Combined site takes up a full city block and offers potential for mixed-use development
Cory Wright
Western Investor
An office building and neighbouring development site in New Westminster, comprising a full city block, was sold for $16 million, reports William Wright Commercial. The existing building plus parking spaces offers an income property, as well as the prospect of a future mixed use development of over 104,000 of buildable square feet. The sale also includes the rights to approximately 76 underground parking stalls revenue and expenses located in the neighbouring tower.
Breakdown:
Property type: Office building and development site
Location: 625 Fifth Avenue and 513 Seventh Street, New Westminster, B.C.
Building size: Approx. 51,122 square feet
Land size: Approx. 34,696 square feet
Zoning: C3/MH
List price: $18,900,000
Sale price: $16,000,000
Brokerage: William Wright Commercial, Vancouver
Agents: Cory Wright, Will Hall
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