Western Investor - Feb 2011

15 STIR STARTSSTREET FIGHT Pushback against city-backed rental tower Granville Street property owner Mohamed Ahmed names mayor and developer in his $10 million lawsuit

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$4.29 FEBRUARY 2011 Vol . 26 / Issue 2VANCOUVER • LOWER MAINLAND • VANCOUVER ISLAND SECTION

11 CITY PARKING WARS RAMP UP Downtown operators squeezed between high taxes, stalled demand

17 MIXED USE TO THE MAX Developers link hotels, homes, retail, offices to safeguard against slump

Build on the Power of Our Network. Over 325 Offices Worldwide.

Commercial Real Estate Services, Worldwide.

www.naicommercial.ca

MERRITT, BC OPPORTUNITIES

MINI STORAGE ON 1 ACRE PARCEL

$1.475 Mil

JUST LISTED – HOT PRICE

Asking $749,000

GRANDVIEW HEIGHTS SOUTH SURREY

$15.0 mil

KITSILANO, VANCOUVER2864 WEST 4TH AVENUE

$2.488 mil

SPLIT ZONING

Asking $2.95 Mil

3 LIGHT INDUSTRIAL LOTSAmazing price $59,900 ea.

NEW PRICE 11.4 ACRES DEV. LAND ADJACENT TO WAL-MART

$2.99 Mil

967 ACRES

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

INDUSTRIAL LAND – AGASSIZ

COMMERCIAL LAND – ABBOTSFORD

SELF–STORAGE FACILITY

RECENTLY SOLD!

STORAGE OPPORTUNITIES

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.

$2,500,000

INVESTMENT PROPERTIES FOR SALE LANGLEY AREA

$2,100,000

Asking Price $1,350,000

INVESTMENT/END USER FREESTANDING BUILDING

COMMERCIAL ZONED LANDINDUSTRIAL FREE STANDING BLDG.

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

UNDER

CONTRACT

PUBLICATIONS 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 L E S TE S TE S T A T EA T EA T EHOT PROPERTIESSPECIAL SECTION • B12

washington virgin berry land38.42 acres virgin berry ground; 33 acres +/- premium soil suitable

for Meekers; 2 acres +/- suitable for Cascade Bounty; 1 acre wildlife pond; 2 acres +/- lowland; water rights; building site;

spectacular view of Mount Baker; 15 minutes from truck crossing, 5 minutes from Aldergrove crossing; $625k U.S.; agent also an owner; for more information call 1-360-366-3357 or www.copaccenter.com

A2 Lower Mainland www.westerninvestor.com FEBRUARY 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.

FREE STANDING MEDICAL BUILDING, MAPLE RIDGE

acre lot

Highway

CRAIG BALLANTYNE / ANDREW LAURIE

239 - 241 E. 1ST AVE

BRAD NEWMAN-BENNETT/ DAVID POTTINGER

FOR SALE - $1,065,000

home

RON EMERSON

TRIPLE AAA TENANTS - INVESTMENT OPPORTUNITY

DAG MEYER

FOR SALE - LIGHT INDUSTRIAL WAREHOUSE

LEE HESTERPERSONAL REAL ESTATE CORP.

RESIDENTIAL DEVELOPMENT LAND

Shannon Lake

CHRIS J. NEWTON

FOR SALEBC RETAIL PORTFOLIO

FOR SALE - 1.85 ACRE DEVELOPMENT SITE

GREG MILES

HIGH VISIBILITY INVESTMENT OPPORTUNITY

RICK EASTMANPERSONAL REAL ESTATE CORP.

BILL RANDALLPERSONAL REAL ESTATE CORP.

MARK GALLAGHER LEAH COLLINGS

OKANAGAN LAKE FRONT DEVELOPMENT SITE

SINGLE-TENANT INVESTMENT

ERIC WALKER

COURT ORDERED SALE

ERIC WALKER

917 DENMAN STREET, VANCOUVER, BC

ALASTAIR FERGUSSON

FOR SALE

scenery of Whistler, Blackcomb and Green Lake


GROCERY ANCHORED SHOPPING CENTRE

*CRAIG HAZIZAADAM FRIZZELL

HIGHWAY EXPOSURE


Lease

MARK GALLAGHERHUDGE PARMAR

PERSONAL REAL ESTATE CORP.

COURT ORDERED SALE

FOR SALE - 2.7 ACRES OF INDUSTRIAL LAND

*SEAN UNGEMACHMICHAEL THOMPSON


FOR SALE: BRAND NEW STRATA BUILDING

Spring Island

and pool building

BILL RANDALL / DON DUNCAN / CHRIS DRIVER /


BRETT AURA

FOR SALE - SALT SPRING ISLAND RESORT


94,040 SF INDUSTRIAL BUILDINGS ON 10.28 ACRES

INVESTMENT PROPERTY & BUSINESS OPPORTUNITY

*SEAN UNGEMACH KYLE WILSON

renovated

DON DUNCAN / CHRIS DRIVER /PERSONAL REAL ESTATE CORP.

BRETT AURA

28 SUITE APARTMENT BUILDING, LANGLEY

PRIME OKANAGAN DEVELOPMENT OPPORTUNITY

the area


SINGLE - TENANT INVESTMENT

WILLIAM N. HOBBSPERSONAL REAL ESTATE CORP.

FOR SALE - INVESTMENT

BILL RANDALLPERSONAL REAL ESTATE CORP. ERIC WALKER

returns

covenant

net leases

FOR SALE-3 FULLY LEASED INDUSTRIAL BUILDING

PORTFOLIO

University

BRETT AURA DON DUNCAN


FOR SALE37 ROOM MOTEL

DAVID POTTINGER

FOR SALE

RICK EASTMANPERSONAL REAL ESTATE CORP.

RARE FREESTANDING 5 UNIT INDUSTRIAL BUILDING

Area

building

WILLIAM N. HOBBSPERSONAL REAL ESTATE CORP.

FOR SALE - 5.8 TO 10+ ACRE RAIL SERVICED SITE

ERIC WALKERJENNIFER 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

FOR SALE 10.65 ACRES

views

Mission, BC


HUDGE PARMARPERSONAL REAL ESTATE CORP.

DAVID CANNINGBILL RANDALL


FOR SALE - HIGH EXPOSURE CLOVERDALE PROPERTY

BART VANSTAALDUINENPERSONAL REAL ESTATE CORP.

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

RETAIL USERBig Box stores are permitted in this 135 acre site located on all four corners of Exit 266 and Interstate 5; eight miles south of the

border. Located in the City of Ferndale, all services will be available.

5.81 ACRES GENERAL COMMERCIAL $1,400,000Located in Ferndale, fully serviced with sewer, water and utilities. Interstate 5 visibility; this property is ready to build and owner is

willing to build to suit for you.

NEW INDUSTRIAL BUILDING 20,000 SF $2,375,000Lease guaranteed for 12 months from date of closing for Investors or ready to move into for users. Seller will consider financing

with 30% down. Located on Interstate 5, 12 miles south of the border.

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

CALL Don MunroSUTTON GROUP

WEST COAST REALTY

604-817-7338 fax [email protected]

ACREAGESCOMMERCIAL / INDUSTRIALSURREY18148 92nd Avenue

SURREY188th Street & 80th Ave

LANGLEY 48th Avenue & 216th St

LANGLEY27449 60th Avenue

LANGLEY 24421 Fraser Highway

LANGLEY27691 Downes Road

LANGLEY889 Lefeuvre Road

LANGLEY20552 24th Avenue

LANGLEY 27571 60th Avenue CHILLIWACK

51140 Ruddock Road

CHILLWACK700 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

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 City-inspired project too close for comfort, neighbour claims

11 Operators pushed to wall by soaring taxes, slowing demand

17 Developers mix hotels, homes, retail, offices in same projects

23 District offers incentives for right type of business

Download a PDF of all our Regional Roundups online at www.westerninvestor.com

COLUMNS6 9 21

On the coverMohamed Ahmed is suing the city of Vancouver and a developer over a border dispute on Granville Street.Photo: Sam Leung

2–19

8 20

21–27

HOT PROPERTIES


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

• FEATURE: Port Moody Apartment building, as new, 32 huge suites (22 x 2bed, 6 x 1bed and 3 x 3bed) $360,000 net, price $6,550,000

• Port Moody, Retail, land & bldgs. 6% cap. 10 yr lease; $2,500,000

• 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 + Condo Opportunity

• 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. $28,000,000/terms

• Squamish, condo Sites: 31 units, downtown. $1,550,000/terms

• N. Vancouver, Apartment buildings: Central Lonsdale area.20 Suites, $3,650,000 - 11 huge suites (2 & 3 bedroom) $2,250,000

• North Vancouver, 19 unit Rooming house = Cash fl ow. $1,400,000

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.”

Dexter Associates Realty Commercial Real Estate, Your Trusted Advisors:

Larry Traverence, Sandi Fratino Call 604-689-8226 for results

81,260 sq. ft. R&D BUILDING AT UBC

3800 Wesbrook Mall provides an excellent 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 support of research and development in a number of key areas.

CALL LARRY AT 604-689-8226

CATERING BUSINESS & COMMISSARY KITCHEN

The building may be leased or purchasedThis custom built kitchen offers about 3,000 sq ft and can accommodate 20 – 24 guests/students around the central station. There is a small retail café of about 400 sq ft plus a 1,600 ft 2nd fl r fully equipped offi ce space, part of which has a view of the kitchen below and is ideal for schools and training. This turnkey operation will appeal to chefs, caterers, schools and restaurateurs wanting to expand or grow their business. Call LARRY

FOR SALE

FOR SALE4316 FRASER

3900 sq ft building

Lots of opportunity$1,225,000Call SANDI

WESTERN INVESTOR FEBRUARY 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 offi ce 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 verifi cation. DTZ Barnicke Vancouver Limited, Real Estate Brokerage 02/2011.

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: 15,000 sq ft + 16,115 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 SALE

2130 Hartley Avenue, Coquitlam

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

DEVELOPMENT SITE FOR SALE

16144 - 84th Avenue, Surrey

Holding incomeAsking price $3,995,000

Tony Capolongo, Stephen Webber

INDUSTRIAL SALE/LEASE

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

Steve Caldwell, Chris McIntyre

INDUSTRIAL SALE

5371 Regent Street, Burnaby41,000 sq ft warehouse/manufacturing

5,000 sq ft office on 2.02 acres

Steve Caldwell

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 Development/redevelopment opportunity

Dock and grade loading

Don Mussenden

Price Reduction

604.263.2823

APARTMENT BUILDING SPECIALIST

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

75 Unit Apartment BuildingClose to Skaha Lake, Central location

Gross Income $547,222

PENTICTON

12 Units – Heritage stylePenthouse – 2 Bedroom + den

Gross Income $103,920

33 Units – Central locationTenant base is seniors

Potential Cap Rate 6. 4%

NEW WESTMINSTER COURTENAYNORTH VANCOUVER

13 Units – Desirable LocationBright, spacious, updated Gross Income $162,615

11 Unit Apartment BuildingCap Rate 6.13%

Renovated and fully rented

31 Unit Apartment BuildingCompletely rebuilt in 2000

5.09% Cap Rate

PARKSVILLE EAST VANCOUVER


LAND DEVELOPMENT

Condo Site $2.3M

NEW !! Gloucester Estates, 1.6 acres - $1.45M

SOLD

SOLD

Thinking of selling your Business?? Give me a call. I’ll be happy to sit down with you

and evaluate your Business.

GLENNYAMADA

CELL: 604-240-2749 EMAIL: [email protected]

Personal Real Estate Corporation

COMMERCIAL AND RESIDENTIAL REAL ESTATE SINCE 1989

Coronation West Realty

NEW !! 3,000 SF 2nd floor space

FOR LEASE

BUSINESSES, LAND & BUILDING

Waste Disposal Business $4 Mil.

Pub, Land and Building $2.7 Mil.

NEW!! Greek Mediterranean Restaurant $450K

MEAT AND DELI SHOP $229K

NEW!! CARIBBEAN PIZZA & RESTAURANT $59,900

NEW !! HAIR AND BODY SPA $42K

SOLD

SOLD

WWW.YOONYO.COM

To view listings, please visit WWW.YOONYO.COM

Sutton Premier Realty

Young Yoon

YOUNG YOON, B.A. AND TEAMCEL: 604-808-5024 EMAIL: [email protected]

ASHERN MANITOBA, $650,000 PLUS STOCK OF APPROX. $120,000

Including building and business, asset sale. Super Store affiliated Ashern Shopeasy, 6000 Sq. ft. full service supermarket including meat, produce, sales $120,000/m before tax net of approx. $14,000/m couple works and four employees, no living quarters. Open since Jan 15/2010. Mon-Sat 830am to 7 pm and sun/holidays 11am to 5pm

PORT KELLS 2 2ACRE PARCEL BOTH PROPOSED 15-25/ACRE MED/

HIGH DENSITY. 1.69 mil 17006 96 Ave bare land MLS f1029082

1.49 mil 17072 96th Ave 2400sq hse w/large ware house MLS f1029083

RICHMOND 150 SEAT RESTAURANTExpensively set-up Korean BBQ restaurantHotel level kitchen set-up. Excellent décor 6870 sq ft. Share Sale Reduced to $380,000

WHITE ROCK BEACH FRONT $1.4 MILBeach front by the pier One storey bldg. leased to long term tenant2001 sq ft land and 2001 sq ft building

Over $400 mil sold over 12 years. FVREB Commercial member Medallion 2006,2007,

& 2008 Sutton Masters AwardsRetail or income properties, motels, RV park

WANTED ( out of town OK )

Are you the type of person who is community-minded, knows the value of excellent customer service, and enjoys interaction with other people? Then, we would like to offer you a turnkey package, complete with proven operating system, full training, and on-going support. You’ll meet the nicest people as you operate your business “hands-on”. We have been in operation since 1980 and have over 460 stores across Canada.

If having a business of your own with the support of a successful franchise is of interest to you, please call Bonnie Armstrong at the Western Regional Office for more information 1-800-661-7682 (ext 270) or visit our website at www.franchise.mmmeatshops.com

UNIQUE FRANCHISING OPPORTUNITIES In Western Canada

Institutional Quality

Self-Storage Properties

For SaleUnited States of America

Michelle Watson480-326-9520

[email protected]

MEHRAN MOALLEM B.Elec. Cert. Marketing

Business and Commercial Consultant With over 25 years combined sales and retail experience7 7 8 - 8 5 8 - 9 0 2 5 [email protected]

RE/MAX CITY COMMERCIAL DIVISION

Cabinet making warehouse with showroom in Port Coquitlam with almost 4700 sq ft Building & Business $1,189,000 MLS® V4022177

Brand new 738 sq ft Retail unit in Coquitlam with over $100,000 leasehold improvement is waiting for your money making ideas or negotiate a deal for current operating business $519,000 MLS® #V4025034

BUSINESS GEEKWanted "DEAD OR ALIVE" any business for SALE with or without properties...

Brand new wireless carrier, Mobilicity Authorized Dealership in Coquitlam Ground level opportunity, Grow fast with this aggressive Canadian company $99,000

Invest in this fully remodeled in and out town homes on Vancou-ver Island. 2 bedroom town home $125,000 with guaran-teed monthly rentals of $700.00/mo. Limited time offer.

Retail Coquitlam

Port Hardy Town Home Investment

Building & Business

Authorized Mobilicity Dealership

Family Fun Center in Surrey, A great business with a lot of potential with 7500 sq ft every fun for the kids, with capacity of 300 guests at a time. Equipped with play area, Rock climbing, Bumper car, Lazer tag, Video games, Kitchen and cooking facility, part rooms and many more $569,000

Store front for sale/Lease in Coquitlam, brand new 930 sq ft zoned for retail with lots of parking lease or purchase

Soup & Sandwich Shop in North Vancouver, Run this easy hours operation, soup and sandwich shop with 8 years in the business. A great possibility of expansion into catering $69,000 bring your offers

DVD Rental Store in Coquitlam, 20 years established DVD rental store with over 20000 titles in a great location with recent total remodel-ing, will train $149,000

Publisher Cheryl Carter Editor Frank O’Brien Con-

tributing Writers Curt Cherewayko, Dave Husdal, Geoff Kirbyson, Glen Korstrom, Peter Mitham, Kevan O’Brien, Peter Tolensky 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 small coastal towns close to Vancouver, housing squats have been established, some of which have run for years. We visited one recently, a collection of old RVs and converted

school buses on Crown land off a little-used logging road. There were 11 welfare recipients living in this camp, with one pretending to be the landlord, who issued receipts to the oth-ers. This way the residents could each collect $375 per month in government housing assistance. This gener-ated enough income, in addition to the welfare payments, for the group to live fairly comfortably and rent free.

One resident, a young Quebec drifter, said he had been living in the compound for three months and seen other setups during his travels across B.C., from the Port Renfrew area of Vancouver Island to the Kootenays and the Cariboo.

In Vancouver, meanwhile, the first resi-dents of the ultra-luxury Olympic Village residential project on the shores of False Creek began moving into their new digs just before Christmas. All on social assistance, most will never pay more than $400 per month for their homes in a complex where the typical condominium buyer pays up to $1,000 per square foot or more to be a

neighbour. According to industry estimates, the average cost of a socially-assisted home at the Olympic Village is $595,000. Unlike the buyers, who must make their high mort-gage payments or lose their homes, those on social assistance are virtually guaranteed a low-priced home for life.

We don’t begrudge those taking advan-tage of government to beat the highest hous-ing costs in Canada. Without such support,

some of these tenants would be homeless or even have to get a job and pay their own rent.

Meanwhile, B.C. land-lords must cap any rent

increases this year at 2.3 per cent. However, due to the harmonized sales

tax (which cannot be charged on rent but is on many landlord input costs) rising fuel prices and property taxes, landlords will face an average increase in costs of about 3.5 per cent. There are also tax penalties for those who sell their rental property. As well. a Vancouver moratorium on rental demolition in many popular neighbourhoods restricts what an apartment-building owner can do with his property.

And, as the feature story in this issue shows, there is often fierce NIMBY resis-tance to the construction of low-cost rental housing.

What is the solution? It isn’t to increase the amount of subsidized housing. That has been tried and has failed, simply because the supply can never keep up with the demand. The answer is to provide existing landlords with the tax breaks – and the incentives – that will encourage investors to build more rental housing, and to improve the stock they have without penalties. In Alberta, which has no rent controls, rent increases have been kept low not by regulations but by market forces.

But, of course, being friendly to land-lords in B.C. does not win elections.

Western Investor presents our annual land issue. We look at the potential of fee-simple ownership of First Nation reserves that could radically change the land supply. We study the availability and costs of residential and commercial land across Western Canada and look at buildable-per-square-foot values. Our regional reporters file from Flin Flon, Langley, Lloydminster and Saskatoon. Plus we present the latest news and commentary needed by western investors.

FRANK O’BRIENEDITOR

[email protected]

ADVERTISING DEADLINE February 2011 issue:

February 14, 2010


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

FOR LEASE/SALE – 1550 E. Hastings St, Vancouver FOR LEASE – 990 Homer Street, Vancouver

FOR SALE – 1881 Sumas Way, Abbotsford

SUBLEASE - 88 West Broadway, Vancouver

LEASE – 1112 West Pender Street, Vancouver

FOR SALE – Dalton Hotel - 759 Yates Street, Victoria

PRICE

REDUCED

SOLD – Industrial Products Building

FOR LEASE 23200 Gilley Road–Bridgeview Shopping Centre, Richmond

SALE- 5810 – 5830 Vedder Road, Chilliwack

•

SOLD - 398 West Broadway, Vancouver

FOR SALE - 12941 115 Avenue, Surrey

SOLD

FOR SALE - 1915 Stainsbury, Vancouver

FOR SALE - 2342 Windsor Street, Abbotsford

FOR LEASE – 929 Granville Street, Vancouver

FOR LEASE – 320 Terminal Avenue, Vancouver

FOR SALE – 12294 104th Avenue, Surrey

FOR SALE – 7770 & 8398 North Fraser Way, Burnaby

$6,196,000 $17,604,000

FOR SALE – 144 & 174 176th Street, Surrey

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

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

FOR SALE – 9771 186 Street, Surrey

SOLD

UNDER CONTRACT

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

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

APARTMENT BUILDINGS & DEVELOPMENT SITES FOR SALE

VIEW ALL LISTINGS AT www.GOODMANREPORT.com

• 22 units Mt. Pleasant, beautiful building (New Listing)• Prime 1 Acre Waterfront, Harrison Hot Springs (Condo Development Site)• Prime 1 Acre across from Skytrain, North Surrey (Development Site)• 11 units Mount Pleasant (5 - 1-bedroom; 6 - 2-bedroom) | Asking $2,095,000UNDER CONTRACT• 16 Units, Port Alberni, Reduced to $1,797,000 (6.3% Cap)

RECENT SOLD• 19 Units, MetrotownFor complete information packages including pictures & financials, view online:www.GOODMANREPORT.com

BUSINESSES / PROPERTY FOR SALE

WORLD CLASS RESTAURANT located on the beach in White Rock, BC, featuring West coast cuisine, top line new equipment in the perfectly designed kitchen, stunning interior with sweeping ocean view. Totally turnkey operation. A must see for the professional restaurateur. $599K

BOUTIQUE WINERY located in prestigious South Surrey BC on 14 acres, fully irrigated pastoral farm land along side of the winding Serpentine River. Grape varieties planted in 1992, includes retail sales bldg and production bldgs. Asking Price $2.9M (REDUCED)

BOARDING KENNELS for dogs and cats, established in 1970. Excellent reputa-tion, profitable, very clean and well managed kennels. Price includes 5 manicured acres of land in Surrey BC. 2000 s.f. house, and office, rooms for 51 dogs and 19 cats. Asking Price $1.5M

HOTEL GIFT STORE CHAIN 5 units, specializing in distinctive quality Canadian gifts, collections and carvings which are the finest in Canada. Very profitable, and well established for many years located in prestigious major hotels in B.C. Price of $749K includes $500K inventory

DON CHERRY’S BAR & GRILL property and business, completely remodelled 2010, near new kitchen equipment, strong sales history, located in high development area of Maple Ridge BC, dining 100 seats plus 60 in bar and 28 patio seats. Asking for property and business $1.5M

SURE SLIM FRANCHISE B.C. International franchised wellness clinic specialis-ing in controlled weight loss and healthy style living. Located in Langley B.C. Well established profitable business with great potential for further growth for the new owner, Full training provided. Asking $179K

Wayne Hampton | [email protected] or Dennis Germyn | [email protected] | www.investmentcanada.biz

FOR LEASE• Prime Kerrisdale retail space on 2100 block, West 41st Ave. | 5,395 Sq. Ft.

FOR SALE• Kitsilano Strata unit, fully leased 1,363 Sq. Ft. 5% Return $689,000

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

David/Mark Goodman | 604.736.5611 | [email protected]

Brian Tattrie | 604.714.4783 | [email protected] | www.BrianTattrie.com

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

• Opportunity to build 4 storey / 25 units• Asking $2,580,000

FOR SALE – WATERFRONT DEVELOPMENT SITE

FOR SALE – 107 UNIT SRO/3 LIQUOR LICENSES/CORNER LOCATION • Call for details / UNDER CONTRACT

FOR SALE – STRATA RETAIL OPPORTUNITY/FULLY TENANTED555 North Road, Coquitlam BC• 4 commercial strata lots • 24 parking stalls• Across from Lougheed Town Centre

• Currently 100% leased to six tenants• Available either Individual or Bulk sale

FOR SALE – KAMLOOPS/67 ROOM FULL SERVICE BOUTIQUE HOTEL • Call for details

Gary Khan | 604.714.4799 | [email protected]

Vancouver 604.736.5611 | Fraser Valley 604.590.2444 | www.macdonaldcommercial.com

Macdonald Commercial R.E.S. Ltd

[email protected] www.familyfun4sale.com

FOR LEASE OR SALE

TWO 18 HOLE THEMED

MINI-GOLF COURSES ON

LANDSCAPED PROPERTY

Brian D. Kennedy 604-331-2211

BRITISH COLUMBIA REGION

Jonathan P. Wong 604-331-2218

PRAIRIE REGION

Dennis K. Aitken 403-205-8203

For all your real estate financing needswww.peoplestrust.com

MORTGAGE FINANCING

Daniel Stewart 403-205-8202

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]

MORTGAGE FUNDS

We can arrange

for all your Commercial

or Industrial Needs

All inquiries to

[email protected] or

phone Bob Williams @ 604-533-8288

WESTERN INVESTOR FEBRUARY 2011 www.westerninvestor.com A9

Bell Rd

75th Ave

Sun V

alle

y Pkw

y

I-10

411th Ave

he real estate market continues to be a hot topic in British Columbia, due in large part to property val-

ues in this province outshining the rest of Canada. This past decade in particular could be characterized as the “decade of the condo” in B.C, as the public was often inundated with stories of overnight lineups outside of sales centres leading to announced sellouts of many condominium projects. Underlying these news stories is B.C.’s Real Estate Development and Marketing Act (REDMA) and its associated regulations and policies. It is an essential piece of legislation that allows the multi-family, new-home market to oper-ate in this environment. An understanding of its function is critical for both developers and property buyers.

REDMA serves two important functions. The first is as consumer protection legislation. In this function, REDMA regulates how and when real estate developers are permitted to sell residential, multi-family projects to the public and creates the enforcement regime to compel compliance. Not only does REDMA provide for strict rules governing the handling of deposits by developers, but it also creates the rules, which require that buyers be provided with a “Disclosure Statement” containing certain prescribed information prepared by the devel-oper and filed with the superintendent of real estate concerning their real estate purchase. Under REDMA, a developer may not enter into a purchase agreement with a buyer unless

the buyer has had a reasonable opportunity to read the appli-cable Disclosure Statement. After this buyer has signed a purchase agreement with the developer, REDMA gives the buyer an additional seven days to walk away from the agree-ment with no strings attached. This seven-day rescission is viewed as a “cooling off” period, where an otherwise frenzied buyer is able to more carefully review the Disclosure Statement and evaluate his or her purchase decision after leaving the sales centre.

The second function that REDMA serves is to assist in keeping the multi-family market effi-cient, as it permits developers to determine the viability of a development project by undertak-ing a sales campaign before being required to commence construction and take on the associ-ated cost and risk.

Provided that the developer has control of the relevant lands and has proceeded through the municipal entitlement process to a sufficient stage, the developer can market the project via the Disclosure Statement process.

Once marketing has commenced, REDMA provides the developer with nine months to obtain a building permit and any required financing to ensure adequate arrangements are in place for the purpose of installing utili-ties and services associated with the project.

If either of these requirements have not been met within the nine-month period, the devel-oper must stop marketing; if within three more months such items have still not been obtained, buyers are again provided with the opportunity to freely walk away from their purchase agree-ments.

With strong demand for new homes and cor-related rising market values, the pre-sale pro-cess seldom had to be considered by the courts during most of this past decade, as buyers were happy to close on real estate that had typically already increased in value from the date of

their agreement to purchase. Throughout this time, most developers and their advis-ers developed a good working understanding of REDMA and a basic comfort level as to what constituted compliance.

Most developers are aware that if they fail to properly comply with REDMA, it could result in the applicable purchase agreement becoming unen-forceable. Accordingly, devel-opers have always been well advised to ensure they comply

with the rules and regulations.As many projects are marketed under

REDMA with certain variables still outstand-ing (such as certain title matters or specific amenities added to the project), the law also provides developers with the flexibility to iden-tify changes in the project or to correct oth-erwise incorrect information contained in an earlier Disclosure Statement. In most cases, as long as such changes do not alter the identity of the developer or signal the appointment of a receiver (or similar person) to act on behalf of the developer due to financial problems, amendments to the Disclosure Statement do not give buyers the ability to break their con-tract.

REDMA simply requires that any factors that could be expected to affect the value, price or use of the property must be reflected in an amendment to the Disclosure Statement that is to be filed with the superintendent of real estate and provided to each buyer.

Laws on condo pre-sales are critical to B.C.’s developers and buyers as hot market cools

PETER TOLENSKY

The recent global economic woes have not left the British Columbia real estate market untouched. As a result, some buyers have nowturned to the courts to seek relief from their contractual obligations under purchase agree-ments entered into under the REDMA regime.Most notable of these recent cases are the B.C.Court of Appeal’s decision in Chameleon Talent Inc. v. Sandcastle Holdings Ltd. and the subsequent Supreme Court decisionof Maguire v. Revelstoke Mountain Resort Ltd. Partnership. The essence of these casesis that the REDMA requirement for a developerto disclose its estimated project construction commencement and completion dates arematerial items.

The courts ruled that developers should berequired to amend their Disclosure Statements as soon as the developer knows these estimateddates are incorrect. In both of these cases, the developer’s failure to so comply with REDMA allowed the buyers to walk away from theircontracts.

As anyone who has undertaken a home reno-vation can attest, construction timing is perhapsone of the most unpredictable aspects of realestate development. All that Sandcastle and Maguire say is that a delay of many monthsfrom the originally estimated timing is con-sidered a fundamental matter. The fact that theassociated purchase agreement contains anoutside date for completion or that the buyerhas been kept informed by the developer asto construction timing through other com-munications, like project update emails, is notenough. From the court’s perspective, in orderto adequately protect the buyer, any changes in estimated timing must be communicated via anamendment to the Disclosure Statement.

These recent cases clarify that developersare wise to err on the side of caution by filing amendments to Disclosure Statements morefrequently and sooner than they may otherwisehave previously been accustomed.◆

Peter Tolensky is a partner in the commercial real estate and development group at Lawson Lundell LLP. He can be reached at 604-685-3456.


Each office is independently owned and operated.

Each office is independently owned and operated.

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 $1,500,000

Ph: 604-864-6400 T/F: 1-877-864-6424www.strataschoice.com email: [email protected]

1A 33820 South Fraser Way, Abbotsford, BC V2S 2C5

We give you our full attention at fair and competitive rates!

Property Management

Call Today For Your Management Proposal!!

Corney LesRE/MAX Corney Les Realty

www.morechilliwackrealestate.com

6 0 4 - 7 9 5 - 6 9 3 8

Distribution Warehouse 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.

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. Available at $7 NNN

Chilliwack Light IndustrialCentral location in Chilliwack, this 3000 sq. ft. warehouse light manufacturing facility has offi ces, mezzanine and upper fl oor offi ces. Available at $2500 per month Gross or can be purchased

at $369,900.

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. $1,099,000

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

FEB 2011

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 ..........................$275K eachWired Monk Master Franchise & Franchise Opportunity. Wired Monk ........................................................................ $199,900, $135K, $229K, $299KTitan Motorcycle Single & Master Franchises Available in British Columbia, Ontario and Alberta Canadian Carpet & Tile Vancouver, two locations: ............................................................. $300K, $200KWired Monk Franchise - Vancouver ...................................... $262K-$350K depending on location

Terry A Young 604-970-38081-800-665-1455

[email protected] RE/MAX Crest Realty

Dean Thomas, CCIM

dRE/MAX

Established for over 4 decades; the building is situated in the heart of 100 Mile House. - Main fl oor 2800 SF has full fi xtures for turnkey 72 seat restaurant / café with 2200 SF basement. The 2nd fl oor offi ce / retail has 2500 SF with its own entrance and equipped with washrooms. All equipment is included and ideal for owner operator or investment. $529,000. MLS®

FOR SALE OR LEASE

Gold Dust Café Building

REACH QUALIFIED BUYERS FOR YOUR LISTINGS

call Gary Takahashitoll-free: 1-800-661-6988 direct: (604) 608-5111 or fax: (604) 669-2154

[email protected]

Attention

Agents:


ancouver may aspire to be a walk-able, bike-friendly city, but motor-ists still depend on the car lots

scattered through downtown, run by opera-tors including international giant Impark. Smaller players such as Advanced Parking (an independent subsidiary of Impark) and home-grown, city-owned EasyPark, which manages close to 11,000 parking spots throughout Greater Vancouver, also vie for business.

And, on the surface, business is good: Colliers International reports that Vancouver ranks fifth in Canada when it comes to parking costs, with an unreserved monthly parking spot costing an average of $266.81. This compares with a rate in Calgary of $453.38 a month, and a national average of $224.10 a month – a gain of 2 per cent over the previous year.

While the rise in parking costs was mini-mal, it was a sign of strength in a market that had been hit hard by the rise in commercial vacancies of 2009 that diminished demand for parking. It was a different story as the economy began to rebound in 2010, and a similar story awaits in 2011.

“As the economic environment continues to improve both in terms of business activity and consumer confidence, Colliers anticipates these will create upward pressure on monthly and daily parking rates respectively,” said Wayne Duong, Colliers’ director of research, in comments accom-panying the firm’s annual parking survey.

Add in a lack of new supply, especially in Vancouver where there’s a cap on downtown commuter parking, and business prospects look resilient.

But the high cost of parking is also making

users think twice about their parking require-ments. Gas prices and a hike in Translink’s parking sales tax to 21 per cent from 7 per cent mean many commuters are looking for alterna-tives to the car. And they’re there: the opening of the Canada Line and Vancouver’s conten-tious bike lanes are giving commuters more alternatives to the car than ever. The impact is clear: anecdotal reports suggest that occupancy has fallen 10 per cent to 20 per cent over the past year as commuters ditch the car.

“When other options open up for people, like Canada Line, I think that also motivates people to get out of their car and take transit. Or if we improve the options to ride your bike, people will choose to ride their bike instead of take their cars,” said Carli Edwards, the city’s parking management engineer, who manages the city’s relationship with EasyPark.

While transient parking – which typically accounts for more than half of EasyPark’s rev-enue – hasn’t declined, the hit to monthly con-tracts from the parking tax was immediate.

“I think the introduction of that tax caused a number of cancellations for monthly parking

FEATURE Downtown operators are squeezed between soaring taxes and stalling demand in green city

PETER MITHAM

WESTERN INVESTOR

on Day 1, as you could imagine.”But since the decline in commuter parking

was consistent with the city’s goal of reducing commuter traffic and saving spots for those who really need them, Edwards said the drop doesn’t concern the city.

“From the city’s perspective, we’re happy with that,” she said. “More people will go down-town but the same amount of people will drive. So there’ll be no more space for vehicle storage downtown, even if we increase office space.”

With the cap on downtown parking spots, she said the rise in vacancies across downtown is freeing up spaces that will be needed when any one of the six new office towers proposed for downtown come to completion (this isn’t expected before 2015).

But lower revenue is combining with a higher tax burden on owners to push operators to find the highest and best uses for their sites. Telus’s plan to seek a development partner for its EasyPark-managed parkade at Robson and Richards being a case in point, with a mix of office and residential

Vancouver parking fees are relatively low but taxes are the highest in North America.

Phot

o: C

raig

slis

t

uses planned for the block.Telus wants a landmark development for

the site, which it is tipped as developing withWestbank Projects Corp., but the new projectwill have to respect the city’s desire to see com-mercial space developed as well as adequateparking facilities. The arrangement would likely be similar to a deal the city struck withBentall for the Bentall 5 project, in which anexisting city-owned parkade was incorporatedin the new development through an allocationof public parking spots in addition to those required by the development.

The pressure on lot owners will still remain,however.

Impark didn’t return calls seeking commentfor this report, but it remains a firm critic of Translink’s parking tax. Demand for parkingspots doesn’t waive the tax users have to payfor the privilege of using paid parking, and the impact of the tax has a disproportionate impacton downtown parking lot owners.

“We feel it places an unnecessary burden onthe downtown and on those that have no otherchoice but to use a vehicle to come downtown,”said Charles Gauthier, executive direc-tor of the Downtown Vancouver BusinessImprovement Association and a spokesman for Drive Out the Tax, a coalition of business owners opposed to Translink’s parking tax. Theassociation would prefer a vehicle levy on alldrivers.

“We’re waiting to get the numbers for December [2010], but certainly the trend that started last year is continuing – anywhere from 10 per cent to 20 per cent off previous years beforethe tax went from 7 per cent to 21 per cent.”

Combined with the HST, drivers now pay a35.5 per cent sales tax on paid off-street park-ing in Metro Vancouver – the highest sales taxon parking anywhere in North America. Gauthier said the resulting lost business will have the domino effect of reducing busi-ness revenue, and in turn property values, by hundreds of thousands of dollars, ultimately costing the city millions in lost property tax revenue.◆

[email protected]

Warren BehanPersonal Real Estate Corporation

Powell River Investment OPPORTUNITIES

In-Town Oceanfront Property Multi-purpose Development Property; 97 acres gently sloping land + approx 19 acres of foreshore with deep water access $3,100,000

Magnificent Waterfront Acreage 245 acres west sloping land approx. 2700’ waterfront; incredible panoramic views; in ALR $3,100,000

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

Ideal Agri-Business Opportunity 102 acres fairly level land; many possibilities; easy access; in ALR $569,900

Great Investment Property 30 acre wooded parcel zoned M3 Industrial; easy access; services available $349,000

Aroma's Gourmet Coffee & Lunch Well established; coffee & Lunch. Well established; steady clientele. Leased space on active business complex; Across from Airport. Financials available. $59,900

ASHOK KUMAR 604-855-0800 TF: 1-866-855-0800

INVESTMENT AND BUSINESS OPPORTUNITIES

ESSO STATION – LANGLEY, BCGROUND FLOOR: Esso gas bar/ C-store, and Post office. 2nd FLOOR: 4 - 2 bedroom apartments. Each unit self contained. Land, Building & Business $2,850,000

BOTTLE DEPOT - ENDERBY, BCEncorp license Bottle Depot. Business with property. $445,000

PORT COQUITLAM WAREHOUSE 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 property for future development. Approximately 39,000 sq ft land, building is used as automotive repair and 3 bedroom apartment. Asking $1,500,000

LOWER MAINLANDWell established c-store/produce & flowers, daily sales over $3800.00 per day plus rental in-come. Asking $2,000,000 mil with property. Or business only $498,000

ABBOTSFORD COFFEESpecialty coffee/café in a busy strip mall $129,000

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

HARRISON 1.23 ACRE LOTFor potential residential subdivision or townhomes $695,000

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

MOTELSurrey Motel – 27 rooms plus man-ager’s suite on approx 41,300 sq ft lot. Asking $3,300,000

INDIAN RESTAURANTVancouver’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, BCRenovated 25 unit motor inn with manager’s suite, restaurant, pub/liquor store. Asking $2,450,000

ESSO STATION – BARRIERE, BCRenovated Esso Gas Station, C-store, propane truck stop. Truck/car wash plus owner’s suite. Asking $2,600,000

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.

604-592-7250Financing Available. Potential Trades.

FOR SALE

LANGLEY46 PRIVATE ACRES (2 Titles)

$6,250,000




ELIZABETH WOZNICZKO604-691-6648 [email protected]

Committed to Canada. Connected to the World.

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

ALF SANDERSON 604-691-6646 alf@naicommercial .ca

DELON CHEUNG 604-691-6654 delon@naicommercial .ca

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

NEW WEST WAREHOUSE

$2,400 / Month

BUSINESSES FOR SALE

RICK LUI [email protected]

VANCOUVER EAST – WELL BELOW REPLACEMENT

Asking $7.8 Million

LADIES FASHION BOUTIQUE NEW LISTING

$195,000 incl. inventory

LOWER MAINLAND ARTS & CRAFTS STORE

$250,000 incl. inventory

OKANAGAN BUTCHER SHOP & DELI

$650,000 plus inventory

LOWER MAINLAND MILLWORK

$2,000,000 incl. equip & working cap

INDUSTRIAL INVESTMENT PROPERTY

www.naibusinesses.ca

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

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: $2,300,000

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 ............................ $480,000 + Inv.

CURRENCY EXCHANGE (Surrey)

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

RESIDENTIAL INVESTMENT (Vancouver)

.......................................................................................................................... ...$1.38M

FURNITURE AND HOME DECORATION (Lower Mainland)

$178,000 + Inv.

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

COFFEE FRANCHISE (Richmond) ........................................................ $283,000 + Inv.

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

251 Units – 2 Properties

Asking $11,000,000

PRINCE GEORGE, BC – FOR SALE

VANCOUVER DINNER CRUISE BUSINESS NEW LISTING

$2,500,000 incl. yachts and moorage

LOWER MAINLAND HAIR & BEAUTY SALON REDUCED

$288,000 plus inventory

LOWER MAINLAND METAL FABRICATING

$590,000 incl. equipment

VANCOUVER BEARD PAPA FRANCHISE REDUCED

$110,000 incl. equip

ARRAN HOUSE – 2902 SOUTH MAIN STREET

Asking $7,500,000

PENTICTON, BC – FOR SALE

LOWER MAINLAND METAL FABRICATING COMPANY REDUCED

$2,400,000 incl. equipment & inventory

Asking $13,840,000

KELOWNA, BC – FOR SALE

[email protected] [email protected]

CRAIG TENNOCK [email protected]

FOR LEASE

PAVING BUSINESS – PRINCE GEORGE

$829,000 including equipment & inventory

EQUIPMENT RENTAL – PRINCE GEORGE REGION

$1,549,000 including equipment

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

PRINCE GEORGE, BC – FOR SALE

770 EAST HIGHWAY 16

Asking $4,750,000

ASKING PRICE $4,690,000

WESTERN INVESTOR FEBRUARY 2011 Lower Mainland/Business Opportunities A13

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



TED WEIBELZAHL

[email protected]

MICHAEL MARCKWORT

[email protected]

TED WEIBELZAHL

[email protected]

TED WEIBELZAHL

[email protected]

MERRITT MINI STORAGE

ASKING $1,475,000

ONE HOUR OPTICAL AND HEARING CENTRE

ASKING $500,000 plus inventory

FULLY LEASED LANGLEY INVESTMENT BUILDING CAP RATE 6.1%

ASKING $3,295,000

SUBLEASE OPPORTUNITY

MERRITT TOWN HOUSE DEVELOPMENT SITE

ASKING $749,000cres

ASKING ONLY $14,132 per door

99 PAD PHASED MANUFACTURED HOME PARK LAC LA HACHE BC

ASKING $650,000

st

MERRITT TRAVEL CENTRE & TRUCK STOP

Asking $3,500,000

KAMLOOPS MINI STORAGE BUSINESS

Asking $2,300,000

KAMLOOPS MOBILE HOME PARK

Asking $1,800,000

KAMLOOPS 42-SUITE APARTMENT BD

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

VANCOUVER 1955 East Hastings - $1.199 million Freestanding Warehouse – Mixed Use 3000 sq ft Main Level plus 3000 sq ft Lower Level and 3000 sq ft upper storage. Parking, Loading Bays

Lot 6100 sq ft – MC-2 Zoning - Residential/Commercial & Light Industrial VENDOR MOTIVATED! Great Opportunity

CHILLIWACK Commercial Strip Mall - $1.7 million 4 Tenants – Net income $104,000 Solid building / Great Location

CHILLIWACK 5905 Vedder Rd. $789,000(Sardis) 6-Plex – 2 bedroom units, gas fireplaces Great location! Won’t Last!

CHILLIWACK 46240 Yale Rd. 3 NEW 1000 sq ft Units $199,000 each Perfect for YOUR Business WHY RENT? Call now.

CHILLIWACK Laundromat – Business Only $200,000 Turn Key – Owner Operated Nets approx $80,000 per year Financials Available

CHILLIWACK 160 Seat Restaurant - $289,000 Assets Only – Going concern Equipment List available Great location. Shadowed by Safeway

WE NEED PROPERTIES NOW!!!!!!DESPERATELY NEEDED: COMMERCIAL/RETAIL

SHOPPING CENTRES

We have SERIOUS BUYERS Looking for Investment Property

1 BUYER $2-4 Million2 BUYERS $5-20 Million

Matching Serious Sellerswith Serious Buyers

LINDSEY GAUTHIERCell: 1.604.798.2977

Office: [email protected]

Showcase Realty

For further details please contact:

KENT CRAIG(604) 279-3817 [email protected]

For SaleBURNABY Offi ce Investment - fully leased offi ce building

- 34,685 sf gross building area

- two secure levels of underground parking

- 35,565 sf (.81 acre) rectangular site

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

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Airport North Business Park30553 Great Northern Ave

For Sale or For Lease32,025 S.F tilt slab building, 24’ clear ceiling height, ample power available, N/G radiant heat installed, Grade Loading, I-2 Zoning. Close to Abbotsford International Airport, Highway 1 and the Abbotsford Auto-Mall. Seller may assist with financing OAC.

$4,800,000

Airport East Business ParkJust South of Hwy. #1 at Clearbrook Rd.

Freehold Lots For SaleLots from 1 to 11 acres that will be zoned either IB-1 or I-2. Services on the lot line. Ideal for small to medium sized Industrial users. Full information package available soon.

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Rent Month to Month or Lease to Own. Purchase with 90% financing OAC when you combine your first mortgage with a VTB second. Prices start from $1,483 + HST per month.

31877 South Fraser WayFor Lease

High Exposure Freestanding Commercial Building on 1.25 Acres.

Outstanding Commercial Storage Space , 21,530 s.f. with two dock and one grade loading$4.75 per sq ft + HST Gross Lease. Natural Gas Heating, fluorescent lighting and

two piece washroom included. 12 parking stalls with gated access.

Commercial Medallion Club

Homelife GlenayreRealty Co. Ltd.

ABBOTSFORD INDUSTRIAL/COMMERCIAL PROPERTY


residential rental project downtown on Granville Street has angered neighbours and prompted a $10

million lawsuit against both the developer and the City of Vancouver.

The imbroglio also highlights the dangers that lurk for owners of small plots of land adja-cent to underused properties, such as single-level parking lots.

Mohamed Ahmed launched the legal action December 29 after he failed to stave off construction of a 10-storey tower on a single-level parking lot next door to the 110-year-old apartment building that he and his wife, Jutta Ahmed, have owned and lived in since the 1968.

They allege that developer Blue Sky Properties Inc., which is affiliated with Bosa Properties Inc., attempted to buy the Ahmeds’ three-storey property last year for little more than $1 million. That’s about half the prop-erty’s assessed value and a tiny fraction of its market value, Jutta Ahmed told Business in Vancouver.

“You can buy toilet paper for that,” she said.

Bosa Properties’ vice-president of sales and marketing Daryl Simpson denied that his com-pany ever offered to buy the Ahmed’s land.

Regardless, the Ahmeds are now faced with the prospect of a 106-unit residential tower abutting both their six apartments and a 390-square-foot balcony, which is carved out of the middle of their old brick building at 1130 Granville Street.

The result will be an extreme devaluation

of the Ahmeds’ property due to loss of safety, security and privacy, the Ahmeds claim.

“People in the [proposed building] could jump over to our balcony and rape the people in our building,” Mohamed Ahmed said. “If they get drunk and throw a glass it will come in our window.”

Ahmed said that, were it not for construction next door, his and his wife’s property would be worth up to about $10 million. That’s why the Ahmeds are claiming that amount in their lawsuit.

Both developer and city staff say standard procedures were followed when the city rezoned the parking lot and voted to add 63 per cent more allowable density in September.

The change allows Blue Sky to develop a structure 5.72-times the site’s 75-foot-wide and 120-foot-deep footprint. The 92-foot maximum allowable height for the proposed structure remains unchanged.

Ahmed names mayor Gregor Robertson and eight city councillors in his lawsuit because, he alleges in his notice of civil claim, “there can be no doubt of collusion” between those representatives and Blue Sky.

Ahmed argues that Robertson and his Vision Vancouver council were so ideologically driven to encourage developers to build mar-ket rental housing that they were not concerned with how it would impact his property.

One of Robertson’s hobby horses during his mayoral tenure has been the city’s Short Term Incentives for Rental Housing (STIR) program, which aims to boost the market rental housing stock in the city.

COVER Granville street fight evolves into $10 million lawsuit against City of Vancouver and rental developer

GLEN KOSTROM/BIV

WESTERN INVESTOR

Mohamed Ahmed fears that a rental construction tower next door will devalue his 110-year-old building in downtown Vancouver.

Vancouver’s Short Term Incentives for Rental Housing (STIR) program, which

came into effect in June 2009, is a 2.5-year program that responds to the market rental shortage by providing incentives to encourage the development of new mar-ket rental housing.

STIR encourage projects where up to 100 per cent of new rental units are secured for the life of the building or 60 years, whichever is greater.

The STIR incentive package for devel-opers includes:

units only);

rental units only);

rental units only);

-mit processing.

Blue Sky is developing its tower under the STIR program and intends to complete con-struction by February 2012.

Ahmed pointed to another example of why he believes Robertson and city council were not acting in a transparent way.

Council voted to change the zoning bylaw for Blue Sky’s site a second time, without notice, on December 14. Council first voted to rezone Blue Sky’s property in June and that change was confirmed in September when council voted to enact the bylaw.

City director of planning Brent Toderianrejected Ahmed’s accusation that the December change to the bylaw was either unusual or shady. In fact, Toderian stressed, the December change to the bylaw was prompted when city staff made a calculation error when converting square feet to square metres.

That error found its way into the enacted bylaw. Were the bylaw not changed, then the entire block of Granville Street between Helmcken Street and Davie Street would be granted much more permittable floor area than council had intended, Toderian said.◆

Phot

o: S

am L

eung

Your specialist in PRIME income-generating and redevelopment opportunities:

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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

FOR

SALE

PRICE REDUCED

• Well-established pub • Approx. 4,500 sq.ft.- Capacity: 192• Newly re-modelled• New commercial kitchen• Selling assets $300,000• Lease to be negotiated• Turn-key operation

GASTOWN - VANCOUVER

Call

Abbotsford Development Property5.2 Acres of fully serviced view property across from new townhouses and just down the road from Ledgeview Golf Course. Contact 604-308-1475E-mail [email protected] $6.5million

NIGHTCLUB FOR SALE VANILLA ROOM - LANGLEY

6001 196A Positive cash flow, 8,000 sq ft.

club, furniture/fixtures and liquor license included,

long term lease in place. $349,000

NIGHTCLUB FOR SALETHE BABYLON - WHITE ROCK

6,000 sq ft club, 8 bar wells, 2 high end VIP rooms, liquor

license 7pm to 2am 7 days a week,basement with staffroom and

storage, main floor cooler access, 10 year lease ($8,000 p/mo)

$170,000

BROOKSWOOD MULTI FAMILY3760 207th ST, LANGLEY

Main house plus 3 suites - potential for a 4th living area! Hardwood

floors and newer appliances. 3800 sq ft with 6 bedrooms, 5 Baths,

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For an information packet or to book a

private showing.

Call me direct! Matt McGill 604-562-7782

McGill RealtorsHomeLife Benchmark

Realty Langley

$539,000

OPPORTUNITY- SURREY, BC

Diesel Engine Repair Shop

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778-588-6914

KITSILANOKitsilano Condo-Problem Free 16 yr. old

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Can show small positive cash flow with 25% down

604-722-4588

MOTELS HOTELS & PUBS throughout B.C.

BUYERS ❖ SELLERScall SAM

Call Sam anytime

MANUFACTURING BUSINESS FOR SALE – GREATER VANCOUVER

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- Asking $2,300,000 plus working capital.

CAMERON PETERS [email protected]

New! Done Deals editorial feature will highlight deal fl ow in Western Canada.Show the market what is moving and who is moving it. The monthly report will highlight major (basically 50K square feet or more; or land deals of $2 million or more) commercial real estate transactions that have closed within the last 30-45 days in Western Canada.

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Please forward this information directly to Frank O’Brien, Western Investor Editor at [email protected]

DONE DEALS

Please send us the following information:

FRANK O'BRIEN Editor

SURREY• Large indoor playground • Bumper cars • Ballocity

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Realtors Welcome

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Asking $380,000.00

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


FEATURE Variety of space creates multiple revenue streams and protection from a single-sector slowdown

Please see Mixed page A18

PETER MITHAM

WESTERN INVESTOR

ompact cities don’t happen with-out complete buildings, and urban land economics in B.C. have helped

make mixed-use projects a favourite strategy for developers seeking to satisfy both munic-ipal planning objectives as well as their own cash-conscious pro formas.

One of the most significant examples is the year-old Woodward’s redevelopment, which combines market and non-market residential units with institutional and commercial space in a $400 million complex funded in large mea-sure by condo sales.

Similarly, many of the major new hotel proj-ects gracing downtown incorporated residences targeted to investors that supported develop-ment of the hotel itself, as at the Shangri-Laand the Rosewood Hotel Georgia . Office space mixed with both retail and residential is also becoming common.

“When you look downtown, the developers need to do mixed-use projects to make their numbers work,” said Bob Levine, principal in the Vancouver office of Avison Young Commercial Real Estate. “They’re building new office space at the Hotel Georgia, but the only reason they’re building new office space is because the residential is carrying it.”

The same holds true for Jameson House, where residential sales helped make the num-bers work for a project commended at its incep-tion by former Vancouver planning director Larry Beasley for breaking ground with its mix of uses in the upscale Hastings Street shop-ping district.

At South False Creek, the Executive Group Vancouver and Argo Ventures Inc. are plan-ning a South False Creek mixed-use project with 500 “boutique residences” and 40,000 square feet of retail next to the Olympic Village, with completion in mid-2013.

The suburbs have seen similar projects – Central City in Surrey is a case in point, where retail space carried the project until the adjoin-ing office tower filled up, while developers have occasionally leveraged existing uses to anchor additions, as in Westminster Centre on Sixth Street, where office space was added three years ago to an existing retail complex.

The next iteration will be in office towers, including some of the half-dozen actively dis-cussed for possible construction in Vancouver’s downtown core this decade.

An outstanding example is Telus’s plan for an office tower at 520 West Georgia Street, adjacent to its existing headquarters, and a resi-dential tower further down the block at Robson and Richards that will support construction of the office component. The scale of the office component – a 22-story tower offering up

to 500,000 square feet of office space – is designed to satisfy the city’s desire for com-mercial space in the core, and the inclusion of the residential site was integral to the project from a financial point.

“It’s currently zoned to allow residential and we had anticipated residential there,” explained Brent Toderian, current Vancouver planning director. “By confirming that the rest of the site was going to be for commercial [development] only, and increasing the density of that com-mercial, council effectively made the rest of the site much more viable for office develop-ment.”

It’s a slightly different story at the site Pattison Group and Reliance Properties have assembled at Burrard and Helmcken Streets for Burrard Gateway, a mixed-use develop-ment that will include retail, residential and a 190,000-square-foot office tower. Toderian said the site could have had a different mix of

uses than Pattison-Reliance plans, but the eco-nomics of development have shifted to allow for a more complete mix that diversifies the offering.

“It’s a choice-of-use area, which means they don’t have to build office. They could builda larger residential component into the proj-ect,” Toderian explained. “But the fact thatthey’ve built in about 190,000 square feet ofoffice space into the project at the expense ofresidential, if you will, shows how interestedpeople are in office construction.”

But if mixed-use projects make economic sense to developers, they also appeal to investors, for whom they offer diverse revenue streams in a single asset.

This is particularly true in competitive sub-urban markets where the economics of devel-opment have typically allowed larger projects– but primarily retail. With the addition o foffice space, and in some cases residential (such as Larco Investments Ltd.’s Morgan Crossing project in South Surrey), develop-ers can create a more integrated and attractiveenvironment for residents and workers that give projects a distinctive character and firmer financial footing.

“You can argue that mixed-use projects offer a greater diversification of income,” Levine said. “Say the office market is overbuilt: you still have your residential and retail to fall back on.”

One recent transaction where a mix of uses was an appealing element was Winnipeg-basedArtis Real Estate Investment Trust’s pur-chase of PoCo Place in Port Coquitlam. The $48 million purchase gave Artis a 163,844-square-foot complex split approximately 63 per cent to retail and 37 per cent to office space. While located in the midst of a key commer-cial area, the presence of a seven-storey office tower made the project stand out for Artis in a retail-heavy neighbourhood.

It illustrates the appeal of a diversified prop-erty in a market where caution might otherwise

(TOP) The Executive Group Vancouver and Argo Ventures are planning a South False Creek mixed-use project with 500 homes and 40,000-square-feet of retail

next to the Olympic Village. (RIGHT) Mix it up: Delta Group’s redevelopment of the Rosewood Hotel Georgia combines hotel,

residential and office uses. Phot

o: P

eter

Mit

ham

Phot

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tive

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ncou

ver

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from A17be in order.

“It has appeal, and you might actually be get-ting a slightly better return,” Levine said. “You look at PoCo Place – the investor’s probably getting a slightly higher return than if PoCo Place had just been purely retail or purely office.”

Of course, diversification isn’t the only fac-tor to consider: PoCo Place is also 99.9 per cent leased to national tenants, boosting Artis’s confidence that vacancies would be minimal and cash flow wouldn’t face significant dis-ruptions.

It’s a different story for investors scouting properties in the hard-hit U.S. market.

Given the ongoing retrenchment among U.S. consumers and businesses, a mixed-use property with a retail component is a daunting prospect. It needs something else to generate cash flow to make it appealing to most U.S. investors.

“A big list of retail tenants is scary,” said Ryan Dunfield, portfolio manager with Vancouver’s Second City Capital Partners, which focuses on commercial investments in the U.S.

While U.S. confidence is on the upswing in major centres, second-tier cities are hurt-ing, and assets are still available for low-ball acquisition by patient investors with a long-term perspective.

The good news is that money is becom-ing more affordable, not just in the U.S. but in Canada, giving ambitious purchasers themuscle needed to pick up assets that U.S. buy-ers won’t touch.

Dunfield said spreads on loans have fallenfrom 500 basis points to 175 basis points ona good property in a major Canadian city, for example.

“So that’s a significant squeeze in spreads, and that’s all driven – not by supply side, butby demand side,” he said, noting that demand is driven by “dividend investor flight to anythingwith yield.”

The downside to having a mix of uses is that the configuration of space might work to thedisadvantage of some components.

“Sometimes when you have mixed-use proj-ects, each use is somewhat compromised,” Levine said, noting that office space may be tucked away on a second floor without good exposure, or residential space might not beattractive.

This wasn’t the case at Grosvenor Canada’sThe Rise development on Cambie Street.

The successful project was recognized bycommercial real estate association NAIOP and the Urban Land Institute for its intelligentcombination of uses. Residential units perchatop large-format retail spaces, the homes arranged around a central rooftop courtyard soas to be secluded from the gritty urban environ-ment below.◆

ALEX YUEN 604-338-1800alex@macrealty .comMacdonald Realty Ltd.

FOR SUB-RELEASENORTH VANCOUVER 1503 SF OFFICE SPACE.

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Name

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Address

City Prov Postal code

Phone Fax E-mail

Credit Card No. Expiry Signature

Criteria: > established min 5 years with

at least 2 yrs profitable

> up to 80 km from White Rock

> manufacturing or marine

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FUNDING AVAILABLE

LITTLE OAK REALTY"All offices independently owned and operated"

Call Ray or Richard for all of your Real Estate Needs!email us at [email protected]

1-800-668-8661RESIDENTIAL, COMMERCIAL, INVESTMENT & AGRICULTURE

Ray Veenbaas 604 859 2341

Richard Riemersma 604 309 8541

Little Oak Realty

604-859-2341 TF 1-800-668-8661 #9–2630 Bourquin W., Abbotsford "EACH OFFICE INDEPENDENTLY OWNED & OPERATED"

MOBILE TIRE REPAIR $189,900

MOBILE SANDWICH TRUCKS $245,000

CONTRACTOR SUPPLY $400,000

RESTAURANT $1,200,000

MOVING COMPANY Call for details

RESTAURANT $1,500,000

5 COVES ECO RESORT ( Across Howe Sound from

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STRIP MALLCall for details

RECREATIONAL PRODUCTS BUSINESS $1,000,000 with LAND & BUILDING @ $2,750,000as Going Concern package price $3,750,000

1.78 ACRES, PROPOSED TOWNHOUSE DEVELOPMENT

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$1,500,000

BEER & WINE STORE, HOTEL & PUB

Asking $2,950,000

DEVELOPMENT BUSINESSISLAND PROPERTY

37,000 SQ FT INDUSTRIAL BUILDING ON BEATTY DRIVE ASKING $3,550,0001,800 SQ FT PROFESSIONAL OFFICES ON LOGAN AVENUE ASKING $440,000

Bill SummersDirect line: 604-626-8894 Email: [email protected]

Other Mobile Home Parks coming up in Lower Mainland and Alberta on City services. Call to get on the wait list for information.

MOBILE HOME PARKS

LOWER MAINLAND Asking $1,330,000. 7% cap

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ALBERTA

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COMMERCIAL BUILDING MISSION/DEROCHE BC

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Call the realtor who has owned and sells Mobile Home Parks. Member of the MHP Owners Association.

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www.homelifebc.comwww.homelifebc.com

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

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

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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.

South Surrey Residential Development Property

Contact Bernie Scholz Bernie Scholz Agencies

604.531.1111

$19,500,000

Toll Free: 1-888-251-2822 Direct: 604-302-3771 Fax: 1-888-804-1394 Email: [email protected]

www.mobileparks.comHomelife Glenayre Realty

Lac La Biche, AB – 58 pads, 157acres ..... 3,000,000

Brooks, AB – 28 pads, 16.75 acres .......... 1,100,000

Cherryville, BC – 25 pads, 22 acres .............. 750,000

Langenburg, SK – 60 pads, 14 acres ............ 525,000

Houston, BC - MH & RV Park, 40 ac+/- ....... 399,000

BUY1-800-661-6988

Your hunt for the right investment could be right in the pages of the Western

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A20 Sea to Sky/Sunshine Coast www.westerninvestor.com FEBRUARY 2011 WESTERN INVESTOR

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

6,000 sf Site Downtown Mixed use zoning. Only $299,000

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 $735 KPrime 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

Well Established 7yrs, popular Café & Catering company

Save-On-Foods, and by car wash

cash fl ow, good return

Downtown Squamish - “Voted Best Lunch Spot” 4 yrs in a row!

Contact:

www.barbgloor.com

$299,000 SHARE SALE

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

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

[email protected]

Do you have a

Advertise your listings in our

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

Recreational Real EstateADVERTISING FEATURE:

WESTERN INVESTOR FEBRUARY 2011 www.westerninvestor.com Vancouver Island A21

Buying, selling or leasing commercial property in Greater Victoria? Victoria area commercial REALTORS® have the knowledge and expertise you need.

Jack BarkerRE/MAX Camosun PeninsulaGarry BarsalouDevon Properties Ltd.Eric BrambleRoyal Lepage Coast CapitalJohn BruceDFH Real Estate Ltd.David BrumbyNAI Commercial (Victoria)Chris BurkeDFH Real Estate Ltd.Michael BurrBurr Properties Ltd.Fraser CampbellRoyal Lepage Coast CapitalDan ChiltonColdwell Banker First VictoriaBill ChudykRoyal Lepage Coast CapitalPeter CrichtonDFH Real Estate Ltd.

Jack DavisDavis Realty CorporationDes DennisDFH Real Estate Ltd.Fidele Di SalvoNAI Commercial (Victoria)Komal DoddRE/MAX CamosunJim DonaldsonFair RealtyGrant EvansColliers Macaulay NicollsKen FeatherbyNAI Commercial (Victoria)Brenda FergusonSutton Group West Coast RltyDennis FimriteFirm Management Corp.Wayne GarnerJonesco Real Estate Inc.Robert GarryPemberton Holmes Ltd.

Bil GreeneRE/MAX Camosun Westshore

Equitex Realty Ltd.Bev HightonNAI Commercial (Victoria)Randy HoltDTZ Barnicke Victoria Ltd.Robert HunterDevon Properties Ltd.Jason KahlKahl Realty Inc.Bill KnowlesDFH Real Estate Ltd.Ana KraftNAI Commercial (Victoria)Mike LagadynBurr Properties Ltd.Doug LeddingNAI Commercial (Victoria)

DTZ Barnicke Victoria Ltd.

Ross MarshallDTZ Barnicke Victoria Ltd.John McVieRoyal LePage Coast CapitalJason MiddletonCornerstone Properties Ltd.Ron NealRE/MAX AlliancePatrick NovotnyRE/MAX Camosun WestshoreRick PettingerDTZ Barnicke Victoria Ltd.Kevin PirieNAI Commercial (Victoria)Gail ReaneyColliers Macaulay NicollsJim RussellRoyal LePage Coast CapitalStephen SheaPemberton Holmes Ltd.Dale SheppardRE/MAX Camosun Westshore

Ed SingRE/MAX CamosunGraham SmithFair RealtyEric SpurlingProline Management Ltd.Anne TannerDTZ Barnicke Victoria Ltd.Peter TannerFirm Management Corp.Tim TaylorNAI Commercial (Victoria)Jean ThorndycraftPemberton Holmes Ltd.Clive TownleyPemberton Holmes Ltd.Dave VogelAccess Realty Ltd.Ed Williams

Robert YoungBrown Bros Agencies Ltd.

250.385.7766www.vreb.org/comwi

Investor buys Whistler subdivisionAn exclusive mountain community above

Whistler’s Creekside neighbourhood, owned by Intrawest, has been snapped up by a local private investor who plans to lend a green tinge to the neighbourhood.

Ecoasis Properties Ltd. bought Kadenwood, a ski-in-ski-out community launched by Intrawest in the fall of 2001, at the end of September for an undisclosed amount. It’s one of several assets Intrawest has sought to sell as part of a corporate restructuring aimed at paying down its debt.

Last month, a long-awaited gondola to the exclusive subdivision was commissioned, her-alding a new era for the development.

“[The gondola] tops off the ultimate enclave in North America’s top-rated ski resort,” Keith McIvor, vice-president of sales for Ecoasis, said in a statement.

The gondola is for the exclusive use of resi-dents and guests of Kadenwood, which claims bragging rights as Canada’s only ski-in-ski-out resort community directly accessible by a gon-dola. Developed by Doppelmayr Garaventa Group at a cost of $3.5 million, the gondola rises 710 vertical feet on a 25 per cent slope.

The gondola didn’t come without a fight, however.

Kadenwood residents took Intrawest to court to secure the lift, which was part of the original rezoning application Intrawest presented to local councillors, including Ken Melamed, now Whistler’s mayor.

“Intrawest was going to do a number of amenities, including trails, a park, a play-ground,” Melamed said. “There was some ski-in-ski-out potential, and this lift. It’s been a bit of a challenge to watch the time it’s taken for the gondola to be built.”

The lift’s completion is a positive sign for the community, and Melamed said prelimi-

nary discussions with Ecoasis representatives indicate the company plans to highlight the environmental qualities of Kadenwood’s final phase when it launches in early 2011.

Two phases totalling 40 lots were released prior to the downturn that hit real estate markets in late 2008, but just 18 have been developed. More homes are in the works, however, and realtor John Ryan of Whistler Real Estate Co. Ltd. believes the gondola will generate interest as Kadenwood grows to a critical mass of residences.

“The gondola pretty well separates us from any neighbourhood in North America in terms of ski resorts,” Ryan said. “It will be interest-ing to just see how it does impact the real estate up there.”

Kadenwood is set to have 60 homes when complete.

It’s one of several development projects Ecoasis principal Dan Matthews, a found-ing member of the Canada Green Building Council, is pursuing. Through Saintsbury Holdings LLC, Matthews has partnered with the Townline Group in Richmond. He is also a partner in the EcoUno Land Group, which is active on Mexico’s Baja Peninsula.

– Peter Mitham/Business in Vancouver

Housing starts soar 43 per centTtotal housing starts in B.C. soared 43

per cent in December, compared with a month earlier, reports Central 1 Credit Union. At 31,500, year-end 2010 posted the highest seasonally-adjusted rate in two years, and led by multi-family construction.

Richmond eyes industrial reservesThe City of Richmond is mapping out

land reserved for industrial development over the next 30 years to add to its existing 34 million square feet of industrial space.

Working with AECOM, a global architec-

Metro Vancouver’s condominiums are a key sector of the housing

market – and a longtime investor target – but a leading consultant forecasts that sales will tumble and prices could slumber in 2011.

Frank Schliewinsky, president of Vancouver-based Strategics, said the average price per square foot of a Metro-area highrise condo sold through the multiple listing service (MLS) increased by just 1 per cent in 2010, and he expects a similar lack-luster performance over the next 12 months.

Suburban markets will fare the worst, Schliewinsky said, predicting prices of resale condos in such areas as Coquitlam and North Vancouver could drop by up to 10 per cent by year end.

However, largely due to Asian demand, he sees a price increase of 5 per cent this year in the downtown area, the west side of Vancouver and in Richmond.

In a January report, Strategics said the average highrise condo price will remain stalled at $550 per square foot, with MLS sales falling 3 per cent across the region this year.

In the low-rise condo market, sales will remain flat and could fall by 10 per cent in sub-urban markets, from North and South Surrey to Coquitlam, Port Coquitlam and Port Moody, and by 11 per cent in East Vancouver, Strategics forecasts.

Prices of low-rise condos have already taken a hit, dropping from an average high of $386 per-square-foot in May 2010 to $349 in December.

“At the very best, 2011 may see an average price decline of 1 per cent,” Schliewinsky said.

Sales of condo apartments reached 811 in December 2010, a decline of 29.7 per cent com-pared to December 2009, according to the Real Estate Board of Greater Vancouver. The Board said the price of a typical apartment property increased 1.2 per cent from December 2009 to $387,115. However, prices are down about 3 per cent from the peak in April 2010.

Schliewinsky noted that some variables could strengthen the market. “Depending on how interest rates and immigration from China plays out, there may not be a decline in sales at all this year, but a major increase in sales is not in the forecast.”

tural and planning firm, the city has targeted sites on Mitchell Island, the Riverside area and near the Richmond Oval. The Stevenson and Garden City Road neighbourhoods south of Cambie are also on the list, according to Avison Young. The city has already designat-ed industrial reserves in Bridgeport Village, Aberdeen Village and the Van Horne District areas, where it proposes that non-industrial users will be limited to 50 per cent of total

Condo values and sales will flatline in 2011, according to a leading consulting firm.

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floor space.Under one scenario, industrial use would

also be permitted in second-storey locations, perhaps above retail outlets on No. 3 Road, with access to industrial space at the rear of the building. Steveston Village is proposed for a variety of maritime-oriented industrial users.

Richmond Council expects to be voting on the proposal early this year.◆

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

www.bcoceanfront.comPhone: 1-800-563-7322 250-287-0011

ED HANDJAED HANDJA

ALERT BAY CUSTOMS HOUSEIdeal B&B or restaurant opportunity! 3bdrms, kitchen & living area upstairs with access to a patio deck & beautiful ocean views. Downstairs: kitchen & large living areas that could be utilized as restaurant seating. Full complement of restaurant equipment. Access to public moorage facilities. Additional 1bdrm cottage. The gateway to tremendous scenery & endless adventure. $212,000

ALDER BAY OCEANFRONT RESORTAn established & profi table North Vancouver Island business situated on 29 outstanding oceanfront acres. A unique development property zoned to allow for multiple applications including resort residential subdivision, tourism, recreation vehicle development, construction of vacation cottages & commercial services as well as marina restaurant & foreshore development. $2,975,000

CAMPBELL RIVER AIRPORT2 buildings totalling 5040sqft on .22 leasehold acres adjacent to the runway. The hangar is 56’x70’ & partitioned into a 56’x46’ area ideal for small corporate jets / 5 smaller aircraft. The rear portion offers a work area, storage & offi ce. Structures are built to current seismic code, with split-face concrete block construction, metal roofs & spark proof work areas. $355,000


COMMERCIAL CITY ACREAGE7-acre development property located in Campbell River with substantial road frontage & Commercial-4 zoning. 27,400 sqft building with municipal utilities & services available at the road. An ideal property for multi-use mini storage / residential over storefront development. A strategic location with a moderate to high level of vehicular traffi c. Outstanding potential! $800,000

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

Business Is Better On Vancouver Island

Featured ListingsGreen Rock Industrial Park22 Light Industrial Lots in Prime Nanaimo Location 9,688 to 71,849 sq ftExcellent highway access and “Green” construction. $199,000 to $995,000

Seaview Centre - Parksville7 strata titled office units ranging from 490 to 1,532 sq ft. $135,000 to $380,000Package of 4 available at a reduced price.

Investment PropertyLocated in Coombs, this 18.81 acre site on the Alberni Hwy includes a mobile home park and commercial lease revenue. Well priced at an 8% cap rate.Offered for sale at $2,925,000

Commercial Building - Nanaimo18,000 sq ft site with a two storey 9,220 sq ft building. Highly visible location on Bowen Road. Offered for sale at $1,175,000

Heavy Industrial PropertyLocated at Duke Point in Nanaimo this 5 acre site is paved andfenced and includes an approximately 18,000 sq ft building.Offered for sale at $2,000,000

Tel: 1 800 769 5757 www.dtznanaimo.com

For Sale519 Acre Parcel of Oceanfront Property - Campbell River $7,500,000Preliminary approval for 18 lot subdivision. 31.83 Acre Industrial Land Parcel - North Cowichan $3,500,000Heavy Industrial Zoning. Also available for lease.2.05 Acre Prime Development Site - North Nanaimo $2,900,000On Old Island Highway adjacent to Long Lake.7.42 Acre Oceanfront Property - Port Renfrew $2,500,000Picturesque, untouched parcel at San Juan Point.New Office and Commercial Building - Central Nanaimo $1,359,0001 space left in new building on Terminal Avenue, approx 4,610 sq ft.Retail Business & Demolition Contractor $1,050,000New and used building materials in Central Island location.Lakefront Irish Themed Pub - Lake Cowichan $ 875,000Offer includes business, land and buildings including boat dock. Investment Property - Downtown Nanaimo $ 799,0007,977 sq ft building on Wallace Street.Residential Development Property - Nanaimo $ 799,0004.88 acres near the Nanaimo Parkway in the OCP.Commercial Development Property - Nanaimo $ 795,0001.2 acres with C-12 Zoning beside Nanaimo Parkway.Income and Development Property - Campbell River $ 695,0000.79 acre downtown property with leased building and parking lot.Court Ordered Sale - Waterfront Restaurant, Land, Building $ 675,000In Maple Bay. Includes self-contained 1,604 sq ft suite. Commercial Property - Alberni Highway $ 590,0001.11 acres with exceptional highway frontage. Commercial Zoned Land and Building - Port Alberni $ 269,50010,956 sq ft lot with 132 ft road frontage and 3,526 sq ft building.Light Industrial Strata Unit - Nanaimo $ 234,9001,493 sq ft in excellent Central Nanaimo location near Parkway.Commercial Strata Units - Parksville/Qualicum Beach $ 190,000 Spaces available from 1,000 sq ft - 3,000 sq ft. to $ 550,000Downtown C-17 Zoned Lot - Nanaimo $ 179,000 VIVO - Downtown Nanaimo Commercial Units $ 160,000Spaces available from 386 sq ft - 764 sq ft. to $ 279,000

Gerry Van Vaals Personal Real Estate Corporation DTZ Barnicke Nanaimo Ltd. [email protected]

Business OpportunitiesFAMILY ADVENTURE CENTRE—Nanaimo $ 149,000SEWING MACHINE & FABRIC RETAILER—Nanaimo $ 180,000FRANCHISED FAMILY RESTAURANT—Ladysmith $ 229,000ESTABLISHED PLUMBING & HEATING BUSINESS—Nanaimo $ 250,000ENGINE MACHINING & PARTS BUSINESS—Nanaimo $ 395,000JUMPING JIMINY’S PLAYLAND & CAFÉ—Nanaimo $ 469,000Well known children’s entertainment businessA&W RESTAURANT & FAMILY ADVENTURE CENTRE $ 495,000Franchise restaurant in Central Nanaimo as a package with awell known family entertainment destinationESTABLISHED PLUMBING & HEATING BUSINESS—Nanaimo $ 650,000On 7,560 sq ft lot with 1,300 sq ft buildingENGINE MACHINING & PARTS BUSINESS—Nanaimo $ 950,000With Strata Titled land and buildingSHEET METAL FABRICATION BUSINESS—Nanaimo $1,095,000Land, Buildings and up to $75,000 in inventoryLIQUOR STORE IN LEASED PREMISES—Central Vancouver Island $1,500,000FRANCHISED MOVING & STORAGE CO.—Central Vancouver Island $2,550,000PUB & LIQUOR STORE—Central Vancouver Island $3,600,000CEDAR SHAKE/SHINGLE MANUFACTURER - www.bcfshake.com $3,900,000Land, Buildings, Foreshore Leases and Equipment, Inventory extra

OBTAIN A PRIME BUSINESSTurn key, superb location in

beautiful Comox “By the Sea”Vancouver Island, BC

92 seat, (the only) family/ casual dining restaurant in Comox, extensive clientele, fully equipped/decorated. Excellent income and profit numbers.

Share sale for business or business plus 5,478 sq ft building.

Key commercial core of downtown, main street, lower level is tenanted.

Serious inquiries only. Buyer must be qualified.

CALL

EMAIL

COMOX VALLEY

Neil Woodrow250-338-3349

[email protected]

Great Franchise opportunity!

RESTAURANT

Two Curves franchises for sale in beautiful Victoria, BC. Curves is the Largest women's only fitness

franchise in North America. These well established clubs operate within a large territory and are

centrally located in high traffic areas. They feature the Newest Curves Smart Coaching System and were

winners in The Best of the City two years running. Great long-term staff in place. Be Your Own Boss with

this Profitable, Turn Key operation.

Created specifically for women, Curves offers a complete fitness and nutrition solution. The Curves

30-minute workout exercises every major muscle group and burns up to 500 calories through a proven

program of strength training, cardio and stretching.

This is a great opportunity for a new owner to transition the business and build on the solid foundation

of these two great locations. Will sell separately. Entrepreneur Magazine named Curves "The Number 1

Best New Franchise" two years in a row and "The Number 1 Fitness Franchise" for the past six years. Curves

is now located in 70 countries on 6 continents. Priced to sell only $199,000

Glenn Moore, Associate, Century 21 Advantage CommercialPhone: 403-346-6655 Fax: 403-341-7813Email: [email protected]


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$160,000$179,000$229,000

FOR SALE

$1,600,000

$499,900.00

$1,890,000.00

$1,190,000.

INVESTMENT OPPORTUNITIES TWO HIGHLY SUCCESSFUL LEARNING CENTRES

$479,000

FOR SALE OR LEASE – INDUSTRIAL PROPERTY

$699,000

REDUCED $925,000

$690,000$1,590,000

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

-

REDUCED $1,950,000

-

$4,500,000

REGIONAL ROUNDUP Sooke balances commercial land demand with an outstanding coastal lifestyle

Please see Retail page A24

WI STAFF

WESTERN INVESTOR

ooke, about 45 minutes northwest of Victoria, close to the southern terminus for the famous West Coast

Trail, takes its name from the T’Sou-ke First Nations people, the first inhabitants of the area. The area’s traditional industries have been logging and fishing. Today, tourism and commuting have become the important fac-tors in the economy of the region.

The town and district, with a population of about 12,000, continues to balance demand for commercial and industrial development with its bucolic lifestyle.

The balancing act is taken seriously in a town where saving trees appears as important as new development. This was seen recently when Sooke council held a special meeting to decide the future of two old Douglas firs in the centre of town at the Evergreen Mall. The resulting decision to remove the big trees – considered a hazard to Hydro installations – 12 days before Christmas sparked controversy, especially since one of the 150-year-old trees had tradi-tionally been decorated with Christmas lights.

“I am appalled at the destruction,” was a typical comment on a citizen blog set up to defend the trees.

Still, the District of Sooke has not shied away from encouraging new development. Last year Council launched an incentive pro-gram that provides tax holidays and other relief for new commercial and residential projects in the village’s downtown.

It has apparently paid off. Last month Prestige Hotels was hiring staff in prepara-tion for the opening of its Prestige Oceanfront Resort & Convention Centre fronting Sooke’s harbour. Meanwhile the new Mariner’s Village, the only new condominium project under con-struction in Sooke, reported that 75 per cent of the first phase had sold out. The development

boasts a mix of one-bedroom, two-bedroom and loft condominiums and townhouses, according to Connor Developments, which expects the first phase to complete this spring.

When built out, Mariner’s Village will be a blend of 375 dwelling units and approximate-ly 100,000 square feet of commercial space, including a medical clinic, as well as a 176-slip marina, boardwalk and public wharf, all in the heart of Sooke.

Mariner’s Village marketing manager Darin Chamberlain of Sutton Group West Coast Realty said the project, where units are mostly priced in the $400-per-square-foot range, has drawn a mix of “savvy” investors and owner-occupiers. “Investors are attracted when they see $400 per square foot right on the waterfront,” Chamberlain said. He added that Prestige has a bid to provide floatplane services nearby, which he said could boost the investment potential at the development.

A retail component is being added, too, but Chamberlain was shy on naming the retailers who will be setting up shop.

A separate ocean-view condominium devel-opment, Harbour View Centre, is in the plan-ning process for a 32-suite project, but so far construction has not proceeded past site prepa-ration.

Sooke’s downtown incentive plan was instru-mental in getting the Mariner’ – s Village proj-ect underway, the developer confirms.

The incentives are in the form a local bylaw that provides for a tax exemption for LEED-standard revitalization projects, waiver of fees and charges and the creation of a capital improvement reserve to encourage commercial

(TOP) Mariner’s Village mixed-use water-front condo project has sold out 75 per cent of its first phase, which completes this spring. (RIGHT) View of the Sooke waterfront: lifestyle draws many young

families from Victoria, 45 minutes away.

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Plans for a large resort project at Port Renfrew near Sooke on Vancouver

Island has drawn a wave of protests led by surfers, environmentalists and local First Nations.

The plan’s opponents met in Victoria in December for a demonstration against developer Ender Ilkay’s plan to build 279 vacation cottages, retail and a recreation centre on the near-500-acre site.

“We are going to start campaigning for a moratorium on the resource lands until they have identified nodes for economic development,” said Gordon O’Connor of the Dogwood Initiative, an environmental group that organized the meeting with the Jordan River Steering Committee and Forest Action Network. The meeting was chaired by former federal environment minister David Anderson, according to a report in the Victoria Times Colonist.

Pacheedaht Chief Marvin McClurg is supporting the proposed resort, but other band members said they have not been consulted.

The seven parcels, stretching over seven kilometres beside the West Coast Trail, were bought by Ilkay after the province let Western Forest Products (WFP) take 28,000 hectares of private land on the Island out of tree farm licences.

WFP then put 2,550 hectares of land in the Juan de Fuca electoral area up for sale. The Capital Regional District quickly bought some of the highest-profile land, near Jordan River surfing sites and other popular recreation areas, as parkland.

A new official community plan and land-use bylaws for 132,000 hectares of rural resource lands emphasizes wil-derness but potentially allows low-key tourism development and resource extrac-tion.


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.

COMING SOON47 Unit apartment block, substantially renovated.Top of its class in this City. Zero Vacancy. Excellent Management, Cap @ approx. 9% Ask. Watch for this exciting Investment. 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

RICHARD GOLDNEY 1-800-668-3622 [email protected]/MAX ANCHOR 113 2 Ave W Box 1890

FULL PICTURES ON LINE

www.rgoldney.com

Port Alice $625,000Port Alice RV Park, Campground, Restaurant & Laundromat

Ucluelet $959,0002 acre Fishing unloading and ice plant. 500 lineal feet waterfront plus foreshore rights.

Parksville $525,0004.3 acres of land on the new Island Hwy.

REBCO Manufacturing Ltd $50,000REBCO truck boxes(beds) and liners for full size trucks

Coombs $85,000Prancing Pony Gifts in the side portion of World famous “Goats-On-The-Roof” Coombs Country Market.

Central Vancouver Island $559,000Seller fi nancing available. Forest Coach Tours Ltd. Forest Transport Services Ltd.www.forestbustours.com

Parksville $1,300,000Approximately 1300 feet boarding on the new Island Highway. Forest Coach Tours Ltd includes 9.35 acres, 1962 sq.ft industrial shop with 3 phase power and out buildings.

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.

CASTLE COVE

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

JO KLASSEN’S RESTAURANT:-17 years, highly successful -sells more seafood than any restaurant on Vancouver Isl.! -over 46,000 meals sold per year!! Asking $339,900

COMMERCIAL STRATA DOWNTOWN COMOX-Hi profile, hi traffic location w/ huge street frontage-840 s.f. in prestigious Comox Quay Asking $340,000

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

7.5 ACRES LOT, ALR ZONED-piped water in ground at each end of property-area of Country Hobby Farms & Estates-just 5 minutes South of Courtenay Asking: $250,000

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

Coast Capital Realty

Great Commercial / Residential Condo AcreagePRIME LOCATION IN SOOKE TOWN CORE CTC1 Zoning is Highest and Best Zoning Available!

• 1.71 Acres, Near All Amenities.

• Ideal for phased Commercial Units on ground level with Ocean View Condos above.

• Zoning allows Medical Center, Retail, Shopping Centre, Hotel, Motel, Theatre & more!

• Existing 2 bdrm house and detached 2 car garage.

MLS 277854 Only $1,350,000

[email protected]

Colin Corby & Associates 250.642.6361

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

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

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

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

$695,000

from A23and higher-density development in the town centre. LEED-certified buildings could be eli-gible for a 100 per cent rebate on the municipal property taxes in the first year, 60 per cent in the second and 30 per cent in the third.

For high-density residential, incentives extend to reductions in property taxes and building permit fees and up to 30 per cent cut in development cost charges,

Despite the incentives, not much new com-mercial real estate development has taken place in the past year, confirms John Vernon, a local Re/Max realtor. The local Shoppers Drug Mart has expanded and there has been jostling of tenants in the downtown retail strip, he said. The Sooke business community is based in the downtown core and consists of two grocery stores, pharmacies, a hardware store, two shop-ping malls, several financial institutions and medical services. There are also a number of home-based businesses and a nearly sold-out industrial park.

“About 90 per cent of workers in Sooke com-mute to Victoria,” Vernon said, noting that in Sooke, real estate is primarily residential.

The average price of a Sooke detached house, according to the Victoria Real Estate Board, is $380,000, virtually unchanged from a year ago and far below the Greater Victoria average of $647,063.

In Sooke’s Sunriver Estates subdivision, new houses start at $340,000, though many are priced in the $600,000 range, Vernon said.

While its proximity to Victoria would sug-gest a large retirement population, Vernon saida number of young families are also buyingin Sooke to take advantage of its recreation-al opportunities. The beaches from Sooke Harbour along the 74 kilometres of Pacific Marine Circle Route to Port Renfrew, offer spectacular views and fishing, he noted.◆

Population 12,000Average detached house price $380,000New-condo prices, per sq. ft. $400Main employers Tourism, commercial fishing, government

SOOKE

Vancouver Island

Straight of Georgia

Salish Sea

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Lower Mainland

Langford

Port Renfrew

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WESTERN INVESTOR FEBRUARY 2011 www.westerninvestor.com Vancouver Island A25

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

New development on Ucluelet harbour located next to main pier in centre of town. Heavy tourist area. Commercial/Residential mix. Further

info available

$2,800,000

WHISKY LANDINGFORECLOSURE SALE

UNLIMITED BUSINESS OPPORTUNITIESWelcome to Cedar Lodge currently running as a B&B, but why not consider a Health Centre, Wellness Spa or Adventure Retreat? Resort has recently completed upgrades to offer four self contained suites, a huge custom kitchen and vaulted great room. All bedrooms and suites have decks or patios and there is a wonderful glassed in porch next to the kitchen. Brand new shop, 2 double carports and lots of parking. There is also an updated three bedroom house located on this private 3 1/2 acre lot. $750,000

POWELL RIVER OPPORTUNITIES

AARON MAZUREK, PREC. 1-604-414-8699

12 UNIT OCEAN VIEW TOWNHOUSE2 buildings for sale. Each building has 6 2-bedroom town homes in it. Each unit offers a covered patio and porch, ocean view deck and a large carport. Town homes have oak fl oors under carpets and concrete block construction to provide sound and fi reproofi ng. There are also 2 separate laundry and utility buildings plus extra parking with paved lot. Good income and cash fl ow. call now for all the details. $495,000 REDUCED TO $395,000 until Feb 28/11.

MEXICAN CASA & CASITAUnique and charming residential/commercial property on 1/4 acre in the heart of downtown Powell River with a stunning ocean view home, a large private organic garden/orchard and glass greenhouse. As a bonus, the property includes a small restaurant, located directly on Marine Avenue. Aside from the stunning ocean views, this property is ideally positioned for taking advantage of traffi c on Marine Ave. This business is currently being rented and operated as a restaurant and brings $1,250 a month in rent. $420,000

WHITECAP REALTY PARKSVILLE

SUBDIVIDABLE ACREAGE$499,000

BUSINESS FOR SALE

NANAIM0 REVENUE PROPERTY

DAN JACK [email protected]

PUB AND LIQUOR STORE

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

WOODGROVE MANORDesirable Uplands Area of Quesnel, BC

PORT HARDY

SEAWIND ESTATES$900,000

NANAIMO

YACHT CLUB AREA$2,588,000

Reduced From : $2.750M to $2.550MBrand New Individual Suite Appraisal $82,000

Full Property Management Services(Residential and Commercial)including Facility Management

Services on Vancouver Island andin Prince Rupert, B.C.

Contact Duncan MacKenzie1-250-658-8060

[email protected]

www.randallnorth.ca

email: [email protected]

84 UNIT HOTEL Individually Strated Units

www.travelodgeparksville.comFOR A VIRTUAL TOUR

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 $1,500,000Subs

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BOSTON PIZZAEstablished profitable location

Financing availablewith 35% down

OAC purchaser must be approved by Boston Pizza

Prices at $750,000 assets

IAIN MACDONELL (604) 328-3929

WWW.MACDONELLS.COMRE/MAX SELECT

PROPERTIES


MAKE MORE DEALS

▲ ▲MARCH AD DEADLINE FEBRUARY 14TH

Report: The Land IssueResidential land developmentFee simple native landCosting per buildable footFranchise NewsRecreational PropertiesRegional Roundups:BC: LangleyAB: LloydminsterSK: SaskatoonSpotlight: Flin Flon, MB

APRIL AD DEADLINE MARCH 14TH

Report: 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.


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: LandQuest Realty, New Westminster. LandQuest agent Matt Cameron sold the following:Deal: 9,000-square-foot log home on 90 acres of waterfront, North Thompson River near Kamloops. Bought by a European investor with plans for an equestrian centre. Price: $1.85 million.

From: McLeod Realty Team, Edmonton. McLeod owner Robert McLeod reports the following:Deal: Lease and sale of six-bay, 12,588-square-foot commercial property on 91 Street, Edmonton. Price: Units sold for an average of $200 per square foot; leases for an average of $13 per square foot.

From: Prestigious Properties Group ,Canmore. Prestigious senior vice-president Scotty Grubb reports the following:Deal: 120-unit apartment building, N.W.

Calgary. Bought as part of Prestigious’ investment property portfolio. Price: $14.6 million.

From: NAI Commercial, Vancouver. NAI agents Terry Harding and Jackson Tanglisted and sold the following:Deal: Apartment-building portfolio of three properties sold for Boardwalk Equities.Calgary, 105 units; Coquitlam, 41 units; and Burnaby, 79 units. Price: $32.8 million.NAI agent Jon Meder sold the following:Deal: 20,000-square-foot office building, Columbia Street, New Westminster. Price: $1.77 million.NAI agents Ken Hicks and Ken Kiers of NAI Langley sold the following:Deal: 27,912-square-foot mini-storage facility on three acres, with 145 units, in Parksville. Sold for Storage Vault CDN to Younghusband Holdings. Price: $2.8 million.NAI agent Peter Seed sold the following:Deal: 29,197-square-foot retail strip mall on 2.39 acres, Tabor Boulevard, Prince George. Price: $3 million.

From: DTZ Barnicke, Vancouver. DTZ agent Dan Mussendon sold the following:

Deal: 46,365-square-foot industrial building on 1.97 acres, Burrows Road, Richmond. Price: $4.8 million.Deal: 9,000-square-foot commercial building on 8,162-square-foot corner property, Main Street, Vancouver. Price: $2.6 million. DTZ agent Stephen Webber sold the fol-lowing:Deal: 12,969-square-foot commercial site, Burrard Street, Vancouver. Price: $7.6 mil-lion.

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

12,588-square-foot commercial property Edmonton, sold for $200 per square foot.

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29,197-square-foot retail building, Prince George, sold for $3 million.

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Luxury log home on 90 acres of riverfront sold for $1.85 million.

NANAIMO & VANCOUVER ISLAND PROPERTIES

DALE SHORTTBus: (250) 758-3700 TOLL FREE 1-800-665-8313

FULLY 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

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. $795,000

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

RENTAL HOMES 5 houses all together, all rented on 5 separate adjoining lots, buy 1,2 or all 5.

NANAIMO DUPLEX3 bedrooms per side, 2 separate titles. Excellent income. $419,000

NORTH NANAIMO 51 UNIT APPROVED PLAN FOR OCEAN VIEW CONDOS

Over 1/2 acre site. Financing available. Asking $1,250,000

23 ACRES $459,000 40 ACRE PARCEL Subdividable into 5 acre country estates.

Priced at S595,000

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

Cost estimates available. Asking $1,475,000

30 ACRE FARM – NANAIMO Jingle Pot Area.

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

INCOME PRODUCING + REVENUE PROPERTIES

5 PLEX NANAIMO 5 meters, over $4,500 monthly revenue. Asking $749,500

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

NEW WALK ON WATERFRONT TOWNHOME $509,000 NO GST, NO HST

HOME WITH SUITE ON 1.6 ACRES Subdividable property. $459,900 .

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

over $10,000 monthly. Asking $1,100,000

71 UNIT APARTMENT BLOCK 4 separate buildings. New Renos. Over $500,000 spent. North Island location. Over $27,000 monthly income. Management in Place. $2,350,000

HERITAGE APARTMENT BLOCK13 self contained units.1 commercial space pluslease pub & license.Gross revenue $10,000/month.Asking $999,000

WATERFRONT FIXER UP HOME PLUS COTTAGE On beautiful Protection Island. Sewer & water. 10 minutes by ferry to Nanaimo. $529,900

FORECLOSURE COURT ORDERED SALES

38 Front Street Units for sale. Call Dale for available units.

3 ACRE TOWNHOME DEV SITE Stunning ocean view up to 30 units. $995,000

FORECLOSE DOWNTOWN NANAIMO OCEAN VIEW Mid Rise Development site. Zoned C28, allows for

commercial and multi family. $695,000

FORECLOSURE OCEAN VIEW DEVELOPMENT 9 Acre, 30 lot subdivision in Chase River

Quiet neighbourgood property is beautifully treed And would accommodate 30 – 36 single family

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

H O T E L S & P U B S

HOTEL & WINE & BEER STORE 8 suites, pub. Close to Nanaimo airport. $1,190,000NANAIMO BUSINESS OPPORTUNITY AVAILABLE IMMEDIATELY

Lease with option to purchase this Nanaimo restaurant lounge fresh food market. Popular martini lounge with adjoining fresh food market conve-nience store. 70 seat lounge and restau-rant. 18 seat patio. All equipment. $124,500

INCOME PRODUCING + REVENUE PROPERTIES

NORTH NANAIMO OCEAN VIEW CONDO DEV SITE Trades Welcome. Approved plan with city for 23 units.

$459,000

3 ACRE OCEAN VIEW DEV SITE North Nanaimo unrestricted ocean view.

JUST LISTED; FANTASTIC OCEAN VIEW RM-5 Dev site, urestricted views, overlooks cruise ship pier.

Approved for 36 condos, No DCC’s. $729,000

OCEAN FRONT CONDO DEV SITE 24 units, approved plan, overlooks new marina.

Presale included. $1,500,000

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

PACIFICA OCEAN FRONT CONDOS

1 BEDROOM PLUS DEN $239,900

FOR LEASE – JUST LISTED 115 Seat Pub. Central Vancouver Island area.


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 SABRE REALTY

DEVELOPMENT OPPORTUNITY

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 CAN LAUGH AT MONEY WORRIES

--- IF YOU FOLLOW THIS SIMPLE PLAN

Buy low, allow time to compound, take advantage

of tax breaks, use Professional advice.

Say goodbye to your boss, and come own this turnkey biz in Abbotsford. Sales of

books and teacher supplies. Easy biz to learn and owner

will train.

*R.V camp ground close to Hope, BC. Development

opportunity with subdivision approved, for 49 lots. This is one of those rare

offerings, act accordingly. $1,349,000.

www.wildrose.canbyours.com

Garth Olson Re/Max Treeland Realty 604-533-3491 [email protected]

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 CLS # 4023345

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 - 2,060 sq. ft. Excellent exposure

New tenant incentive

Lease $12/sq ft.

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

Well maintained building

Lease from

$6.50-$14/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!

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 8% Cap RateQuality National Tenant. Full info w/ Confidentiality

Agreement $5,999,000 #V4024073-Call or email David!

INVESTMENT OPPORTUNITY

7.99 ACRES INVESTMENT OPPORTUNITY

Wow! 7.99 Acres SR-1 zoned, not in ALR, with 1258 Ft of road frontage, plus large bsmt home, shop, barn & other out buildings. Langley Twp says can be subdivided. Absolutely beautiful property in super location. Fenced & cross fenced with numerous fields/pastures and nicely treed for character. Large family setting among lots of fruit trees old barns/out buildings. Very rare property! 6309 240 St. Langley

GARY HOOGE 604-533-3491

$1,899,000 New Price

Documents

Western Investor - Feb 2011