – Some TLCNear all amenities


MARPOLE

17 units – Quiet area2 Penthouses with view


NEW WESTMINSTER


RENTAL APARTMENT BUILDING$1,350,000

Call Greg Long Bruce Robinson604-531-1909

INVESTOR ALERT!Fully Leased6 yr old 12,566 sqft Industrial Building in Excellent location on 31279 sqft Corner Lot Excellent tenants, room to expand with 2nd floor in existing building, storage yard in the back. Asking $2.1 millionDON'T MISS THIS, GREAT PRICE.

160 Restaurant, approx 4 yrs old—Going Concern in busy Shopping Center with Safeway, Liquor store, Blockbuster, HSBC, Envision Bank,,, This Restaurant is gorgeous, 5605 leasable area Includes all chattels, over 800,000 in tenant improvements, if you are looking for a restaurant this has EXCELLENT VALUE.. Good client base, assets sale only, you would never be able to build this restaurant for anywhere near this price, PRICE TO SELL $298,000

Laundry Mat - FIRST TIME ON THE MARKET, in same location for 15 yrs with same owner for 15 yrs, this is in busy shopping center, 19 washers,15 dryers, this Cash business makes money, all machines are in excellent condition and owner is willing to train. PROFITABLE BUSINESS THAT MAKES SENSE, Price is very reasonable at $239,000.

6 plex ---in Chilliwack on Sardis side, Location is key, fully rented. 2 bedroom units with gas fireplaces, lot is .26 acre Roof is in good condition. Great holding property, $789,000. GREAT LOCATION !

NEED SHOP / THIS IS IT ----M1 Zoned approx 4400 sqft building on 8000 sq ft lot on Alexander St in Chilliwack. Retail unit of approx 1150 sq ft with Shop of approx 2000 sqft. Also includes an apartment upstairs, THIS IS A GREAT PROPERTY FOR MECHANIC OR SOMEONE WHO NEEDS SHOP WITH RETAIL SPACE, VERY CLOSE TO MCDONALDS. $699,000

LINDSEY GAUTHIER phone: (1) 604 798 2977 CHILLIWACK email: LGAUTHIER @SUTTON.COM

Publisher Cheryl Carter Editor Frank O’Brien Con-

tributing Writers Susan M. Boyce, Dave Husdal, Geoff Kirbyson, Glen Korstrom,Joel McKay, Peter Mitham, Kevan O’Brien Copy Editor Noa Glouberman Production Manager Rob Benac Production Natalie Reynolds, David Tong, Tanya Van Advertising Sales Manager Christine Campbell Advertising Sales Paul Douglas, Gary Takahashi Office Assistant Angela Foster Accounts Receivable Yvonne Posch Circulation Vera Irani, Newsstands Globe Distribution Services Printed in Canada at Kodiak. Western Investor is published monthly by BIV Media Limited Partnership VANCOUVER – HEAD OFFICE: 102 East 4th Avenue, Vancouver, B.C. V5T 1G2 Subscriptions and Advertising Sales Tel: 604-669-8500 Fax: 604-669-2154 Canada/U.S. toll-free: 1-800-661-6988 Alberta, Saskatchewan & Manitoba Advertising Sales toll-free: 1-888-606-6267. Canadian publications mail product sales agreement #40069240, GST #105655567. Copyright 2002. While every effort is made to ensure the accuracy of articles and advertising that appear in each edition of Western Investor, the publisher may not be held responsible for any errors or omissions that may from time to time occur. No part of this publication may be quoted or reprinted in any medium without the express written permission of BIV Media Limited Partnership.

n this, our annual land issue, Western Investor had a chance to take a close look at how land is being developed across Western Canada, and the results were a bit

surprising. We were struck by how much of the land is controlled by governments, and the level at which the same governments are taxing it.

For instance, most of the industrial land in Saskatoon is owned, and doled out, by the city. In the past year, the value of an industrial acre has increased about 20 per cent, to close to $400,000.

In Fort McMurray, all of the land that has potential for development is owned by the Crown, with the City of Fort McMurrayacting as middleman between the province and developers. And land prices are soar-ing.

In the Fraser Valley, some municipali-ties are raising development cost charges by as much as 200 per cent on everything from detached houses to industrial buildings. Consider this: a new 10,000-square-foot warehouse could face $40,000 in develop-ment cost charges.

In fact, all across Canada, municipalities are treating commercial real estate as a cash

cow, according to a study by international tax advisory firm Taxand.

The study found that 53 per cent of total income from commercial rents in Canada is taxed. The United States, the next high-est country on the list, taxes its commercial property rents at 41 per cent, about twice the global average.

Many countries lowered taxes last year in an attempt to firm up commercial real

estate markets. Overall, glob-al taxes on commercial real estate decreased 0.75 per cent from last year’s survey, which did not include Canada.

“The alarmingly high total tax rate in Canada is largely the combined result of high levels of both income tax, which stands at a rate of 30 per cent, and real estate tax at 3.6 per cent,” the study concluded.

A separate study from Canada Mortgage and Housing Corp. shows that residential development is also taxed heav-ily. That study found that the average new house in Metro Vancouver includes from 12 per cent to 19 per cent in taxes, fees and other levies – and this study was done before B.C.’s harmonized sales tax came into effect.

Government-imposed costs on residen-tial real estate can be explained away, per-haps, because homeowners receive many

municipal services. But it is a different story with commercial development. Business owners and tenants – who must eventually pay the increased taxation on commercial real estate – don’t reap nearly the same ben-efits as homeowners.

What was truly surprising in our research, however, is how resilient the com-mercial real estate market is. In nearly every area we looked out, more commercial devel-opment was being planned, and it looks like 2011 will be a banner year for the industry.

It makes one wonder how strong Western Canada’s commercial – and resi-dential – real estate market could be if taxes, fees and charges on developers were closer to global standards.

Western Investor celebrates the small-busi-ness and franchise sector with special reports and small-business profiles. We also check in on how venture financing and retail leases are affecting small business. Our regional report-ers file from Edmonton, Estevan, Richmond and Winnipeg.

FRANK O’BRIENEDITOR

[email protected]

ADVERTISING DEADLINE April 2011 issue:

March 14, 2010

ROARON CONSTRUCTION“Your One Stop Shop”

Call Now 604-888-7818 or Email [email protected]

www.roaron.com

Tony Alves 604 889-7008Sutton Centre Realty

Gorgeous hotel units, “strata” not time share. In one of the top hotels in the city. Located in the best and priciest city location of Coal Harbour, with water and mountain views,

steps to new convention centre, Robson St. & Stanley Park. A very healthy return of 8-9% on this carefree and headache free investment by sharing in the total revenue of this destination four star hotel. $218K.

8-9% NET RETURN

Townhome Development SiteMorgan Creek Heights

Unique & Sound InvestmentMarriott Pinnacle Hotel

Excellent location King George & 24th Ave. Build townhomes or hold for future development with neighbours. Good spacious rental home plus large garage shop and sheds on property now.Asking $1,550,000


For more information visit our website www.avisonyoung.comVancouver Offi ce 604 6877331

FOR PRE-LEASE - 2035 West 4th Avenue, Vancouver

FOR SALE – 1881 Sumas Way, Abbotsford

SUBLEASE - 88 West Broadway, Vancouver

FOR SALE – Dalton Hotel - 759 Yates Street, Victoria

PRICE

REDUCED

FOR LEASE 23200 Gilley Road–Bridgeview Shopping Centre, Richmond

FOR SALE- 5810 – 5830 Vedder Road, Chilliwack

•

FOR PRE-LEASE – 2718 – 2732 Saint John’s Street – The Station, Port Moody

FOR LEASE/SALE – 1550 East Hastings Street, Vancouver

$6,500,000

FOR SALE - #1 3180 262 Street, Langley

FOR SALE – 20299 Industrial Avenue, Langley

FOR SALE – 9771 186 Street, Surrey

FOR SALE - 1915 Stainsbury, Vancouver

FOR SALE - 2342 Windsor Street, Abbotsford

FOR LEASE – 320 Terminal Avenue, Vancouver

FOR SALE – 12294 104th Avenue, Surrey

SOLD – 144 & 174 176th Street, Surrey

FOR SALE/LEASE – 1455-1475 East Georgia Street, Vancouver

FEATURED LISTINGFEATURED LISTINGFOR SALE – Royal Towers, 140 - 6th Street, New Westminster

40% LEASED

SOLD

FOR SALE "My Garage" Secure Strata Storage, SE Richmond

SOLD 1595 East Pender Street, Vancouver

FOR SALE 105 Brunswick St. & 110 Victoria St., Prince George

FOR SALE - Forest Hill Plaza - 8318-120th Street, Surrey

SINGLE TENANT IN

VESTMENT

SOLD

A8 Lower Mainland/Services www.westerninvestor.com MARCH 2011 WESTERN INVESTOR

HARRISON HOT SPRINGS RESTAURANT WITH

PROPERTYPrime location, just steps to the waterfront. A long established profitable restaurant with an ex-cellent reputation. Great business year round. Over 90 seats plus a beautiful large patio. Bonus apart-ment upstairs for owner or can be rented out for additional income. FANTASTIC OPPORTUNITY! Asking 1.7 mill

BISTRO/RESTAURANTThis award winning Bistro is located in the heart of Kitsiano. Very profitable established busi-ness. Well known for its quality food and romantic ambiance it draws a strong and steady clien-telle. Beautifully furnished decor and layout as well as a high end kitchen with top of the line equip-ment. Asking 379K

COFFEE FRANCHISE - DOWNTOWN

Rarely available! Over 10 years established Coffee Franchise. This business has just been completely renovated and features the newest look of this well known Franchise. Located in a downtown office tower with easy access for both indoor and outdoor traffic. Strong sales that are continuing to increase makes this one a great buy! Don’t miss this opportunity. Asking 419K

AUTO REPAIR NEW WESTMINSTER

Great corner location! Estab-lished and owned by the same operator since 1995. Strong cli-entelle base and excellent reputa-tion for quality service. Govern-ment Inspection Facility, ICBC vendor for mechanical claims and more. OWNER MAY CON-SIDER SELLING THE BUILD-ING Business only asking 88K For price of building please call Heiner for details

CAFE/COFFEERICHMOND

Newly renovated Cafe/Coffee Shop is located in one of the best business/industrial parks-Great layout, 20 seats. Lots of catering available in this busy area. Serving breakfast and lunch. Very well equipped and shows beautifully. Low rent! Bonus - add'l space in back with its own entrance could be rented out for additional income. Asking 99K

CAFE - COMMERCIAL DR.Non Franchise! Busy and well known Cafe. Fantastic opportu-nituy to get into a profitable cafe with good lease terms. Kitchen is well equipped, very nice lay-out and large patio. Liquor li-cense in place. Owner will train. Asking 154K

S O L D

CALL HEINER FOR DETAILS at 604-618-6600

or e-mail [email protected] www.lowermainlandbusinessforsale.com

HARDY BAINS604-813-7653

[email protected] West Coast Realty

Okanagan Motel For Sale Flagged 42 room motel with a 4 bedroom manager’s quarters. Fully updated. Well kept. Room to build a swimming pool. Only $2.7 Million

RAVI PANWAR604-771 2401 [email protected] Georgia Realty Ltd

Flagged Lower Mainland Motel For Sale Very well kept. Only 8 years young. Excellent condition. Indoor corridor, swim-ming pool, hot tub, sauna, fitness centre & meeting room

Knight & Day Restaurant For Sale (Business Only) White RockLicensed for 99 seats. Only 5 years old Good lease with a long-term option for future.

Six Homes in Calgary For Sale or Trade Only 4 years young. Fully rented for $110,000 annually. Buy one or buy all. $379,900 to $490,000 price range. Will consider trades

INVESTOR ALERTGreat investment 19.75 Acres is Zoned for 1 acre, new Sewer Line is only a couple blocks away, poten-tial income 10,000 SF warehouse with 3 cooler and 5 BDRM older house only $3,999,000.00.

31 Acres approximately 15 year old Blueberry farm with 8 bed room house last year berry was around 250,000.00 asking $3,500,000.00

34 Acres for blueberry or raspberry close to 264 St border in USA. $375K

Great income 16.44 acres blueberry farm with new 7200 SF house, 5 BR and 1 kitch + 1 spice kitch each fl oor, setup for 2 family plus 2nd house have potential income only $2,700,000.00

AMARJIT GILL

604-614-7101 Global Force Realty

• Must see to appreciate! • Approx. 4,500 sq.ft.- Capacity: 192• Newly re-modelled• New large commercial kitchen• Licensed off-sale cold beer & wine• Selling Good Will $250,000• Lease to be negotiated• Turn-key operation

GASTOWN - VANCOUVER

Call

MORTGAGE FINANCING

For all your real estate fi nancing needs

www.peoplestrust.com

Daniel Stewart 403-205-8202

PRAIRIEREGION

PRAIRIEREGION

Dennis K. Aitken 403-205-8203

BRITISH COLUMBIA REGION

BRITISH COLUMBIA REGION

Brian D. Kennedy 604-331-2211

Jonathan P. Wong 604-331-2218

COMMERCIALMORTGAGES

ALSO, Industrial, Multi-Residential & Construction

LEAKY CONDOFINANCING

Full Building Repairs, Upgrades & Remediation

BUSINESS LOANSAcquisitions, Expansion, Equipment & A/R

604-552-4392www.paramountfinancial.biz

Over 12 YEARS in business !

FOR ALL TYPES OF COMMERCIAL PROPERTY:

The Origin Group — Mike Lee

604-565-63701-877-848-6370

[email protected]

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WESTERN INVESTOR MARCH 2011 www.westerninvestor.com A9

FEATURE Land pressures increase as Metro Vancouver prepares to welcome 1.2 million more people

Please see Squeeze page A10

FRANK O’BRIEN

WESTERN INVESTOR

ith multi-family residential land topping $1 million an acre – and many single-family build-

ing lots selling for more – Metro Vancouver is facing crunch time on the land issue. In its recently released and long-awaited land use and growth plan, Metro Vancouver 2040: Shaping Our Future, the challenge is laid out clearly: where to find land to house another 1.2 million people who will move in by the time your toddler is a homeowner.

The plan has been under discussion and draft since 2002, and is meant to guide the region toward sustainable land use over the next 30 years by containing urban sprawl and protect-ing agriculture, which accounts for one-fifth of all the land.

The plan, however, also recognizes that industrial land has been shrinking, so it is now deemed of “regional significance.” That means that any municipality that wants to get land out of an industrial zone needs to get the approval of the Metro Vancouver board. As well, the plan now breaks up what used to be “urban” lands into industrial, mixed employment, gen-eral urban and rural residential.

But the bottom line is higher density devel-opments in a region that is already the most vertical in Western Canada. This policy has set up a three-way power play between land owners who plan to sell, developers looking to build and muncipalities trying to cash in.

“If the zoning says the density on a site is three [meaning three times the square foot-age can be built], a developer will know he can probably really get four, maybe five,” one insider said. This is because municipali-ties from Vancouver to the deepest suburbs are encouraging higher density housing.

However, as Avison Young principal Robert Gritten noted, municipalities are now charg-

ing dearly for the higher density, so the developer – and the even-tual homeowner – will be paying more regardless. In many munici-p a l i t i e s , t h e development cost charges for each new condomini-um or townhouse can be $10,000 or more.

Some vendors, meanwhile, are putting sky-high prices on their land. In one recent case, a 20,000-square-foot site in Vancouver with multi-family potential was offered to develop-ers for $20 million, or about $250 per buildable foot based on the zoning.

“Such prices are unrealistic,” said Stephen Webber, an agent with DTZ Barnicke who has worked on a number of multi-family and mixed-use land deals.

Still, Webber conceded that there is a short-age of residential land and prices have already surpassed expectations of just a few years ago. Single-family building lots are fetching seven-figure prices in Vancouver, Richmond, Burnaby and North Vancouver. One 40-foot-by-122-foot building lot on West 14th Avenue, Vancouver, is being advertised for $2.1 million.

Last month in central Coquitlam, a tear-down rental house on a larger-than-average city lot attracted multiple bids from builders – and sold for $30,000 over its $629,000 asking price.

On the south shore of False Creek, perhaps the most valuable residential real estate in Canada, land costs now demand at least $117 per buildable foot for condo developers, based on a recent sale of a 25,000-square-foot site. While construction costs have come down, they still equal about $230 per square foot for

wood-frame build-ings. Add in soft costs, and a builder has to recover $400 to $500 per square foot just to break even. Across Metro Vancouver, the cost of land equates to from $80 to $100 pe r bu i ldab le , Webber estimated.

Gritten notes that at least one South False Creek development site sold last year at $175 per buildable foot, and he said there is no indi-cation that land prices will come down. He noted that Metro Vancouver is unique due to the Agricultural Land Reserve (ALR) that was set up in 1973 and remains politically sacro-sanct.

There is currently 61,288 hectares (151,297 acres) of Metro Vancouver land in the ALR, which represents 21 per cent of the total land base.

The municipalities with the most ALR land in the region are Langley, Delta, Surrey, Pitt Meadows and Richmond. Pitt Meadows, Langley and Delta, in fact, have over half of their municipal land base in the ALR.

“No politician has the will to challenge the ALR,” Grittten said, “but it is a serious issue.” He said there are numerous cases of non-pro-

ductive farmland that could help ease the landsupply – and housing prices – in the LowerMainland if it were released from the reserve.

Some Fraser Valley land deemed agricul-ture, for instance, is being turned into lots for“palatial houses,” said Abbotsford realtor Todd Ratcliffe of BC Farm & Ranch Realty.

Ratcliffe said a popular purchase is five-acre hobby farms that sell for between $700,000 and$900,000. If the land was zoned residential, it will easily be five times the cost, he noted. But,as residential land, it could also be used to cre-ate dozens of units of multi-family housing, or 20 or more detached houses.

Developers today are running on what inven-tory they have, but the future won’t be in find-ing greenfield sites. Gritten said that transit nodes along the Skytrain and Canada Line sta-tions would likely be the prime areas for verti-

Land costs can add $100 or more per square foot to a new Metro house before it is even built. Government-imposed costs will then nail 12 per cent to 19 per cent in costs on top of that.

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Area Land mass Population

Hong Kong 426 sq. miles 7.1 millionNew York City 321 sq. miles 8.1 millionLondon, UK 620 sq. miles 7.5 millionMetro Vancouver 1,111 sq. miles 2.2 million

Source: Western Investor

Bell Rd

75th Ave

Sun V

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I-10

411th Ave


JOHN JOHNSON

JOHN JOHNSONTel: 604-319-2504Fax: 604-463-5287

PRUDENTIAL STERLING REALTY LTD.

For Lower Mainland Pub Opportunities call:

SOUTH OKANAGAN PUB Liquor Store and Building

for sale Asking $1.9 M

NORTHERN BC PUB Land and Building opportunity

Offered at $950,000

LOWER MAINLAND Pub & Liquor Store

Opportunities

P U B SFor Sale

Asking $2,299,000 share sale.250-378-7378

or e-mail [email protected]

Kamloops, BC38 Unit Motel in Aberdeen

PACKAGE HOME MANUFACTURING

COMPANYSurrey, B.C. Established 1979

Fully equipped production shop and material inventory. Auto Cad computer system. Customer list.

Asking $380,000.00

Phone (604) 619-5410 (604) 862-9915

fraser elliott

Westham Island Winery is being offered for sale in Beautiful British Columbia! 32.63 acres of assorted mature berries! Beautiful 3,800

sq.ft home built in 1997 and winery store, large barns, fruit stand,etc!WHAT an OPPORTUNITY!!

INCOME PRODUCING INVESTMENT!NATIONAL TENANTS

45150 Luckakuck Way, Chilliwack

WESTHAM ISLAND WINERY & FARM FOR SALE

Value Village, House 2 Home Furniture, End of the Roll Carpet

Buildings 49,432 sq.ft. Escalating Leases, great short-term increases. Excess land

provides room for more building on the site.

604.728.2845

RE/MAX Progroup Realty

$8,888,000 (6% Cap Rate)

$3,880,000

from A9cal development.

Like most real estate professionals, Gritten is convinced that nothing will be done about releas-ing ALR land for housing in the near future.

In fact, the reverse could be seen.

This year Delta council voted unanimously to support returning 538 acres in its Southlands area back to the Agriculture Land Reserve. The recommendation has to go to public hearings, which are usually weighted toward farms and away from private development. In a municipal mail-out survey on the issue, roughly 60 per cent of respondents preferred maintaining the controversial land for agriculture.

The ruling is a blow to Sean Hodgins, prin-cipal of Century Group, which owns the land and had presented a planning vision for it that included retaining one-third for agriculture, one-third for parks and recreation and schools and one-third for housing.

Following the decision, Hodgins wrote a let-ter to the Delta mayor and council.

“It was only about one year ago that I sat with you at the municipal hall as you assured me that you would do your best to find an approach to Southlands that would benefit the community. The present recommendation, by contrast, is a matter of short-term expediency taking prece-dence over the interests of the citizens of Delta and of agriculture,” he wrote.

Hodgins also noted it was Delta councilback in the early 1980s that applied to havethe Southlands, then known as the Spetiforeland, excluded from the reserve.

Peter Simpson, president and CEO, Greater Vancouver Home Builders’ Association, saidthe cost of scarce land – “we are hemmed in bymountains, the ocean, the U.S. border and theALR” – has become the number one issue forhome builders, but it is made worse because ofspiralling government costs.

Citing a Canada Mortgage and Housing Corp. (CMHC) study on government-imposedcosts, done in 2009, Simpson said various fees,development cost charges and taxes now addfrom 12 per cent to 19 per cent to the cost ofa single-family house in the Metro region. Vancouver and Surrey, in fact, were found tohave the highest government-imposed costsamong 30 Canadian municipalities, at $99,124 and $95,914, respectively. The CMHC study was done before B.C.’s harmonized sales tax onnew homes came into effect, Simpson noted.

But before Metro Vancouver residents startto fear that we are running out of residentialland, it must be noted that a vertical direction– more highrises – could provide a solution.Consider this: Hong Kong has a total land massof 426 square miles, only one-quarter of which can be developed, yet it has a population ofmore than seven million. Metro Vancouver, covering 1,111 square miles, has a populationof 2.2 million.◆

Subs

cribe

www.westerninvestor.com

CALL NOW 1-800-661-6988

MEHRAN MOALLEM B.Elec. Cert. Marketing

B u s i n e s s a n d C o m m e r c i a l C o n s u l t a n t 778-858-9025 [email protected]

With over 25 years combined sales and retail experience

IS YOUR BUSINESS FOR SALE? www.BondedBusinessBrokers.com

RE/MAX CITY COMMERCIAL DIVISION

CABINET & WOOD WORKING MANUFACTURING

Corner unit, almost 5,000 sq ft, established for 5 years, great location & visibility.

Port Coquitlam $1,189,000

STEAK HOUSE, LOUNGE & RESTAURANT

Vancouver downtown location, 2000 sq ft of newly remodeled with 40 sitting capacity.

Vancouver $295,000

INDOOR AMUSEMENT PARK FOR FAMILY

Fun business to be in for the family. 7,500 sq ft of different activities, Marina themed playground.

Surrey $559,000

RETAIL & COMMERCIAL SPACE, CORNER UNIT

Turn key & ready for your ideas of retail, office, 660 sq ft corner unit.

Coquitlam $519,000

VIDEO RENTAL & WIRELESS STORE

Established DVD/BLU RAY rental store with cell phone sale & wireless services.

Coquitlam $99,000

GLASS FABRICATIONS & TEMPERING PLANT

34,000 sq ft of automated glass cutting, mitering and tempering facility.

Coquitlam $1,190,000

RETAIL & COMMERCIAL SPACE

930 sq ft of brand new space for professional office or retail.

Coquitlam $669,000

YOUR BUSINESS, DEAD OR ALIVE! I have clients for it. I EVALUATE, PRICE, MARKET AND SELL!WANTED!

Business with propertyBusiness only

Business only Business only Business only Property Sale / Lease

Property Business only

DONAIR SHOP, FAST FOOD RESTAURANT

A great business for family, easy to run, good hours & good income.

Port Coquitlam $69,000$58,000

WESTERN INVESTOR MARCH 2011 Lower Mainland/Business Opportunities A11

OWNERSHIP OPPORTUNITY – BUILDING SUPPLY STORE IN BC –

Own your own IRLY Building Centre dealership. We are seeking entrepreneurs to be part of BC’s largest building materials and hardware chain. We offer advertising, computer & merchandising support. New and existing locations. Partnership opportunities available. Dealer - owned co-op. Receive rebates & patronage dividends.

Contact Brad Dixon or Susan Robinson @ 1-800-663-3342 www.irlybird.com

Residential / Commercial Private Mortgages

Been turned down by your lender for financing? Need quick funds?

No mortgage is too big or too small. Call me now

for a FAST APPROVAL!

AJIT HUNDAL, AMP TMG The Mortgage Group Canada

Telephone: 604-614-6899Toll Free: 1-866-614-6899

138-555 W. 12th, Vancouver BC, V5Z 3X7

Institutional Quality

Self-Storage Properties

For SaleUnited States of America

Michelle Watson480-326-9520

[email protected]

Distribution Warehouse

Warehouse in Chilliwack 4600 sq. ft. warehouse for lease in central location in Chilliwack. Permitted use includes light manufacturing, retail, offi ces, storage etc. The CSM Zone permits a wide variety of uses. This is at Harvard Business Park and has easy and quick access to all transportation routes. For sale or lease available at $7 NNN or purchase at $575,000.

Corney Les 604-795-6938

RE/MAX Corney Les Realty www.morechilliwackrealestate.com

Located at Duke Point near Nanaimo this 35000 sq. ft. warehouse is ideally situated for distribution of goods to Island locations. Just 5 years old this building has 22 ft. ceilings, fi ve loading bays, 1800 sq. ft. of offi ce space as well as a 3 bedroom caretaker suite. Now available for sale at $4.3 million or for lease at $9 NNN.

OFFICE STRATA UNITS

1050 PACIFIC ST (Main Office Entrance) Unique opportunity to own a dual use strata consisting of a 613 sf office with street entrance + a 870 sf 2 bdrm suite above. 2nd entrance 2J – 1033 Marina side. $1,049,000

2132 ALBERTA (Near 6th & Cambie) 2357 sf 2 level C1 Zoned building. Rebuilt 10 yrs ago. Lower level is vacant, 2nd level is a private 2 bed, 2 bath residence. Bonus: 1200 sf 3rd fl roof deck. $1,690,900

COMMERCIAL DEVELOPMENT SITE - LANGLEY

21427 83rd AVE near 216 St. proposed interchange in Willoughby Heights in Lan-gley. 1.51 acres for sale (65,000 sq ft) + Properties on either side may also be avail-able (for another 3 acres). Currently zoned SR-2. Suburban Residential with 4200 sq ft house & a few outbuildings on property. Potential future re-zoning to Highway Com-mercial once interchange finished in 2013 (strip mall, hotel?) $1,999,000

11880 – 11920 96A AVE4 lots with 275 ft frontage & 36,000 sf of land, zoned single family. Most proper-ties currently rented. Great holding prop-erty! Go to web for info package and area video. $2,100,000

8810 TEXAS CREEK RD (8km south of Lillooet) 17+ acres – view lot on a knoll, drilled well, sweeping views of val-ley, mountains & river. Golf course nearby. Build your dream home. MUST BE SOLD $139,000

COMMERCIAL DRIVE MEXICAN RESTAURANT

2095 COMMERCIAL DRIVE – ME & JULIO MODERN MEXICAN KITCHEN 1,920 s/f totally renovated new restaurant with 90 seats & 24 on heated patio. Sales $1M/yr with $75K Net. Lease $6,317/mo all in. 2am license on Fri. & Sat. (until Aug 2012 + 5yr option) $299,000

To view listings please visit:

www.6717000.com/biz

1428 W 7th Ave., Vancouver, B.C.

Crest Realty (Westside)

NORTH SURREY LAND ASSEMBLY LILLOOET LAND FOR SALE - 17 ACRES

1.5 HRS NORTH OF WHISTLER

LES TWAROG(604)671-7000

MAR 2011

[email protected]

LORNE CHERNOCHAN 604-880-0550 (cell) CALL OR EMAIL FOR A FULL INFO. SET

WESTCOAST

INDUSTRIAL STRATA UNIT FOR SALE $728,000IN NORTH RICHMOND - REVENUE NOW VACANT POSSESSION SOONOver 3700 sf in near new complex includes a large main floor showroom, second floor offices with separate entrance, kitchen, and w/c; and a major warehouse that offers BOTH dock loading (with leveler) and grade loading. Clean use tenant provides cash flow WITH VACANT POSSESSION for August 1ST, 2011.

$498,000 COMMERCIAL INVESTMENTSTRATEGIC CORNER LOCATION Prime Richmond location across from COSTCO, SKYTRAIN and CASINO. The City Plan allows HOTEL, RETAIL, PUB, RESTAURANT, OFFICE, RECREATIONAL. REVENUE HOUSE on site. FRAIPONT & MANYK

www.rltylink.com 604.466.2838

RE/MAX Lifestyles Realty

MAPLE RIDGE WATERFRONT INDUSTRIAL2.16 acre M2 Industrial Waterfront.

High visibility $1,125,000

MISSION LEASE SPACE - $7.25/sq.ft. PLUS TRIPLE NET

Silver Creek Industrial Park - 1800 sq.ft

MISSION FOR SALE - $299,900Silver Creek Industrial Park, 1800 sq.ft.

Easy highway access

Call GARY FRAIPONT for more info:

Each offi ce independently owned and operated

Blenz Master Franchise & Franchise Opportunity

Matthew Moadebi604-329-6771 (Cell)[email protected]

www.matthewmoadebi.com www.vancouverfranchise.ca

in Vancouver, Vancouver Island, Ontario & Alberta Blenz Franchises ....................... $200K - $368KSteamrollers Franchise Opportunity , SFU, Port Moody, Robson St, Davie St ............................ ......................... $275K each, $319K (Davie St.)Wired Monk Master Franchise & Franchise Opportunity. Wired Monk ...................$135K, $159KWired Monk Franchise - Vancouver ......................................... $262K-$350K depending on locationSandwich Tree master franchise opportunity $275KCanadian Carpet & Tile Vancouver, two locations: ............................................................. $300K, $200K

rf

f

t

f

Each office is independently owned and operated.

Each office is independently owned and operated.




ELIZABETH WOZNICZKO604-691-6648 [email protected]

Committed to Canada. Connected to the World.

GARY HAUKELAND OR J.D. MURRAY604-683-7535

BILL HAMILTON 604-524-3641, [email protected]

NEW WEST WAREHOUSE

$2,400 / Month

BUSINESSES FOR SALE

RICK LUI 604-644-6182 [email protected]

www.naibusinesses.ca

PETER SEED CHRIS WIESER 604-691-6608 604-691-6662

ALF SANDERSON DELON CHEUNG 604-691-6646

alf@naicommercial .ca604-691-6654

delon@naicommercial .ca

TED WEIBELZAHL 604-514-6825 or 1-800-890-9855 [email protected]

COQUITLAM OFFICE E. HASTINGS – LAND

$2.65 Million

BURNABY OFFICE/RETAIL

COURT ORDERED SALES397 Acre Development Site, Sechelt BC

Price: $22,250,000

459.1 Acre Development Site, Cranbrook BC

Price: $17,000,000

3,070 sq. ft. Retail Commercial Development, Pemberton BC

Price: $1,690,000

0.82 Acre Light Industrial Lot, Squamish BC

Price: $450,000

165 Acre Development Site, Abbotsford BC

Price Reduced: $9,900,000

INDUSTRIAL & DEVELOPMENT SITES12,000 sq. ft. Strata Office/Warehouse, Richmond BC

Price: $1,695,000

BLUEBERRY FARM (Abbotsford)

....................................$2.1mil

JEWELERY STORE – VANCOUVER ............................ $280,000 + Inv.

CURRENCY EXCHANGE (Surrey)

..........................................................................................................................$150,000

RESIDENTIAL INVESTMENT (Vancouver)

....$1.2M

COMMERCIAL/RESIDENTIAL PROPERTY (Gibsons)

................................................................................. $465,000

RESTAURANT & PROPERTY (Princeton BC) ............. $498,000

COFFEE FRANCHISE (Richmond) ........................................................ $249,000 + Inv.

EURO DELI (Coquiltam) .......................................................Assets $183,000 plus Inv.

251 Units – 2 Properties

Asking $11,000,000

PRINCE GEORGE, BC – FOR SALE

1245 20th Ave + 2050 Norwood St.


Asking $11,750,000

KELOWNA, BC – FOR SALE

[email protected] [email protected]

CRAIG TENNOCK [email protected]

INDUSTRIAL – FOR LEASE

OWNER MOTIVATED

PAVING BUSINESS – PRINCE GEORGE

$829,000 including equipment & inventory

WESTERN CANADA

$2.4M including equipment, inventory, working cap

KEN KIERS 604-514-6830 TF: [email protected]


770 EAST HIGHWAY 16

Asking $4,750,000

AWARD WINNING MILLWORK BUSINESS (Lower Mainland). Major clients in Canada and USA. Revenue in excess of $4.5m .........................................................$2.0m inc working cap

VANCOUVER DINNER CRUISE BUSINESS NEW LISTING In business for over 15 years operating two yachts from Downtown Vancouver. Nets $310,000 .........$2.5m inc yachts

OKANAGAN CATTLE RANCH (nr Keremeos) . 212.62 acres, 3 homes, 4 barns, equip shop. Grazing license for 592 AUM. Vendor financing available ........................................ $1.95m

AWARD WINNING MEAT & DELI BUSINESS (Okanagan) 12 years in business. $1m in sales annually for 4 yrs. Well equipped. Good lease in place.................. $650,000 plus inv

LADIES FASHION BOUTIQUE (Vancouver) NEW LISTING Two high profile locations. Great branding. Computerized inventory control. Inc $50k inventory. .................... $195,000

STRUCTURAL STEEL FABRICATING (Lower Mainland). Over 15 years in business in construction industry. Revenue forecast over $1m ............................................... $590,000 inc equip

HAIR & BEAUTY SALON (Lower Mainland). REDUCED Very successful full service beauty salon in trendy area. Sales over $460,000. 10 staff. No rentals ...............$288,000 + inv

METAL FABRICATING COMPANY (Burnaby). REDUCED Well established business with strong earnings history and healthy margins .......................................... $2.4m inc equip

ARTS & CRAFTS STORE (Vancouver) REDUCED Over 40 years in business. An institution among crafts and model enthusiasts. ..................................... $50,000 plus inv

BEARD PAPA FOOD FRANCHISE (W.Vancouver) REDUCED Ideal owner operator business. Close to new Osaka supermarket ............................................ $85,000 inc equip

INDUSTRIAL INVESTMENT PROPERTY (Delta)44,366 sq.ft industrial facility in Tilbury. 1.62 Acres. Fully leased. 6.4% Cap rate ........................................ $4,690,000

VANCOUVER EAST – REVITALIZING AREA

Asking: $7.8 Million

RICHMOND SITE w HOLDING INCOME

Asking: $5,998,000

MERRITT MINI STORAGE

ONE HOUR OPTICAL AND HEARING CENTRE

FULLY LEASED LANGLEY INVESTMENT BUILDING CAP RATE 6.1%

ASKING $500,000 plus inventory

ASKING $1,475,000

ASKING $3,295,000

SUBLEASE OPPORTUNITY

99 PAD PHASED MANUFACTURED HOME PARK LAC LA HACHE BC

ASKING $650,000

st

REDUCED




MERRITT TOWN HOUSE DEVELOPMENT SITE

OPEN TO OFFERScres

ASKING ONLY $14,132 per doorKAMLOOPS MOBILE HOME PARK

Asking $1,800,000

KAMLOOPS 42-SUITE APARTMENT BD

HALSTON MINI STORAGE, KAMLOOPS

Asking $2,300,000

ACE SELF STORAGE, KAMLOOPS

Asking $1,900,000TED WEIBELZAHL

604-514-6825 or 1-800-890-9855 [email protected]

MERRITT TRAVEL CENTRE & TRUCK STOP

MICHAEL MARCKWORT 604-691-6638 [email protected]

Asking $3,500,000

RAY LEWIS604-812-9733West Coast Realty

L A N G L E Y

B U I L D E R S & DEVELOPERS

Properties to build on, develop & some to hold. Langley is exploding.

Mission area 1+ acre subdivision. Row home lots from $195,000. 51 unit townhome site, Maple Ridge. 80+ town - home site near freeway.

Call re:

Call re:

VIC 604.506.1551 [email protected]

Macdonald Realty Olympic

11.66 ACRESLangley BC

Lucrative retail business will carry the mortgage while you enjoy country life & wait for development demands. Two good size homes, 2400 sq. ft. of retail buildings & more. Great location, super future opportunity, with excellent income from a very lucrative business. Call Vic for info package and pictures.

TER-RACE B.C.

$1,499,900

1-250-615-8688 [email protected]

INVESTORWHITE ROCK BUSINESSMAN/INVESTOR

Contact me if your co:> is established min 5 years

Prefer 2 yrs profitable > is up to 80 km from White Rock> is in manufacturing or marine > has sales 1 to 10 MM > has potential for expansion

Will consider financially stressed coContact in confidence:

604-838-0985 [email protected]

FEATURE Fee-simple native real estate remains in the works, but First Nations are already cashing in

Please see Partners page A14

PETER MITHAM

WESTERN INVESTOR

he potential that First Nations bands could one day have fee-simple rights – the ability to buy and sell

real estate – is still working its way through the federal First Nations Property Ownership Initiative, but many British Columbia bands are already freeing themselves of the con-straints of the Indian Act and traditional municipal planning.

A willingness to do business is driving much of the activity. While municipalities run out of zoned land, First Nations are entering partner-ships that are serving the residents of commu-nities that haven’t kept pace with the demand for land.

A tight market along Harvey Avenue, the key retail strip in Kelowna, for example, drove Anthem Properties Group of Vancouver across Okanagan Lake to Westbank.

“Kelowna suffers from a lot of the same con-straints that Vancouver does; water on one side, mountains on the other,” said Stuart Kerr,development director for Anthem. “Growth is limited to either the north or the south ends of town, and the natural extension of that was into the Westbank area.”

While the town of Westbank – now West Kelowna – was an option, Anthem was wel-comed by the Westbank First Nation. Just outside the limits of West Kelowna, Westbank’s land sits close enough to the Coquihalla con-nector route to accommodate developments serving both the southern Okanagan and the Nicola Valley, a 90-minute drive south.

“Westbank First Nation is obviously very progressive, they have their own self-govern-ment and are very business-friendly,” Kerr said.

Part of its million-square-foot Governor’s Landing retail development, Anthem expects to open Governor’s Market in April 2011 and

is moving forward with Snyatán, a joint ven-ture with Westbank First Nation anchored by Winners and Future Shop, with Peace Hills Trust and other retailers set to open in 2011.

While among the most developer-friendly of Okanagan bands, Westbank First Nation’s proj-ects are driven by a self-government agreement that gives them the rights, powers, responsibili-ties and privileges of an owner.

While still subject to the Indian Act – title to the lands remains with the Crown – self-gov-ernment effectively allows the Westbank First Nation to act independent of Ottawa. Additions to its real estate holdings, however, are subject to the act and become accounted as part of its reserve.

Still, the flexibility Westbank has made it a key member of the Okanagan Nation Alliance,

which also includes the Osoyoos Indian Bandand four other bands in the Southern Interior. Together, the alliance’s members have more than $3 billion in development planned.

Chief Clarence Louie of the Osoyoos band has been the poster boy for entrepreneurship through deals with vintner Vincor Canadaand Calgary-based Bellstar Hotels and Resorts Ltd., which manages the Spirit Ridge Vineyard Resort and Spa. An eco-industrial park is also planned.

Penticton Indian Band plans a mix of resi-dential, commercial and light industrial uses on 550 acres of its land. The Okanagan Indian Band near Vernon is also investigating the potential for industrial development.

Similar development is on the go in the Lower Mainland, with a key player in many

of the projects being Vancouver’s PropertyDevelopment Group (PDG) (which is also working with Westbank First Nation on the development of West Kelowna Landing, a 22-acre retail and entertainment centre set to start construction in February and complete inspring 2012).

Its projects include a partnership with Chilliwack’s Squiala First Nation andLeague Assets Corp. of Victoria that includes a 700,000-square-foot shopping centre on a50-acre site adjacent to Highway 1. Known asEagle Landing, the centre numbers CineplexOdeon and Wal-Mart among its anchor ten-ants.

In Vancouver, meanwhile, the Squamish Band has unveiled plans to build at least two residential towers on land it owns at the southend of the Burrard Brige near downtown. TheBand said the towers could be a mix of bandhousing and market condominiums.

PDG is also working with Tsawwassen FirstNation to develop a million-square-foot retail complex on a portion of the lands the Tsawwassen received as part of their treaty settlement with the province.

The deals give PDG access to non-agricul-tural land in prime locations for development,a rarity in the lush Fraser Valley. The ease ofdoing business with development-orientedbands hasn’t been affected by the Tsawwassen’s governance model.

An integral municipal entity within Metro Vancouver, Tsawwassen First Nation has direct control over its land holdings, unlike self-gov-erning bands in the province that are still gov-erned by the Indian Act.

But it’s the willingness to do business thatmakes the difference, said Keith McRae, a partner and director of acquisitions and devel-opment with PDG.

Self-governing Westbank First Nations near Kelowna have inked an agreement with Anthem Properties Group to develop one million square feet of retail at the site shown at the bottom of this photo. A separate big-box centre is expected to complete this year.

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LAND DEVELOPMENT

Condo Site $2.3M

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Waste Disposal Business $4 Mil.

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In-Town Oceanfront Property Multi-purpose Development Property; 97 acres gently sloping land + approx 19 acres of foreshore with deep water access.

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Magnificent Waterfront Acreage245 acres west sloping land approx. 2700’ waterfront; incredible panoramic views; in ALR

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Incredible Location!132 acres just past downtown core; select areas provide stunning ocean & island views; in ALR $849,000

Ideal Agri-Business Opportunity102 acres fairly level land; many possibilities; easy access; in ALR

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Great Investment Property30 acre wooded parcel zoned M3 Industrial; easy access; services available

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Aroma's Gourmet Coffee & LunchWell established; coffee & Lunch. Well established; steady clientele. Leased space on active business complex; Across from Airport. Financials available.

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161 ACRE CRANBERRY FARM

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from A13“Generally speaking, the First Nations in our

experience have been very receptive to doing business, and it’s been a very good source of business for us,” he said. “We’ve done one project that had INAC [Indian and Northern Affairs Canada] involved. It wasn’t insur-mountable, but it was certainly not as quick and streamlined as dealing with the First Nations that are self-governing.”

This has been true whether dealing with the veteran team at Westbank, the nascent Tsawwassen or the smaller Squiala, McRae said.

One of the key incentives for First Nations partnering with developers is the job opportu-nities. Retail is one good example, with TFN Economic Development Corp. estimating the number of ongoing jobs at the PDG project at between 1,500 and 2,000 full- and part-time positions, many earmarked for natives.

Those jobs provide an incentive to get devel-opment started – a point on which TFN CEO Chris Hartman said a self-governing First Nation can be competitive against surround-ing municipalities.

“We believe that we can compete in terms of confidence in the development approval process and the time that goes with it, which is where a lot of the other municipalities start to fall down,” he said. “We’re looking to make sure our approval process is one of the quick-est, yet still complete, in the region.”

The prompt striking of the retail develop-

ment in the first year after the TFN treaty’s effective date in April 2009 is a case in point, and swift progress toward development of theinitial 100 acres of industrial property promises to be another. TFN received federal stimulus funding to service its industrial property with a view to ensuring developers could get startedimmediately on the approval of their develop-ment applications. Tsawwassen has a shortlist of two developers queued for its industrial sites, Hartman said.

More recently, residential developers have begun to move in, and are working with First Nation members who, under the Indian Act, held certificates of possession for land. “Those members have now been approached by experienced residential developers who have consolidated their holdings,” Hartman said. “We’re expecting residential development to come forward in the short term.”

While the opportunities may appear fresh,they’re the kind First Nations have awaited for years. While bands have been land-rich,they’ve lacked the means to make use of theland reserved for them until recently.

And, with various forms of settlements, self-governance land codes and the potential for greater property rights under the First Nations Property Ownership Initiative (which wouldfree registered First Nations members from many of the constraints of the Indian Act, but not the act itself), the opportunities promise toincrease.◆


For Sale by Owner20 Acre Farm in East Maple Ridge on Whonnock Creek

3 Bedroom Home Completely Renovated

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Plenty of Good Water

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778-982-2112ASHOK KUMAR 604-855-0800 TF: 1-866-855-0800

INVESTMENT AND BUSINESS OPPORTUNITIES

MOTEL Surrey Motel – 27 rooms plus manager’s suite on approx 41,300 sq ft lot. Asking $3,300,000

INDIAN RESTAURANT Vancouver’s most famous Indian Cuisine, 170 seat liquor rest. Serving lunch and dinner buffet plus Indian sweets. It’s a goldmine. Asking $1,100,000

PUB/LIQUOR STORE – BARRIERE, BC Renovated 25 unit motor inn with manager’s suite, restaurant, pub/liquor store. Asking $2,450,000

PORT COQUITLAM WARE-HOUSE Net income approx. $148,470/year. Building 23,700 sqft. on 38,000 sqft. lot. Fully rented $2,150,000

INVESTMENT PROPERTY – LANGLEY, BC Excellent investment prop-erty for future development. Approximately 39,000 sq ft land, building is used as auto-motive repair and 3 bedroom apartment. Asking $1,500,000

BOTTLE DEPOT – TRAIL BC Land, Building & Business. Encorp license, depot, electronics, paint care. $948,000

GREAT HOLDING PROPERTY Wonderful opportunity to hold and operate a well established business in the Fraser Valley. 20 lane bowling alley, food and liquor licence, ample parking, recent updates and renovations. Asking $3,695,000

GAS STATION – ALDERGROVE, BC. Shell Gas Station, convenience store, & pro-pane. Business Only $429,000

ESSO STATION – BARRIERE, BC Renovated Esso Gas Station, C-store, propane truck stop. Truck/car wash plus owner’s suite. Asking $2,600,000ESSO STATION – LANGLEY, BC GROUND FLOOR: Esso gas bar/ C-store, and Post office. 2nd FLOOR: 4 - 2 bedroom apartments. Each unit self contained. Land, Building & Business $2,850,000HARRISON 1.23 ACRE LOT For potential residential subdivision or townhomes $695,000LOWER MAINLAND Well estab-lished c-store/produce & flowers, daily sales over $3800.00 per day plus rental income. Asking $2,000,000 mil with property. Or business only $498,000ABBOTSFORD COFFEE Specialty coffee/café in a busy strip mall $129,000BOTTLE DEPOT - ENDERBY, BC Encorp license Bottle Depot. Business with property. $445,000KAMLOOPS BC Free standing building with gas bar leased to a national tenant for 5 years + 2 -5 yr options. Net income to owner $86,400 per year. Asking $1,450,000FRASER VALLEY GAS BAR 50% Share for sale in a high volume. Petro Canada gas station/ c - store + propane Busines only asking $385,000HOPE BC – UPA NAPA PARTS STORE With land and building.

Asking $1,350,000 + inv. $600,000

MAPLE RIDGE16 ACRES + LARGE HOME

$2,100,000

PORT COQUITLAM4 LOT SUBDIVISON

$1,295,000

FLEETWOOD4 LARGE LOT SUBDIVISION

$1,499,000

monarkinvestments.caPlease visit our website or call for more details.

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LANGLEY46 PRIVATE ACRES (2 Titles)

$6,250,000

COVER Soaring development cost charges not expected to slow demand for land in fast-growing suburbs

Please see Langleys page A16

SUSAN M. BOYCE

WESTERN INVESTOR

he development community is brac-ing for escalating costs in both the Township of Langley and City of

Langley. Particularly troubling to many is the city’s proposed development cost charge (DCC) increases, which head to final read-ing this summer and, if approved, will put upward pressure on the bottom line across all sectors.

The proposed bylaw would see the city’s residential DCCs more than double. The new charges would amount to $22,164 on a new house, compared with the current $9,078, and the DCC per strata unit – the most popular form of housing – would rise to $17,678 for town-homes and $11,661 for every new condo.

The industrial DCCs will hit a whopping $4,053 per 100 square metres compared with $1,932 in the township and $1,759 in the neigh-bouring municipality of Surrey.

Peter Simpson, president and CEO of the Greater Vancouver Home Builders’ Association, voiced his concern in a letter to Mayor Peter Fassbender.

“Since Langley City is a much denser, com-pact area than Surrey or Langley Township, it is puzzling why Langley City would require a hefty infrastructure increase,” Simpson noted. “Furthermore, we do not understand how construction costs to provide infrastructure of single-family homes have risen 244 per cent since 2004.”

Fassbender defends the DCC increases as overdue, noting they were last set in 2004. He adds the city has developed a reputation for its ability to fast-track building permits – in one case a development permit was received on Wednesday and approved in just five days on the following Monday. While he says a 90-day turnaround is more typical, Fassbender believes

finding ways to speed the application process represents a “significant, ongoing benefit” to the development industry.

Bob Dominick, vice-president, sales and marketing, at Weststone Group, the compa-ny currently developing the $17 million final phase of condominiums at Serenade, acknowl-edged any increase in DCCs is “a sad fact.” However he’s also quick to praise the city for its strong leadership and vision.

“This community is clearly open for busi-ness,” he said, adding he hopes plans will con-tinue moving forward to allow live/work units. Zoning is already in place to increase allowable units per acre from 100 to 150 in the downtown core – meaning the City of Langley is open to densification.

By comparison, the township’s 2010 DCC increase of just over 20 per cent seems mini-mal, but Hugh Carter, general manager of

land development with Qualico and co-chair of the Urban Development Institute’s (UDI) Langley liaison committee, notes other incre-mental costs are also on the rise – and many of these creeping costs are less immediately vis-ible. He cites examples including the $78,000-per-acre amenities fee on developments in the now emerging Yorkson neighbourhood, the 5 per cent land acquisition policy and a require-ment to provide child-friendly amenity areas of four square metres per unit for apartment buildings and eight square metres per unit for townhouse projects.

In a presentation to council, the UDI also expressed concerns that the township’s pro-posed changes to its subdivision and control bylaw will further increase costs – and has examples to support this concern.

According to the UDI, in some areas devel-opers are required to provide both a road bike lane and greenway bike trails – even though the two may only be a few metres apart – thus

reducing development area and adding as muchas $9,000 per lot. Right of way for pipes is being widened from three metres to 4.5 metres not only potentially adding another $9,000 per lot when required but also reducing the num-ber of lots per acre and increasing pavementrequirements.

The extra costs, however, do nothing todampen Carter’s enthusiasm about Qualico’supcoming Willoughby Town Centre project on a 20-acre land parcel in Yorkson. Anticipatedto break ground this fall, the initial phase willbe a $58 million, 148,000-square-foot office/retail project anticipated to be comprised ofan office building plus a family-style villageshopping centre anchored by a 27,000-square-foot Loblaw grocery store. Later phases will include up to 350 condominium homes plus anadditional 750 multi-family residences.

To the east at Glover Road and the LangleyBypass, office strata sales are already under-way at Collection Square.

A collaboration between Anthem Propertiesand the Open Road Auto Group, this 15.6-acre site will ultimately house the region’s newest BMW/MINI dealership (expected toopen its doors later this summer) plus up to

Langley Township: Qualico’s Willoughby Town Centre will break ground this fall with a $58 million, 148,000-square-foot office/retail project in the first phase.

Peter Simpson, president and CEO, Greater Vancouver Home Builders’ Association: $22,000 per house in DCCs in Langley.

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LITTLE OAK REALTY"All offices independently owned and operated"

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from A15four other high-end dealerships. In addition to 40,000 square feet of office space, Collection Square will provide three retail/commercial buildings totalling approximately 30,000 square feet. Stuart Kerr, Anthem Properties’ director of development, noted there is a pent up demand for this type of product since most recent construction has been designed follow-ing the business park model. Purchase prices of the commercial strata units range between $400 and $440 per square foot.

Now under construction, the 800-stall Park & Ride at 202 Street and Highway 1 is a part-nership between the Province of British Columbia, the Government of Canada(through the Infrastructure Stimulus Fund) and TransLink. It will be the terminus of the first regular public transit connection over the Port Mann Bridge in more than two decades. RapidBus service will run every 10 to 15 min-utes during peak periods and connect com-muters to the Lougheed SkyTrain Station in less than 25 minutes. Estimates suggest that by 2031 over 20,000 people will use the service.

With the Willoughby/Willowbrook neigh-bourhood predicted to reach a population of more than 75,000 residents, it’s no surprise the 260,483-square-foot, $55 million Langley Events Centre (LEC) has become a sports and recreation destination facility. The B.C. government, the Township of Langley and

private investors each contributed $15 million while the balance was financed by other private sources including $1 million from the Langley Gymnastics Foundation.

And for naysayers who suggest the construc-tion/housing industry might be over-estimating its importance as an economic driver in the Langleys, heavyweight developer ParkLane Homes discovered some interesting statis-tics in its recent employment impact study on Waterfront at Bedford Landing.

This 78-unit apartment is part of the com-pany’s 78-acre master-planned community on the riverside in Fort Langley. In total, 1,500 full-time jobs were the result of this one phase alone – first-tier jobs for consultants suppliers and trades. Additional spinoffs in secondary employment was not included.

Looking to the future, Milt Kruger, presi-dent of the Greater Langley Chamber of Commerce, believes the Langley sister cities have a great future – but it’s a future that needs to be nurtured. Among the many incentives the chamber is undertaking toward this end, Kruger said mobile business licensing is one of the most exciting.

Based on a successful 2008 pilot program in the Okanagan-Similkameen, this program would allow contractors and tradespeople to buy a business licence in their municipal home base plus an add-on mobile licence legalizing them to work in both the City and Township of Langley as well as Abbotsford, Mission, Chilliwack and Maple Ridge. In the first year of operation in the Okanagan-Similkameen, he

noted the region saw an increase of $200,000in licensing revenue.

“Not only does this dramatically reducebureaucratic red tape for the contractor, thus encouraging compliance, but the consumer now has more choice,” he said. “Truly a win-win-win solution.”◆

Size Four square milesPopulation 25,000Retail trade market 500,000 peopleAverage condo price $218,000

Size 122 square milesPopulation 104,000Average house price $500,000

✪

1A

10

Vancouver

USA

BRITISH COLUMBIA

Fraser River

1Burnaby

SurreyFort Langley

LANGLEY



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FOR LEASE• Prime Kerrisdale retail space on West 41st Ave. | Up to 5,209 Sq. Ft.

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Eric Poon | 604.714.4768 | www.EricPoonCommercial.com

OKANAGAN GOLF DRIVING RANGE FOR SALE - Land, Building & BusinessApprox. 10 acres in ALR List Price $1,975,000

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Gary Webb | 604.341.7650 | www.rgarywebb.comDon O’Brien | 604.219.1578 | www.macdonaldcommercial.comStuart Wright | 778.859.2407 | www.macdonaldcommercial.com

• 1765 Coast Meridian Road, Port Coquitlam, BC• 116,500 square foot manufacturing/ storage facility• M-2 Zoning 6.12 acres of land• 24 ft. to 40 ft. ceiling height• Dock and Grade loading• 4 (5ton) Overhead Cranes• Steel frame and metal clad with membrane roof• 2500 KVA Power sub-stations• Vacant possession• Asking: $12,750,000

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• Harrison Hot Springs / Harrison Lake• 138 Ft. of frontage / 26,310 Sq. Ft. site

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urrey’s office market, once known for white elephants and double-digit vacancy rates, now has the lowest

vacancies in Metro Vancouver with just 1.5 per cent of Class A space available and an overall vacancy rate half that of downtown Vancouver.

With 2.4 million square feet of total space, less than 61,000 square feet is vacant, represent-ing Surrey’s tightest market in at least 13 years, according to a survey by Avison Young.

The Surrey experience is in stark contrast to Richmond, where nearly 25 per cent of offices are dark, or Burnaby where Class A vacancy rates have shot above 14 per cent and threaten to go higher as more sublease space hits the market. Burnaby office rental rates are at the lowest level in five years.

Warned Avison Young: “[Burnaby and Richmond] landlords competing for tenants may have to offer higher-than-typical induce-ments.”

It is the polar opposite in Surrey, where a lack of new product and high demand for prime space has pushed net rental rates as high as $28 per square foot amid expectations of even higher prices over the next 12 months.

Low supply is a key reason for Surrey’s per-formance. The other is the takeup of 50,000 square feet of Central City space by Simon Fraser University, about the last large unoc-cupied space in B.C.’s second largest city.

Of the 197,705 square feet of space sched-uled to come onto the Surrey market this year, 60,000 square feet is already pre-leased. With just 5,000 square feet of Class A office space available – all of sublease – as of January, “expect demand to remain high and vacan-cies rates low” for this year, Avison Young

explained. Last year, Surrey tenants leased a total

of 85,074 square feet of offices, higher than Richmond, Burnaby, New Westminster, the North Shore and downtown Vancouver com-bined.

Surrey’s overall vacancy rate, at 2.5 per cent, is less than half that of Vancouver’s downtown, Yaletown and Broadway markets, all of which are above 5 per cent.

New product coming to Surrey includes 116,000 square feet as the Benchmark Group of Companies completes the second phase of the Benchmark business centre at Highway 10 and 152 Street this spring.

Panorama Park Place phase 3 by Panorama Park Investments will add 45,000 square feet and Southridge Square Holdings will com-plete about 37,000 square feet by the end of the year. Two larger projects – GE Capital’s

FEATURE Surrey’s office vacancy rate plunges but other suburbs scramble for tenants in overbuilt sector

WI STAFF

WESTERN INVESTOR

500,000-square-foot Gateway Business Park, and Landview Construction’s 100,000-square-foot Dean Centre II are still waiting for lease commitments before they break ground.

Yet, most discussion of Surrey’s office mar-ket avoids the white elephant in the room. This is the 104th Avenue Centre, a 260,000-square- foot complex that was originally designed as an Asian-themed shopping mall before being transformed to large-block office space. It has been vacant since completion in 2005. Arizona-based Donald Pitt, who is trying to secure an anchor tenant to commit at least 100,000 square feet, now owns the building. Ron Emerson of Emerson Real Estate Group, Vancouver, the leasing agent, said he is in the midst of “active discussions” with two potential tenants.

With more than 146,000 square feet of Richmond offices going dark last year, the glut of sublease space has added to the high-est vacancy rate in the region. With an overall vacancy of 24.6 per cent, about one-third of all Class A and Class B space was sitting empty as of January 1.

Richmond’s silver lining, according to Avison Young, is the amount of high-quality office space at rates dramatically lower than anywhere in Metro Vancouver. For instance, Class A space – including some of the highest-tech new construction – net rental rates are from $16 per square foot to $20 per square foot,

Simon Fraser University has taken 50,000 square feet of office space at Central City, Surrey.

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lower than in Surrey or New Westminster.Still, downsizing by Microsoft Corp. and

the relocation of the BC Lottery Corp. toVancouver has added sublease space in a mar-ket where leasing activity virtually stalled in the last half of 2010.

Despite the lease deals and incentives, Avison Young forecasts that Richmond, whichhas more than 660,000 square feet empty, willsee office vacancy rates rise further over thenext 12 months.

Burnaby has a huge inventory of new Class Aoffice space, with 838,000 square feet vacantand an overall vacancy rate above 13 per cent, compared with 8.5 per cent a year ago.

“Vacancy rates will creep higher this year as large tenants such as IBM and Telus down-size,” forecasted Avison Young.

The market is slowly improving for land-lords, however, as a number of major lease deals will see about 240,000 square feet takenup in 2011, most of it Class A in the Still Creek area and at Gilmore Way.

Lease rates, now at the lowest level in five years, range from $10 per square foot for ClassC space to $28 per square foot for the best ClassA offices.

For the first time in a decade, the office vacancy rate in New Westminster has fallen below 10per cent, but barely. The overall vacancy ratewas pegged at 9.7 per cent at year-end 2010,and could fall further because of steady demand and a lack of new construction. The only new project underway, Wesgroup Properties’ mixed-use Brewery District, will not come onstream until 2013.

North and West Vancouver have a combinedvacancy rate of 8.1 per cent, with most of theoversupply in larger footprints. Only 35,000square feet will be added to a market of 1.8 million square feet this year, as HarbourviewProjects Corp. completes an office and indus-trial building at Harbourside Landing.◆

Area Vacancy rate Lease rates (Class A)Surrey 2.5 per cent $17-$24 per square footRichmond 24.6 per cent $16-$20 per square footBurnaby 13.2 per cent $19-$28 per square footNew West 9.7 per cent $16-$26 per square footN. Shore 8.1 per cent $20-$28 per square foot

Source: Avison Young, Vancouver

BARRY BOCK / DON KAYTORPhone 604-575-5262 Phone 604-576-9285

Fax (604) 575-2214 Email: [email protected] Website: www.barrybock.com

LIQUOR STORES, PUBS, HOTELS/MOTELS

HOMELIFE BENCHMARK TITUS REALTY

NEIGHBOURHOOD LIQUOR STORES - PUBS - HOTELS - RESTAURANTSIF WE DON’T HAVE IT LISTED WE WILL FIND IT FOR YOU!

MANY NEIGHBORHOOD PUBS IN ALL PRICE RANGES NOW AVAILABLE.

QUEENS HOTEL & LIQUOR STORE on 110,000 sq ft zoned Hi-Rise C-7 in the heart of Queensborough Super Development Site. 26 rooms. All totally redone. OFFERS!

NANAIMO ROAD HOUSE & LIQUOR STORE – $1,050,0002½ acres. Land & buildings. Priced @ 1 x gross sales. Asset sale. Includes 2 suites. PRICED TO SELL

MAPLE RIDGE PUB & LIQUOR STORE $4.2 MILLION, NETS OVER $700,000. WILL SELL SEPARATELY.

NEW WESTMINSTER PUB & LIQUOR STORE $2,950,000 (SHARE SALE)

CHILLIWACK – PUB & LIQUOR STORE & RESTAURANT excellent money maker $2,500,000 Great lease. SELLER MOTIVATED! TRY YOUR OFFER!

SURREY PUB & LIQUOR STORE – Money maker. $2,000,000. Hurry! SHARE SALE.

EXCELLENT DEVELOPMENT PROPERTY – Many options – cleared land, approx 34,000 sq ft – zoned commercial/residential. 3 PROPERTIES - OWNER MOTIVATED

BURNABY PUB & LIQUOR STORE – Land & Bldgs. - Future Development Potential $6,900,000

3 SURREY PUBS IN BUSY SHOPPING CENTRES - PRICED BELOW REPLACEMENT GREAT TERMS.

Campbell RiverDevelopment Site

3.14 Acres with 397 feet Water Front ZonedCommercial Four (C-4) with 180 degrees ofviews of Georgia Straight.

The site: 1430 South Island Highway is approved for 74 units’ quarter share Resort Spa with the building permit in place.

Call Jerry Raczkowski for more details604-602-1111

RE/MAX Crest Westsidewww.VancouverInvestor.ca

JerryRaczkowski780-932-2121

Crest Realty (Westside)

NORTHSHORE

VERA HOLMAN 604-318-0024 [email protected]

NORA VALDEZ 604-351-0625 [email protected] 604-926-9199

Put three decades of real estate licensed practice to work for you! Over 15 years specializing in Hotel, Motel and Develop-ment Properties all over BC, with International and Canada-wide marketing. Ten years as Broker Owner/Office

Manager for Mixed Residential & ICI offices, and 10 years of FULLSERVICE real estate. Investors,

Developers and Hospitality owners LIVE IN HOUSES, too! Whatever your Real Estate needs

are, we have the experience (and interpreters) to do the job!

RESTAURANT FOR SALE $319,800

Great opportunity to own this landmark business located on a busy street. 3,000 sf, 100 seats,

fully licenced, low rent and furthermore, over 50 years of operation. Newer equipment.

Don't miss it! Info: Nora Valdez 604-351-0625

“HELPING YOU IS WHAT WE DO!”


604-669-8500 1-800-661-6988

[email protected]

Reach potential buyers with money to spend. Western Investor readers have higher than average household income and a real interest in real estate.

Do you have a

Advertise your listings in our

special feature.

Recreational Real EstateADVERTISING FEATURE:

• Limited spaces• 4-colour ads• Special rates

WESTERN INVESTOR MARCH 2011 Sea to Sky/Sunshine Coast/Vancouver Island A21

FOR SALE

CHEMAINUS8 Retail Units 1 Apartment

6.75% cap on net

DiversifiedP R O P E R T I E S

Please Call ED WILLIAMS (250)589-0969 email: [email protected]

LAND for Sale555 Acres of prime sub-divideable forested land with approx.

55,000 cubic metres of coniferous timber, located on 11 contig-

uous titles with gorgeous ocean views, 45 minutes from Victoria

on Vancouver Island. All services at property boundary.

Phone (250) 561-7061 or (250) 565-5448 or email to [email protected].

SUNSHINE COAST, BCML#V4021517 “The Dock” in Sechelt Now $1,399,900Main street, downtown location with excellent expo-sure in Sechelt. 2 level building with retail, store, offic-es and zoned for residential above. High traffic area with lots of parking. 10 tenancies in place, many long term and great cap rate. Call Terry for more info.

ML#V4024655 Main Street, Sechelt $879,000Commercial building with two excellent tenants. Prime location on main street with upgrades & high visual presents. Triple net leases & good cap.

TERRY & PAM B R A C K E T T [email protected] Oceanview Realty SECHELT

KATHY BOWESDirect line 604-483-1633 CALL (anytime)www.kathybowes.comPowell River

For more info email [email protected]

WELL ESTABLISHED CLOTHING BOUTIQUE

FOR SALE$260,000

Darren McCartney 604-892-4875 [email protected]

RE/MAX Sea to SkyReal EstateSquamish

SQUAMISH INVESTMENTS

CONDO LIQUIDATION AND BUILDING LOTS

Gateway Corner Property Dwtn dev site w/income $1.7 Mil

Court Ordered Sale 6,000 sf lot downtown. $250k

I-1 Revenue Property 0.55 Acre, tenants $1.19 Mil

1.1 Acre Duplex Site on CreekIncludes house, green space $699k

Pub & Real Estate - 4000 sf on over 1/2 Acre 163 seat & BW allowed, redev. potential $735kPrime Retail For Lease 1,200 – 15,000 sf B Park by National Retailers and Hwy 99! Spring 2011Prime Retail Building Busy Dwtn corner $1.10 Mil8 Acre Single Family Site Panoramic views, great location $2.15 Mil

TINA KAIZER 604-741-5066 (cell)Toll free in BC 1-800-895-4313

[email protected] www.livecoastlife.com

Sunshine Coast B.C.

5 Star Boutique Waterfront B&B and Spa. 4195 sf. Luxury! 3 Oceanfront Theme Suites, 6 F/P, Pri-vate Residence, Spa Cottage, Sandy Beach, Turn-Key Business Opportunity! Owners Retiring! 10 min. to Sechelt, 40min. ferry to Vancouver.

The Tuwanek

Hotel $2,390,000

www.tuwanekhotel.com

Oceanview Realty

3.6 Acres (45 years available remaining on Lease), Fully Fenced, Computerized Gate, 149 Storage Units, Plus Outside Storage, Plus 2000sf Shop (2 years old with 20ft ceiling that could be renovated for more storage), 1200sf Managers Living Quarters with attached Office. Piles of room to expand. John Deere Backhoe and 30,000 lb Forklift optional.

Well established business. Easy turn-key operation.

Located in downtown Sechelt. Owner retiring.

SELF STORAGE FACILITY

www.popeyesstorage.com For Sale by Owner (604) 740-5633

$875,000 CAD

604-681-3334Graeme Bullus, Brian Reems

[email protected]@devencorenkf.com

(Devencore Company Ltd.)

For Sale: 5885 Neptune RdSechelt, BC

Multi-Family Zoned Land5 Acres

$2,270,000

VANCOUVER ISLAND Comox Valley

www.robsamsom.caRE/MAX Ocean Pacific Realty

Rob Samsom AACI CCIM FRIPERSONAL REAL ESTATE CORPORATION

1-888-829-7205

Over 20' ceilings - 2 full storeys allowed. .............. $274,900

$174,900

SPACES FOR LEASE

.....................................................$629,000

2nd floor vacant 2,200 sq ft ... $249,900 3rd floor leased 2,200 sq ft ...... $254,900

On .28 ac, Comox ................... $925,000

8873 sq.ft. Courtenay ...........

On ½ ac, Courtenay ................. $925,000

On .23 ac, Cumberland ...........

$695,000

Peter Nash | 250.384.0566 [email protected] www.peternash.com Victoria

Victoria: Penthouse residence w/commanding & ever changing S W marine, Juan de Fuca Strait & distant Olympia Mtn views - Views to live with! Situated in prestigious “Shoal Point” complex. A modern well planned & maintained 2 lvl suite of 3706 sq’. Amenities: Concierge, 24 hr security, swimming pool & fitness center, workshop, putting green. Close to all amenities. $2,075,000.

Galiano I: Secluded oceanfront home set in 3.1 acs. Residence 2561 sq’, guest cottage & cabin. Swimming pool, tennis court. Permission for dock. $1,795,000. SOLD

Saanich: Impressive modern Mediterranean style 8500 sq’ 3 level family home w/expansive marine views. Situated on a quiet no through rd. $4,850,000.

Ardmore: Inviting 2 lvl North Saanich Oceanfront home w/west exposure set in private .67 ac w/easy beach access. The well maintained home w/recent upgrades is sited to take advantage of expansive marine views & beautiful sunsets. $1,495,000.

Sansum Narrows: Beautiful natural state oceanfront 5 ac lot w/foreshore license. $275,000. SOLD

Thetis I: Oceanfront of 2.16 acs w/300’ of low bank frontage. Panoramic western exposure marine views. Older comfortable 1 lvl country home sited close to ocean: $899,750.

Bute I: Your own Island of 2.2 park like acs w/several beaches & trails. Substantial Dock w/aquatic licence. Ladysmith harbour. $880,000.

Vancouver Island & Gulf Islands

A22 Vancouver Island www.westerninvestor.com MARCH 2011 WESTERN INVESTOR

NANAIMO | VANCOUVER ISLANDDEVELOPMENT AND INVESTMENT OPPORTUNITIES

MOTEL NEAR DEPARTURE BAY FERRYREDEVELOPMENT OPPORTUNITY! 21 Units plus Owner's Residence. Designated for 6 Storey Commercial Office / Residential Mix. The site is perfectly located wih great access and Hwy Exposure. Enjoy current income while planning a higher and better use for the site!Asking $1,500,000 Call DARWIN for info.

OCEAN & CITY VIEWS! 12.4 ACRE SITEDEVELOPMENT OPPORTUNITY 10 RES. LOTS PLUS 26 LUXURY TOWNHOMES. Located in an upscale residential neighbourhood close to Vancouver Island University. This RS-8 site has all necessary designs, plans, reports & approvals in place. The Develop-ment Permit is ready to be issued after confirmation or any modifica-tions a new Purchaser may want. All services & approvals are available to be in construction this year! Call DARWIN for info.

WATERFRONT COMMERCIAL DEVELOPMENTONE OF THE LAST ON LAKEFRONT! Commercial re-zoning allowed, excellent hwy visibility and ease of access via parallel side busi-ness road. Unique older home on site would allow conversion to medical or other professional offices. Call DARWIN or ROB for info.

MULTI USE DEVELOPMENT SITE Great development potential in the rapidly expanding area of Chase River in South Nanaimo. 8.91 acres, 4.3 acres usable, higher density resi-dential and Commercial uses. Adjacent to Highway 19A. Easy access. Asking $2,800,000 Call DARWIN for info.

EXCLUSIVE LISTING - CAREFREE INVESTMENT16 UNITS! 6 yr. old Apt./Townhome project in Port Alberni. Fully leased to Gov't. Agency. $1,797,000 Additional adjoining land for further development is also available. Located in the best part of Port Alberni next to North Island College & other amenities. Call ROB for info.

NEW ON THE MARKET47 unit rental investment Apartment Block. Substantially renovated.Few vacancies, excellent management, elevator for handicap tenants. One of the best rentals in this particular City. ASK @ 8.5% Cap. Call ROB for info.

UNIQUE BUSINESS AND PROPERTYOPPORTUNITY FOR A JOINT VENTURE REQUIRED FOR A LEADING HATCHERYOne of the best Hatchery establishments on the Southern B.C. Coast. Excellent location offering perfect conditions for product success. Over 25 years of husbandry make this operation a leader in its field. Hatchery occupies 12 freehold waterfront acres on a spectacular lake on Central Vancouver Island. All foreshore leases, water licenses and required permits are in place. Business involves all aspects from wild salmon enhancement, egg development and shipment to Asian destina-tions, and the raising of smolts for various specialty sea farm opera-tions. Further detailed information is available for qualified investors. Call ROB for info.

OUTRIGHT PURCHASE OR POSSIBLE JV OF A UNIQUE AQUACULTURE SEA FARM Turnkey facility waiting to be restarted into production. Excellent location in the Barkley Sound, Pacific Rim area of the West Coast. This location for a Sea Farm is noted as one of the best. Expansion possible to other neighboring areas to create a nucleus of farms. Consultation available to train staff, workers and manager in all operations of the sea farm. All permits in place. Currently priced for an outright sale @ 35% of that of a new facility. JV will depend on investment required. Asking $550,000 Call ROB for info.

Darwin MahlumRobert Borden250.760.1066

Vancouver Island's Leader. DEVELOPMENT, LAND, RES/COMM PROJECTS, & MARKETING

www.judygray.com

JUDY GRAY, CCIM

1.800.600.1718 Suite 103–1801 Bay Street, PO Box 195, Ucluelet. BC.

Canada V0R 3A0MID-ISLAND REALTY

TOFINO DEVELOPMENT PROPERTIES

1 Acre

$1,000,000

60 Acres

$5,000,000

20 Acres

$1,875,000

WEST COAST REALTY

DAWN SNELLOffi ce (250) 246-4966

Direct Line: (250) 246-0331www.dawnsnell.com

Home is located on a secluded sandy bay within walking distance of Chemainus, Vancouver Island, home of world famous murals and dinner theatre. Accessible by boat or road. On sewer and water only 1 hour drive from Victoria. Presently a private home with three suites used as a holiday house with great potential for a luxury resort with fi ne dining. 180’ beach front with 240’ views. Great for swimming and boating. A unique castle style home sitting on the ocean’s edge, very quiet and private.

$2,330,000

CASTLE COVEFine Dining & Income Potential


DON HUGHES Cell 250.897.4640 RAY FRANCIS Cell 250.898.9922Office: 1.877.216.5171 - 2230A Cliffe Ave, Courtenay, BC www.AccessComoxValleyRealEstate.com

Courtenay Development Property ~ $850,000 ~ 2.6 acres, Approaching approval for a 42 unit town house development.

Courtenay Development Property ~ $2,600,000 ~ 9 acres presently being rezoned to accommodate a 106 unit condo development in 3 separate phases.

Courtenay Development Property ~ $899,900 ~ 3.06 acre parcel with C2A zoning allowing for a multitude of different uses. Very high traffic location.

Commercial Opportunity ~ The Cumberland Hotel ~ $599,000 ~ 150 Seat Pub/Restaurant/Residential Rental. Lots of upgrades over the past few years and potential for future growth.

www.bcoceanfront.comED HANDJAED HANDJA

SAYWARD, CYPRESS TREE PUB3500sqft building & fi rst-rate business situated on 1.74 acres at the main highway junction in the Sayward Valley on Vancouver Island, consisting of a pub with attractive décor & separate family restaurant. A popular area with tourists from around the world & the only year round business of its kind in this region! Beer & Wine License! Steady growth & excellent potential! $1,100,000

QUADRA ISLAND, VILLAGE SQUARE1.6 commercially zoned acres with 511ft of road frontage & an 11,070sqft 3-level plaza with a great cross section of tenants including the only Petro Canada self-serve fuel station on the island & 4 residential suites. There is a drilled well & water storage system as well as a sewer system, septic fi eld, extensive parking & grassed areas at the back of the property. $1,285,000

PORT HARDY, SEGATE HOTELRare opportunity to acquire a premier commercial oceanfront and semi-oceanfront downtown development property. 4.16 acres in 4 titles adjacent to the government dock. The original hotel and pub buildings are under demolition order and an additional 4 storey hotel structure is currently not functional but may be a restoration candidate. Prime location! Court ordered sale. $995,000


ALERT BAY, ORCA INN2 titles totalling almost half an acre with amazing unobstructed marine views. 7300sqft building with owner’s suite, 5 hotel rooms & 49-seat restaurant, 35-seat pub & a Beer & Wine Store that currently is not open. Extensive upgrades include: new fi re suppression system, 4 monitored security systems & renovated bathrooms. An affordable West Coast business opportunity. $450,000

PETER [email protected]

OCEANFRONT ACREAGE3.42 acres, approx. 450 ft of waterfront, great privacy with a large well maintained 3600 sq ft home. Southeast exposure with great views and marine traffi c to watch. Subdivision possibility in to 2 parcels without compromising the privacy.

PRICED AT $1,500,000

Full Property Management Services

(Residential and Commercial)

including Facility Management

Services on Vancouver Island and

in Prince Rupert, B.C.

Contact Dale Schuss

[email protected]

www.randallnorth.ca

onstruction costs have eased off the historic highs reached at the peak of the construction boom three years

ago, but a competitive labour market, rising commodity prices and green initiatives are combining to ensure companies keep con-struction budgets lean.

The anecdotes tell the tale.A four-storey wood-frame residential build-

ing in Abbotsford recently attracted 220 bids from subtrades, while speakers at the annual forecast luncheon the Urban Development Institute (UDI) hosted in Vancouver in January pegged lumber costs as a concern as developers opt for material cheaper than concrete to attract buyers. Rising commodity prices – especially for steel and oil – will also make themselves felt.

Ryan Beedie of the Beedie Group, a Burnaby devel-oper that has tra-ditionally built industrial space but is currently sizing up some residential proj-ects, told the UDI audience that he expects moderate increases this year, unless the har-monized sales tax (HST) is eliminated and the old provincial sales tax (PST) returns.

“I think we’re projecting a 3 per cent to 3.5 per cent construction cost increase, labour will probably be 2 per cent, 2.5 per cent,” Beedie said. “[But] if HST is voted down and we go back to the old PST it will be very unfortunate, so I’ll call it 6 per cent, 6.5 per cent.”

The frontline view is tempered by Mark Hutchinson, a senior cost consultant with the Altus Group who addressed the UDI at the end of February. Speaking to Western Investor ear-lier in the month, he called for a more moderate

2 per cent to 3 per cent increase in construc-tions costs thanks to a mix of factors.

While some materials will rise in cost, he said there’s substantial competition when it comes to cement prices; in addition, a com-petitive labour market will ensure builders have leeway on labour costs.

“It’s really only material prices that are see-ing upward pressure, and then not every mate-rial,” Hutchinson said. “It isn’t all quite doom and gloom. ... It’s incredibly keen out there.”

The conditions make for an ideal time to build. Residential builders are especially favoured, and may be able to take advantage of advances in housing prices to broaden their margins.

Hutchinson noted that many of the projects that are going forward are ones that were pre-viously shelved. This has given builders the leisure to channel projects to the market as needed, and as the pro formas make sense.

“It’s crucial that developers use absolutely bang-up-to-the-date market information,” he said.

C o m p e t i t i v e pressures are also ev ident in the labour market , which has contract-ed significantly. Statistics indicate

higher employment in the Lower Mainland at the end of 2010 over 2009, but construction still led a slump in employment through the winter months. The prospect of projects ending this spring that were funded by government stimu-lus cash also promises to free up workers.

While the same contractors and subcontrac-tors are handling jobs, they’ve now got the pick of the market. On the other side, subtrades are required to be nimbler and smarter on bids to the limited work that is available.

“There is still quite considerable slack in the labour market,” Hutchinson said. He considers the return of competition to the market as the recovery gathers steam a good thing because

FEATURE Competitive bids keep construction costs in check but budgets still tight and lenders cautious

PETER MITHAM

WESTERN INVESTOR

it forces companies to hone their offerings to meet current demands.

“We’re in a change, I don’t think anybody expects the world to go back to how it was,” he said. “So how do you survive in a market like this? You adapt, you innovate.”

One innovation that’s gained pace through government-backed projects is sustainable building, typically accredited through LEED (Leadership in Energy and Environmental Design), which encourages local buying. Hutchinson speculated that this has helped keep some costs low, but others fear the impact a green imperative is having on costs for pri-vate projects.

During a recent discussion at the commercial real estate association NAIOP, considerable resistance was voiced to municipalities increas-ing the green requirements for buildings that also face a competitive leasing market.

“We’re all running off on this idea that sus-tainability is important,” said Rob Gritten, a principal in the Vancouver office of Avison Young specializing in industrial real estate. “I do think it’s important but I do think it needs to be put in context. And forcing developers

Building in Kelowna: construction costs will rise sharply if the HST is killed, some warn.

Phot

o: R

oofi

ng B

C

to incorporate sustainability features in their building that I don’t think are properly thoughtout I think is going to be a big problem goingdown the road.”

Green roofs have been one of the conten-tious features on projects in Port Coquitlam, and prompted pushback from the Beedie Group on requirements for the Brewers’ Distributor Ltd. warehouse.

A green roof was incorporated only for theoffice component, in order to make the eco-nomics of the 400,000-square-foot project work, but others haven’t been so lucky.

Three projects in which Darren Cannon,a senior vice-president with ColliersInternational, was involved have been approached to incorporate green walls.

“Where does it end? There’s a serious dis-connect there,” he said. “There’s a few things you can put in a building that’s not going to run the cost, but at the point that it starts to becomenot financially feasible, that’s when tenants are going to start to not want green roofs.”

And that’s even with construction costs down 10 per cent to 15 per cent from their highs.

The conservative attitude is present even inthe office market, where capital budgets remain tight and lenders cautious.◆

Four-storey wood-frame residential building attracted 220 bids from sub-trades


SEMI-WATEFRONT CONDO SITECOMOX VALLEY

Did I mention the WATERFRONT!!!

Vancouver Island OPPORTUNITIES

ASKING PRICE $1,850,000

Dale McCartney 1-800-638-4226

Ray Pellerin 1-800-377-4374

of Nanaimo

VANCOUVER ISLAND COMMERCIAL

FRANK JOHNSON JAY COUSINS JAY COUSINS JAY COUSINS

www.nanaimoremaxcommercial.com

1-877-335-4380Jay Cousins

[email protected] Johnson

[email protected]

1-877-423-0984Jay Cousins Realty

INVESTMENT OPPORTUNITIESFULLY RENOVATED & REDESIGNED -

$419,000

1.4 ACRE PROPERTY ZONED HEAVY INDUSTRIAL

$595,000

FOR SALE OR LEASE – HUGE 11,500 SQ FT WAREHOUSE

$899,000

$995,000

–

$1,895,000

REDUCED $1,950,000

INVESTMENT OPPORTUNITIES

-

$115,000 each or $210,000 for both

$1,495,000

-

$2,075,000

BUSINESSES$75,900

$149,000$129,000$179,000$229,000

FOR SALE

REDUCED TO $1,550,000

$499,900.00

$1,890,000.00•

-

INVESTMENT OPPORTUNITIES TWO HIGHLY SUCCESSFUL LEARNING CENTRES

$479,000

FOR SALE OR LEASE – INDUSTRIAL PROPERTY

$699,000

REDUCED $875,000

$690,000$1,590,000

$1,088,00028,000 SQ. FT. OFFICE

-

REDUCED $1,950,000

-

$4,500,000

SOLD

TF: 1-800-715-3999

Cell: 250-897-8508

[email protected]

www.robphillips.ca

ROB PHILLIPS

COMOX VALLEY, VANCOUVER ISLAND ICI:

Comox Valley

R. MIKE MULLIN, CGATF: 1-855-650-6560Email: [email protected]

www.coastrealty.com

COMMERCIAL STRATA UNIT-1170 s.f. unit with 3 phase power-Retail entry, workshop rear with 12' door-Mezzanine which can be conv. to residential Asking $230,000

SIGN BUSINESS-Established 17 years in the same location-Client list included-Includes inventory (est $2500) Asking $39,900

GROCERY STORE/BAKERY WITH RESIDENCE-Desirable Bates Beach area-Nearest competition 3.5 km-Separate bakery & store businesses down-3 bdr residence up-Includes ½ acre, 3100 s.f. bldg, garage, sheds. Asking $399,000

COMMERCIAL STRATA DOWNTOWN COMOX- High pedestrian/car traffic location with huge street frontage

-840 s.f. in prestigious Comox Quay Asking $319,000

MATERNITY BUSINESS-Also sells infant, children’s wear, carriers & consignment -Exclusive rights to Beco Baby Carriers, & Skip Hop products-Busy main street location in downtown Courtenay Asking $49,900

A Luxurious Waterfront Estate of Exceptional Quality and Design known as ‘Villa Madrona’. Sited close to the ocean the residence of four bedrooms

being 11,000 sq ft (1022 sq.m), Guest House 3,461 sq ft (322 sq.m) and studio apartment. Indoor swimming pool/conservatory, theatre, gym, games and entertainment rooms, sports court, large patios, greenhouse, garaging for 8 vehicles, boathouse and an excellent private beach. Set in a secluded and beautifully landscaped & treed tranquil two acre (.81 ha) gated property with 400 ft (122 m) of prime oceanfront. Westerly exposure with very impressive expansive marine views. Situated on the Saanich Peninsula in the District of North Saanich on Satellite Channel being easily accessible from Vancouver and only 35 minutes from Victoria. Further information, photos and video see our website villamadrona.ca

" Villa Madrona "Magnifi cent Vancouver Island

Oceanfront Estatevillamadrona.ca

Peter Nash | 250.384.0566 (d) 877.388.5882 (t)[email protected] www.peternash.com Victoria

INVESTMENT

OPPORTUNITY

BETTY-ANN HUBERTSMARILEE KROGEL

$479,900

WESTERN INVESTOR MARCH 2011 Vancouver Island/Business Opportunities A25

E-mail: [email protected]: 250-751-8133

VANCOUVER ISLAND FARM and CONSTRUCTION DEALERSHIPProfitable business with 20 employees

and 2 highway locations

Two exclusive major lines, variety of shortlines selling to all of Vancouver

Island and gulf islands

$1.6 million plus inventories

Option to lease or purchase land

Upon your arrival you will marvel at the decks and outdoor settings provided to enhance your enjoyment of this perfect getaway. The 2 bed, 2bath home has been beautifully maintained and refurbished over the years. Just move in and enjoy the sunny exposure, Shawnigan Lake, and the short drive to Victoria or Duncan.

The magic begins as you

wind your way through the

trees, toward this very

private, serene setting. Virtual Tours at

www.garybazuik.com

Priced at $395,000 MLS # 288390

GARY BAZUIK 1-866-380-2002 (toll free)[email protected] COAST CAPITAL

Barry Calvin 250-758-6767 [email protected] Years Apartment Building Specialist for Vancouver Island and All Areas Outside Lower Mainland

42 STRATA SUITES IDEAL FOR GROUP PURCHASE

POTENTIAL ONE MILLION DOLLAR UPSIDEDESIRABLE UPLANDS AREA OF QUESNEL, BC

$2,495,000 8 CAPBrand New Individual Suite Appraisal $82,000

CAMPBELL RIVER

PORT HARDY

NANAIMO

To Be Built

monarkinvestments.caPlease visit our website or call for more details.

604-592-7250Financing Available. Potential Trades.

TWO PRIME LOCATIONS FOR SALE WITH POTENTIAL FORCAREHOME OR CONDO SITES

NEW PRIME RETAIL SPACE FOR LEASECENTRALLY LOCATED NEXT TO POPULAR RETAILERS SUCH AS

SHOPPERS DRUG MART

COMOXCENTRALLY LOCATED NEXT

TO POPULAR RETAILERS SUCH ASSHOPPERS DRUG MART.

LANGFORDCONDO SITE APPROVED FOR

UP TO 188 UNITS

EXCELLENT LOCATION

LOCATED NEXT TO COSTCO,A SHERATON HOTEL, HOME OUTFITTERS,

AND MANY OTHER RETAIL STORES

2.34 ACRES OF POTENTIAL

Monica Love 250.797.2235 [email protected]

Property is located on 3.61 acres in high-growth area with 42.7 meters of frontage on Chemainus Road. Saltair is situated near Chemainus between Ladysmith and Duncan in the Cowichan Valley.

Storage Business: Offers 110 self-storage units plus significant outside storage of boats, cars and RVs on approx 1.21 acres. The storage business currently has an occupancy rate of 89%.

Undeveloped Land: Expansion potential with approx 2.4 acres developable land with desirable C2 commercial zoning. OCP designates this area as the principal zone for the community.

OCCUPANCY JU

ST OVER

90%

FOR SALE SALTAIR SELF-STORAGE FACILITY and DEVELOPMENT PROPERTY

One Percent Realty Vancouver Island

Court Ordered Sale

RE/MAX of Nanaimo

Dave Hammond [email protected]

571 Acre View Development Property located in Lantzville just north of Nanaimo. Major work completed.

Approval for 590 lots plus residual property. $19,500,000


▲

APRIL AD DEADLINE: MARCH 14THReport: Franchising & Small BusinessVenture financingRetail leasingFranchise NewsRecreational PropertiesRegional Roundups:BC: RichmondAB: EdmontonMB: WinnipegSpotlight: Estevan, SK

Market your listings in the Western Investor.

Thousands of private investors and real estate professionals use the Western Investor to help guide their investment

dollars into profitable businesses.

MAKE MORE DEALS


one Deals is our monthly feature highlighting some of the major real estate transactions completed

recently in Western Canada’s vibrant com-mercial real estate market.

From: NAI Commercial, Vancouver. NAI agents Don MacDonald and Todd Bohnsold the following: Deal: 11,012-square-foot industrial building, freehold, on 198 Street, Langley. Price: $1.59 million.NAI agents Todd Bohn and Angie Macdonaldsold the following:Deal: 8,600-square-foot industrial building, 192 Street, Surrey. Price: $1.63 million.NAI agents Don and Angie Macdonald sold the following:Deal: 5,100-square-foot retail building on Fraser Highway, Langley. Price: $1.18 mil-lion.

From: Dundee REIT, Toronto. Dundee Real Estate Investment Trust reports:Deal: Dundee purchased the entire assets of Realex Properties Corp., which includes 15 office and industrial properties in Alberta, one property in Fort St. John, B.C., and extensive

commercial holdings in Ontario. Price: $154 million.

From: Frontline Real Estate Services ,Surrey. Frontline buying agent Jordan MacDonald, with selling agent Glen Yamadaof Royal LePage Coronation West, closed the following sale:Deal: 104,500-square-feet of commercial land, Gloucester Way, Langley. Price: $1.32 million.

From: SCR Commercial Realty/CORFAC International, Edmonton.Deal: 18,220-square-foot office/warehouse building, 1.46 acres on 113 Street, Fort Saskatchewan. Sold for vendor 1199475 Alberta Ltd. to Dorrill Properties Ltd. (Millenium III Group of Companies) of Saskatoon. Price: $2.5 million.

From: Avison Young Commercial Real Estate, Vancouver. AY agents Michael Keenan and Ben Lutes sold the following: Deal: 11,000-square-foot, two-storey retail/office building on West Broadway Avenue, Vancouver. Price: $3.6 million.AY agents Michael Farrel and John

Eakins sold the following: Deal: 60 acres of raw agricultural land, 176 Street, Surrey. Sold under a court-ordered sale. Price: $4.8 million.

From: Macdonald Commercial, Vancouver. MarkandDavid Goodman sold the following: Deal: 22-suite apartment building, East 14th Avenue at Main Street, Vancouver. Sold to an offshore Chinese buyer for $245,454 per suite. Price: $5.4 million.

Recently completed a major commercial real estate deal? Send details for a free report here to: [email protected]

Our readers report on recent commercial real estate deals across Western Canada

60 acres of raw agricultural land in South Surrey sold for $4.8 million.

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104,500-square-foot commercial lot, Gloucester Way, Langley, sold for $1.32m.

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11,000-square-foot commercial building on West Broadway sold for $3.6 million.

NANAIMO & VANCOUVER ISLAND PROPERTIES

D E V E L O P M E N T S I T E S

26 UNIT CONDO DEVELOPMENT SITE Fabulous ocean views. 1 acre. Financing available.

Approved plan with city. $748,000 NANAIMO DUPLEX 3 bedrooms per side, 2 separate titles. Excellent income. $424,900

SECURE INVESTMENT 6 brand new homes, all with legal suites, 2 meters each, 10 yr warranties, separate titles, 5 1/2% CAP, or hold & sell. $2,550,000

PANORAMIC OCEAN VIEW DEV. SITE 24 Lots approved residential subdivision property

Cost estimates available. Asking $1,475,000

140 ACRE DEV. SITE Nanaimo $3,990,000

WATERFRONT TOWNHOME1740 SF 2 bedrooms, hardwood floors, granite counter tops, roof top patio. $599,000

5 RENTAL HOMES – All together 5 sep. adj. lots. Starting at $234,900 or all for $1,150,000

OCEANVIEW 3-PLEX South Vancouver Island. Excellent Income. 3 separate titles. $369,000

5 PLEX NANAIMO 5 meters, over $4,500 monthly revenue. Covered park-ing. Storage lockers. Separate meters.Asking $749,500

HERITAGE APARTMENT BLOCK13 self contained units. 1 commercial space plus lease pub & license. Gross revenue $10,000/month. $925,000

FORECLOSURE COURT ORDERED SALES3 ACRE TOWNHOME DEV SITE

Stunning ocean view up to 30 units. $995,000

FORECLOSURE OCEAN VIEW DEVELOPMENT 9 Acre, 28 lot subdivision in Chase River

Quiet neighbourgood property is beautifully treed And would accommodate 28 single family

homes or small lots. Mortgager may finance. Trades welcome. Foreclosure Price: $995,000

H O T E L S & P U B SFULLY SERVICED HOTEL Recently renovated, 30

rooms, 125 seat pub, wine and beer store. Generating over $1.5 million annually and growing. $1,790,000

NORTH ISLAND HOTEL & PUB, WINE & BEER STORE 50 Rooms and restaurants. 2 lots. Over 3.9

Million annual sales. $2,995,000

HERITAGE APTS & PUB 13 small apartments. 115 seat pub leased. 1 commercial space - leased. Generating

over $10,000 monthly. Asking $925,000

HOTEL & WINE & BEER STORE 8 suites, pub. Close to Nanaimo airport. $1,190,000

JUST LISTED; FANTASTIC OCEAN VIEW RM-5 Dev site, unrestricted views, overlooks cruise ship pier. Approved for 34 condos, No DCC’s. $729,000

FULL FACILITY SUPER 8 MOTEL Central/southern Vancouver Island. High profile Location. 36 rooms, with franchised restaurant that includes 125 seat pub 1.5 acre property. $3,950,000

38 Front Street Units for sale. Walk-on waterfront townhome $509,000 no HST. Call Dale for other available units.

PACIFICA OCEAN FRONT CONDOS

1 BEDROOM PLUS DEN $239,900

DISTRESS SALE 71 UNIT APARTMENT BLOCK 4 separate buildings. New Renos. Over $500,000 spent. North Island loca-tion. Over $27,000 monthly income. Management in Place. $2,350,000 Now reduced to $1,999,000

DALE SHORTT Bus: (250) 758-3700 TOLL FREE 1-800-665-8313 OceanPointe

C O N D O S & H O M E S

INCOME PRODUCING + REVENUE PROPERTIES

“NANAIMO’S BEST DEV SITE” 9 acres park like setting.Plan for 28 detached smaller homes. $988,000

DUPLEX LOT $129,000 4 PLEX LOT $199,000

23 ACRES $459,000 50 ACRES, $995,00043 ACRES $859,000 Adjoining properties, 1 mile from

city limits, Zoned for 5 acre lots

UNBELIEVABLE SETTING

Glenn Moore, AssociateC21 Advantage Commercial

Phone: 403-346-6655 • Fax: 403-341-7813Email: [email protected]

• Two well established Curves franchises

in Victoria, BC

• Curves is the largest women's only fitness

franchise in North America

• Shining Star Clubs in high traffic areas of

large territory

•Profitable, turn key operations.

• Join one of the world’s most successful

franchise companies

•Discover the basics at www.curves.com

Priced to Sell!only $199,000

MT WASHINGTON PACKAGE

250.380.4900 | [email protected]

15 Fully Serviced Ready to Go Freehold Building Lots

Great Builder Opportunity

Priced at CostCall

A28 www.westerninvestor.com MARCH 2011 WESTERN INVESTOR

RE/MAX TREELAND REALTY#101 6337 - 198 Street, Langley, B.C. V2Y 2E3Tel: (604) 533-3491Fax: (604) 533-0202

Toll Free at 1-888-707-3577

RE/MAX BOB PLOWRIGHT REALTY7300 Vedder Road, Suite 1, Chilliwack, B.C. V2R 4G6

Tel: (604) 858-7179Fax: (604) 858-7197

Toll Free at 1-800-830-7175

RE/MAX SABREREALTY GROUP

102-2748 Lougheed Hwy., Port Coquitlam, B.C.Tel: (604) 942-0606 Fax: (604) 942-9533

RE/MAX LITTLE OAK REALTY2630 Bourquin Crescent West,

Suite 9, Abbotsford, B.C. V2S 5N7Tel: (604) 859-2341Fax: (604) 850-2325

Toll Free at 1-800-668-8661COMMERCIAL

DAVID KEARNEY CCIMwww.davidkearney.com

[email protected] 604-942-0606

Toll Free: 1-888-942-0606RE/MAX S ABRE REALTY


INDUSTRIAL OPPORTUNITY

COQUITLAM High profile end unit off United Boulevard. 5000 square feet – 3500sf office, 1500 sf. warehouse 2 grade level doors. Leased unt i l June 2012 – CLS#V4024075For Sale at $925,000

YOU GET WEALTHY BY STRATEGY

An example of this is, defer taxes annually into

commercial property and let it grow tax free!

YOU CAN LAUGH AT MONEY WORRIES – IF YOU FOLLOW

THIS SIMPLE PLAN

come own this turnkey biz in Abbotsford. Sales of books and teacher supplies. Easy biz to learn and owner will train

Mission, BC

North East BC

COQUITLAM For Commercial Ground Level, Apt or Office above 19000 Sq. Ft. Lot – C1 Zone Application in process. Busy location – 1649 - 1665 Como Lake Avenue $1,350,000

FOR SALE OR LEASE IN CHILLIWACK

Bob Plowright RE/MAX Bob Plowright Realty CHILLIWACK, BC 1-800-830-7175 - 604-858-7179 [email protected]

www.bobplowright.com

FOR SALE IN CHILLIWACK

8,940 sq. ft. building Completely renovated Priced below appraised value

Court ordered sale Light Industrial Building Warehouse & Office

2 LOTS - 1/2 ACRE EACH Zoned M-2 $339,000 EACH

1 LOT - 10.6 ACRES Dual Zoning M-3 & M-4

$4,850,000

INDUSTRIAL LAND

1 to 20 Acre Development Lots

SALE $619,000

BRAND NEW RETAIL/COMMERCIAL STRATA 14 units to choose from Located on busy main road High visibility From 746 sq. ft. to 4,654 sq. ft.

Great opportunity for business owners and investors Get in at ground floor and pick your

spot today

SALE FROM: $183,000 OR LEASE FROM: $8/S. F. TN

BUILD TO SUIT

PROGRESS WAY INDUSTRIAL PARK BUY OR LEASE

Architecturally Controlled Fully Serviced Lots Will Build to Suit Independent or Strata

Warehouse for sale or Lease from 2,000 to 500,000 sq. ft. 20 Minutes to US

Sumas Border

Location: Lickman Rd. Interchange and Hwy 1 Chilliwack Usage: Warehousing, food processing, manufacturing, general commercial and light & heavy industrial uses. Outside storage

SALE $649,900

2,843 sq. ft. 4 Bedroom Home Great living space Zoned CD14 - Outside Storage

Light Industrial/Commercial Ideal for Automotive, woodwork,

Machine Shop, Warehouse, Distribution

1 ACRE INDUSTRIAL LIVE/WORK PROPERTY

LIVE/WORK OPPORTUNITY Mixed use 3,250 sq. ft. building 4 Bays with in floor radiant and

separate gas and electric meters Residential units above

Separate 3 bdrm, 2 bath residential unit with 1 bay shop Close to airport and suitable for

airport related use SALE $689,900

SIMILAR

Lots are level with compacted gravel base Offering dual road frontage Manufacturing, distribution, outside

storage, warehousing, food processing, etc.

FOR LEASE

Well Located next to new Safeway Space available 850 to 7,000 sq ft On site parking and good access

Lease from $12-$13/sq ft.

Retail –2,000 to 2,070 sq. ft. Excellent exposure

New tenant incentive

Lease from $7.50

to$12/ sq ft.

On high traffic corner 806 to 1,900 sq. ft.

Well maintained building

Lease from

$6.50-$12/sq ft.

Ideal opportunity for live/work Property is .60 acres Modular home & Restaurant Zoned C2 (HWY Commercial)

Completely Renovated In Harrison Hot Springs 1,057 sf strata property Fully Leased- 7% CAP

FORECLOSURE PROPERTY

SALE $177,900 SALE $219,900


SALE $975,000

11,293 sq. ft. lot Retail and office space Located Downtown Chilliwack

Good street exposure Plenty of City Parking Renovated in 2007

INVESTMENT PROPERTY


RAY YENKANA CCIM, ABR

[email protected]

www.rayyenkana.com (listing details)RE/MAX LITTLE OAK REALTY

SUMMERLAND 57 ACRES4,800 sq. ft. superior craftsmanship home.$1,600,000

OFFICE FOR SALE Langley, BC

KEITH SETTER 604-533-3491

#104-6351 197th Street. A rare opportunity to own a 1446 sq.ft. office in a Prime Langley location, the ‘Willowbrook Professional Centerî. The office has two entrances and parking at both front and rear of building. Office should lease out between $17-$20 / sq ft. Immediate Possession.

RE/MAX TREELAND

BUYER/TENANT REPRESENTATIONIndependent Representation for Buyers or TenantsHave your Commercial Professional source your requirements: Properties, Bylaw Compliance, Investment Analysis, Negotiations. Call or email David!

Garth Olson Re/Max Treeland Realty 604-533-3491

[email protected]

INVESTOR ALERTTurn $7 Mill into $25 + Mill. 43ac property Langley. All services at property line, adjacent to existing subdivisions. Call for details

VICTORIA - Carefree Net 7% Cap RateQuality National Tenant. Full info w/ Confidentiality

Agreement $6,750,000 #V4024073-Call or email David!

INVESTMENT OPPORTUNITY

SPECTACULAR VIEW 36.4 ACRE PROPERTY – ABBOTSFORD

One of a kind awesome view, overlooking Fraser river & Valley farms. Ideal building site for the exclusive country estate. Fully useable farmland for berries or livestock. First time offered at $2,198,000

CALL ROY MUFFORD 604-533-3491

SOOKE, OCEANFRONT $1,155,000

1/2 hour from Victoria this estate property offers almost 5 acres of forest and gardens fronting on a mile of semi private oceanfront.

Fabulous buy for land and business.9 spacious bedrooms with ensuite bathrooms and private outside entrances.

Communal areas include coffee bar, 2 kitchens and living room and dining room. All rooms have beautiful fir floors, great group purchase. To view pictures and video go to:

www.bedandbreakfastforsale.net Ocean wilderness Inn

PETER BIRRELL1-800-665-1455 RE/MAX CREST REALTY

IN CO

NTRA

CT

Documents

Western Investor March 2011 Section A