Western Investor February 2011 Section A

Page 1

www.naicommercial.ca Commercial Real Estate Services, Worldwide.

COURT ORDERED SALE – BEST WESTERN INNS & SUITES, TUMBLER RIDGE BC

GARY HAUKELAND 604-683-7535 OR JD MURRAY

s ACRES 0ENDING 3UBDIVISION s .#0 SHOWS 2- MULTIPLE RESIDENTIAL s !DJACENT TO PROPOSED SUPERSTORE s $15.0 mil

ER T D AC N R U NT CO

s # ZONING s 2ESIDENTIAL COMM MIX s RES SUITES COMM 5NITS s $2.488 mil

STORAGE OPPORTUNITIES s &RASER 6ALLEY )NTERIOR AND 3UNSHINE #OAST

COMMERCIAL LAND – ABBOTSFORD s .EXT TO NEW 350%2-!,, s AC # ZONED s 2ES #OMM USES ALLOWED s !SKING

or 1-800-890-9855 KEN KENHICK HICK 604-534-7974 KEN KIERS KIERS OR OR KEN kiers@naicommercial.ca

MERRITT, BC OPPORTUNITIES

GRANDVIEW HEIGHTS SOUTH SURREY

KITSILANO, VANCOUVER 2864 WEST 4TH AVENUE

RECENTLY SOLD! s -ID )SLAND 3ELF 3TORAGE &ACILITY s 3OLD

INDUSTRIAL LAND – AGASSIZ s ACRES n TITLES #AN BE PURCHASED SEPARATELY s - (EAVY )NDUSTRIAL s ACRES PAVED s !SKING

967 ACRES s :ONED 2ES )NDUSTRIAL s (UGE 'RAVEL 2ESERVES s MIN TO -ERRITT s Priced at $8.0 Mil ($8,275/acre)

MINI STORAGE ON 1 ACRE PARCEL s UNIT 3ELF 3TORAGE &ACILITY s 2OOM TO EXPAND BY ACQUIRING ADJACENT ACRE SITE s 0ROFORMA ./) s $1.475 Mil

ALFRED LEUNG 604-889-6807 FOR LEASE 8,459 SQ. FT. SHOWROOM & W/H s $ 5.50 s.f. plus $2.50 s.f. T.N. NAI GODDARD & SMITH CHRIS LANGHAUG 604-240-6224 NAI COMMERCIAL

JUST LISTED – HOT PRICE s 5NIT 4OWNHOUSE 3ITE s !C 2 - & ZONING s 3ERVICES AT STREET s Asking $749,000

NEW PRICE 11.4 ACRES DEV. LAND ADJACENT TO WAL-MART s 6ENDOR HAS OTHER INTERESTS s .OW ONLY $2.99 Mil K AC

SPLIT ZONING s !C $EVELOPMENT 3ITE s :ONED 2 HIGH DENSITY M F # SHOP CTR #OMM s Asking $2.95 Mil

3 LIGHT INDUSTRIAL LOTS s ACRES EACH Amazing price $59,900 ea.

or 1-800-890-9855 CHRIS LANGHAUG 604-534-7974 langhaug@naicommercial.ca

INVESTMENT PROPERTIES FOR SALE LANGLEY AREA INDUSTRIAL FREE STANDING BLDG.

s SQ FT 7AREHOUSE /FlCE s ACRES PAVED LOT s &INISHED OFlCE WITH MEZZANINE s (EAVY POWER FENCED AND SECURE YARD s %XTRA YARD AREA n 2ARE s $2,500,000

INVESTMENT/END USER FREESTANDING BUILDING

s )NDUSTRIAL -ULTI TENANT BUILDING s &REESTANDING WITH WAREHOUSE AND OFlCE s SQ FT TOTAL UNITS s 0RIME #ENTRAL ,ANGLEY ,OCATIONS s $2,100,000

COMMERCIAL ZONED LAND s ,ANGLEY #ITY SQ FT s # :ONING 2ETAIL AND /FlCE s %XPOSURE ON &RASER (WY s )DEAL FOR MIXED USE s #OMMERCIAL OR 2ESIDENTIAL COMPLEX s 0ROPERTY IS %NV CLEAN AND VACANT s Asking Price $1,350,000

DON MACDONALD, CCIM OR TODD BOHN 604-534-7974 or 1-800-890-9855 s donmac@naicommercial.ca

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

VANCOUVER • LOWER MAINLAND • VANCOUVER ISLAND SECTION

$4.29 FEBRUARY 2011 Vol. 26/Issue 2

15 STIR STARTS STREET FIGHT

Pushback against citybacked rental tower

â–²

s STOREY UNIT HOTEL s SQ FT CONFERENCE CENTRE s SEAT LICENSED FURNISHED RESTAURANT s # ZONING n 4RAVEL #OMMERCIAL s Price: $7,500,000

SELF–STORAGE FACILITY s UNITS ACRES s 6ANCOUVER )SLAND s !SKING

Granville Street property owner Mohamed Ahmed names mayor and developer in his $10 million lawsuit

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 SPECIAL SECTION • B12

HOT PROPERTIES R E C R E A T I O N A L R E A L E S T A T EE

PUBLICATIONS MAIL AGREEMENT 40069240 RETURN UNDELIVERABLE CANADIAN ADDRESSES TO CIRCULATION DEPARTMENT: 102 EAST 4TH AVENUE, VANCOUVER, B.C. V5T 1G2

washington virgin berry land

38.42 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 28 SUITE APARTMENT BUILDING, LANGLEY

t .PTUMZ CFESPPNT FYUFOTJWFMZ renovated t DBQ t t $MFBS UJUMF

DON DUNCAN / CHRIS DRIVER / PERSONAL REAL ESTATE CORP.

BRETT AURA

FOR SALE 37 ROOM MOTEL

FOR SALE

HIGH VISIBILITY INVESTMENT OPPORTUNITY

t ,OJHIUT *OO .PUFM JO ,BNMPPQT #$ t -PDBUJPO OFBS IJHIXBZ TIPQQJOH University t #SFBLGBTU SPPN MBSHF PXOFS T TVJUF PO HSPVOE nPPS t "TLJOH

t 8FTU SE "WFOVF 7BODPVWFS #$ t TG PGmDF CVJMEJOH t ;POJOH $ t 7BDBOU QPTTFTTJPO t "TLJOH

t 'VMM DJUZ CMPDL o 1SJODF (FPSHF #$ t TG PO BDSFT t 5XP UFOBOUT t /FU JODPNF PG PWFS QFS ZFBS o SFUVSO t "TLJOH

BRETT AURA DON DUNCAN

FOR SALE - SALT SPRING ISLAND RESORT

t 1PSU ,FMMT /PSUIXFTU -BOHMFZ *OEVTUSJBM Area t . )FBWZ *OEVTUSJBM [POFE t TG TQSJOLMFSFE ESZ TUPSBHF building t -BSHF PGmDF GVMMZ QBWFE TJUF t %FUBJMFE QSFTFOUBUJPO BWBJMBCMF

t BDSF MBLFGSPOU SFTPSU QSPQFSUZ PO 4BMU Spring Island t DPUUBHFT BOE GPVOEBUJPOT GPS B MPEHF and pool building t 1PUFOUJBM GPS B UPUBM PG DPUUBHFT

WILLIAM N. HOBBS

HIGHWAY EXPOSURE

t 5SJQMF " UFOBOU 1SJODF (FPSHF t 7FSZ NPEFSO JOEVTUSJBM GBDJMJUZ t $VSSFOU JODPNF t "TLJOH QSJDF

DAVID POTTINGER

PERSONAL REAL ESTATE CORP.

FOR SALE - 5.8 TO 10+ ACRE RAIL SERVICED SITE

PERSONAL REAL ESTATE CORP.

www.westerninvestor.com FEBRUARY 2011 WESTERN INVESTOR

BILL RANDALL / DON DUNCAN / CHRIS DRIVER / PERSONAL REAL ESTATE CORP.

239 - 241 E. 1ST AVE

SINGLE-TENANT INVESTMENT

t 8IPMFTBMF TQPSUT o ,BNMPPQT t """ DPWFOBOU t SFOUBM HSPXUI t $VSSFOU /0* t 1SJDF

ERIC WALKER

FOR SALE - $1,065,000

t /P 3PBE 3JDINPOE #$ t BDSFT FYDFMMFOU MPDBUJPO TG home t "HSJDVMUVSBM MBOE

PERSONAL REAL ESTATE CORP.

BILL RANDALL

BRAD NEWMAN-BENNETT/ DAVID POTTINGER

RON EMERSON

FOR SALE: BRAND NEW STRATA BUILDING

94,040 SF INDUSTRIAL BUILDINGS ON 10.28 ACRES

FOR SALE - 15 LEGAL SUITE S. GRANVILLE APARTMENT

t /PSUI 'SBTFS 8BZ t TG t #VJMU CZ 5IF #FFEJF (SPVQ t *EFBM GPS PXOFS VTFS JOWFTUPST t %PDL HSBEF MPBEJOH DFJMJOHT

t -PDBUFE JO 1SJODF (FPSHF t PDDVQJFE t 8FMM CFMPX SFQMBDFNFOU DPTU t "TLJOH QSJDF

*SEAN UNGEMACH MICHAEL THOMPSON

BILL RANDALL

BILL RANDALL

t 0VUTUBOEJOH 4PVUI (SBOWJMMF MPDBUJPO t 4UFQT UP (SBOWJMMF 4USFFU TIPQQJOH t 7FSZ XFMM NBJOUBJOFE XJUI SFDFOU SFOPWBUJPOT t "TLJOH 1SJDF

DON DUNCAN / CHRIS DRIVER / PERSONAL REAL ESTATE CORP.

PRIME OKANAGAN DEVELOPMENT OPPORTUNITY

t -BLFTIPSF %SJWF 0TPZPPT #$ t BDSF TJUF t 7JFXT PG 0TPZPPT -BLF t -BTU MBSHF EFWFMPQNFOU QSPQFSUZ JO the area t 1SJDF SFEVDFE UP

MARK GALLAGHER LEAH COLLINGS

t 5XP MFHBM UJUMFT BDSFT

t TG NBOVGBDUVSJOH GBDJMJUZ t $VSSFOUMZ MFBTFE VOUJM 'FC t $BO CF NBEF BWBJMBCMF PO B WBDBOU CBTJT

t 8PPE -BLF %FWFMPQNFOU 4JUF t %JTUSJDU PG -BLF $PVOUSZ #$ t BDSFT QMVT BDSF 8BUFS -PU Lease t "TLJOH

MARK GALLAGHER HUDGE PARMAR

FOR SALE - 1.85 ACRE DEVELOPMENT SITE

FREE STANDING MEDICAL BUILDING, MAPLE RIDGE

FOR SALE 10.65 ACRES

t #SPBEXBZ 4USFFU 1PSU $PRVJUMBN t BDSF TJUF t . [POJOH t %1 JO QMBDF GPS TG CVJMEJOH t 4JUF IBT CFFO QSFMPBEFE t "TLJOH

t TG DPODSFUF CVJMEJOH PO acre lot t "ODIPSFE XJUI #$ #JPNFEJDBM t -PDBUFE PO UI SJHIU PGG -PVHIFFE Highway t 4UBCJMJ[FE OFU JODPNF t "TLJOH

t 1JUU .FBEPXT t $% t BDSFT t BDSFT

ERIC WALKER

t 3FUBJM TUSBUB VOJU t TG t .PUJWBUFE WFOEPS t

ALASTAIR FERGUSSON

FOR SALE - HIGH EXPOSURE CLOVERDALE PROPERTY

CRAIG BALLANTYNE / ANDREW LAURIE

JAMESON HOUSE OFFICES

t 0GmDF JOWFTUNFOU PQQPSUVOJUZ t 4USBUB PGmDF nPPST GPS TBMF t 0XO JO UIF IFBSU PG UIF $#% t "WBJMBCMF .BZ

JENNIFER ROBERTSON

t &YDFMMFOU JOWFTUNFOU returns t 4USPOH UFOBOU covenant t 4UBCMF DBTI nPX t $BSF GSFF MPOH UFSN net leases t "TLJOH

BART VANSTAALDUINEN

t &YDFMMFOU FYQPTVSF BOE BDDFTT UP )JHIXBZ t TG PG CVJMEJOHT t )JHIXBZ $PNNFSDJBM *OEVTUSJBM [POFE t "TLJOH

DAVID CANNING BILL RANDALL

PERSONAL REAL ESTATE CORP.

PERSONAL REAL ESTATE CORP.

t TJOHMF TUPSFZ CVJMEJOHT MBSHF MFWFM MPU t 1FNCFSUPO #$ t "TLJOH

GROCERY ANCHORED SHOPPING CENTRE

INVESTMENT PROPERTY & BUSINESS OPPORTUNITY

917 DENMAN STREET, VANCOUVER, BC

FOR SALE-3 FULLY LEASED INDUSTRIAL BUILDING PORTFOLIO

COURT ORDERED SALE

PERSONAL REAL ESTATE CORP.

COURT ORDERED SALE

ERIC WALKER

DAG MEYER

BRETT AURA

GREG MILES

t 6OEFS t 4USPOH DPWFOBOUT t 1SJNF MPDBUJPOT t &BTZ UP NBOBHF

PERSONAL REAL ESTATE CORP.

LEE HESTER

PERSONAL REAL ESTATE CORP.

PERSONAL REAL ESTATE CORP.

*SEAN UNGEMACH KYLE WILSON

BILL RANDALL

FOR SALE BC RETAIL PORTFOLIO

FOR SALE - LIGHT TRIPLE AAA TENANTS RESIDENTIAL DEVELOPMENT INDUSTRIAL WAREHOUSE INVESTMENT OPPORTUNITY LAND t 7JDLFST 8BZ 3JDINPOE #$ t #BOL PG /PWB 4DPUJB BOE $BOBEB 1PTU

PERSONAL REAL ESTATE CORP.

t #SJUFXBTI $BSXBTIJOH 4ZTUFNT *OD t BDSFT BU )BTUJOHT #VSOBCZ t 'VUVSF EFWFMPQNFOU QPUFOUJBM t $% [POJOH t "TLJOH

t 1SJODF (FPSHF t TG PO BDSFT t -FBTFE VOUJM +VMZ t 4USPOH DPWFOBOU t "TLJOH

PERSONAL REAL ESTATE CORP.

BRETT AURA t /PSUI 7BODPVWFS t TG CVJMEJOH t 1SPKFDUFE JODPNF t 1VSDIBTF QSJDF

RICK EASTMAN

PERSONAL REAL ESTATE CORP.

FOR SALE - INVESTMENT

t #FBVUJGVM NVMUJ GBNJMZ TJUF XJUI GBOUBTUJD views t $FEBS 7BMMFZ $POOFDUPS Mission, BC t "TLJOH

BILL RANDALL

PERSONAL REAL ESTATE CORP.

HUDGE PARMAR

t 'SBTFS )JHIXBZ 4VSSFZ #$ t TG TIPQQJOH DFOUSF t BDSFT PO 'SBTFS )JHIXBZ t

t 8FTU ,FMPXOB %FWFMPQNFOU 4JUF t "$3&4 XJUI TVCEJWJTJPO QMBO GPS FTUBUF MPUT t 4NJUI $SFFL CFUXFFO (MFOSPTB BOE Shannon Lake t "TLJOH

CHRIS J. NEWTON

OKANAGAN LAKE FRONT DEVELOPMENT SITE

t 7FSOPO #$ t BDSFT t "QQSPYJNBUFMZ GFFU PG MBLF GSPOUBHF

*CRAIG HAZIZA ADAM FRIZZELL

MARK GALLAGHER LEAH COLLINGS

FOR SALE

FOR SALE - 2.7 ACRES OF INDUSTRIAL LAND

t 8IJTUMFS %FWFMPQNFOU 1BSDFMT t BDSFT BDSFT t &YDMVTJWF QSJWBUF BOE TQFDUBDVMBS scenery of Whistler, Blackcomb and Green Lake

t -PDBUFE DMPTF UP )8: )8: t ;POFE * BOE 4FSWJDFE t -PDBUFE JO "CCPUTGPSE # $ t "TLJOH

WILLIAM N. HOBBS

MARK GALLAGHER LEAH COLLINGS

PERSONAL REAL ESTATE CORP.

RARE FREESTANDING 5 UNIT INDUSTRIAL BUILDING

SINGLE - TENANT INVESTMENT

PERSONAL REAL ESTATE CORP.

SILVER CHALICE PUB HOPE, BC

t 4JMWFSWJFX 3PBE t 1VC BOE #FFS 8JOF 4UPSF t .BOZ mYUVSFT DIBUUFMT JODMVEFE t TG CVJMEJOH PO BDSF t

BILL RANDALL

PERSONAL REAL ESTATE CORP.

t 5VQQFS "WFOVF $PRVJUMBN #$ t TG PO BDSF t 0XOFS VTFS PQQPSUVOJUZ XJUI JODPNF t /FX SPPG t &YDFMMFOU MPDBUJPO OFBS )JHIXBZ *LFB *$#$ t 4BMF QSJDF

RICK EASTMAN

PERSONAL REAL ESTATE CORP.

t /BOBJNP "UIMFUJD $MVC t BDSFT t #VJMEJOH TG t /0* BOOVBMMZ t "TLJOH

ERIC WALKER

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

$0/5&/54 '&#36"3: 7"/$067&3 Â… -08&3 ."*/-"/% Â… 7"/$067&3 *4-"/% 4&$5*0/

41&$*"- 4&$5*0/ Â… #

FEATURES 15 0/ 5)& $07&3 3FOUBM UPXFS USJHHFST MBXTVJU

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

HOT PROPERTIES 3&$3&"5*0/"- 3&"- &45"5&

City-inspired project too close for comfort, neighbour claims

11 1BSLJOH XBST NBZ DMBJN WJDUJNT

"%7&35*4*/( %*3&$503:

Operators pushed to wall by soaring taxes, slowing demand

17 .JYJOH VTFT GPS NBYJNVN HBJO

#64*/&44 0110356/*5*&4

8 4&37*$&4 20 4&" 50 4,: 46/4)*/& $0"45 3&(*0/

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

23 4PPLF 8FTU $PBTU MJGFTUZMF ESBXT JOWFTUPST District offers incentives for right type of business

2–19 -08&3 ."*/-"/% 3&"- &45"5&

21–27 7"/$067&3 *4-"/% 3&"- &45"5&

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

COLUMNS

#64*/&44 0110356/*5*&4

.03& 0110356/*5*&4 ™

6 8&45&3/ 1&341&$5*7& 9 -&("- 13& 4"-& 1305&$5*0/ 21 8)"5¤4 )"11&/*/( */ #3*5*4) $0-6.#*"

… */5&3*03 # $ … "-#&35" … 05)&3 1307*/$&4 … '3"/$)*4&4 ™ 4&& 4&$5*0/ #

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 @ w e s t e r n i n v e 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

RETAIL USER

Big 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 t GENERAL COMMERCIAL t $1,400,000

Located 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 t 20,000 SF t $2,375,000

Lease 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.

RON BENNETT COMMERCIAL REAL ESTATE Ron Bennett

SUTTON GROUP WEST COAST REALTY

CALL

(USN Ret.)

/ Owner - Broker

1-360-671-9440 U www.RonBennett.com

fax 604-888-3261 Don Munro 604-817-7338 botsold@intergate.ca

COMMERCIAL / INDUSTRIAL

ACREAGES

SURREY 19518 32nd Avenue s !CRES #AMPBELL (EIGHTS s $ESIGNATED "USINESS /FlCE 0ARK

LANGLEY LANGLEY 48th Avenue & 216th St 27691 Downes Road s !CRES PARCELS s !CRES s "DRM (OME W LOFT LANGLEY 27449 60th Avenue s ,ARGE 3HOP AND "ARN s !CRE 0ARCEL LANGLEY s ,ARGE #OUNTRY (OME 889 Lefeuvre Road WITH (ELPER 3UITE MAPLE RIDGE CHILLIWACK 21163 Lougheed Highway s 0OSSIBLE &UTURE 0OTENTIAL s !CRES 7730 Old Orchard Road LANGLEY s ,ARGE -USHROOM &ARM s %ASY !CCESS TO s !CRES s !CRES s 3HOP #OMPOSTING 27031 Fraser Highway 4RANS#ANADA (IGHWAY s 4RANS#ANADA (WY s !CRE 0ARCELS &ACILITY %XPOSURE s (IGHWAY FRONTAGE s SQ FT LOT s - - )NDUSTRIAL ZONING LANGLEY s 'ROWING "ARN 2IVER FRONTAGE s :ONED # #OMMERCIAL 0OTENTIAL 27571 60th Avenue s -ULTI 5SE "UILDING s $ESIGNATED ), ,IGHT s !CRES )NDUSTRIAL CHILLIWACK SURREY LANGLEY s (OUSE AND -ODULAR 45860 Cheam Avenue AGASSIZ 11151 Bolivar Street & 20552 24th Avenue (OME & 9070 Birch Street 6958 Pioneer Avenue s 0ROPERTIES TOTAL !C 13340 112 Avenue s !CRES s SQ FT &ULLY LANGLEY s SQ FT #OMMERCIAL s "EDROOM s !CRES ON CORNER ,EASED #OMMERCIAL "LDG 24421 Fraser Highway /FlCE "UILDING 3TOREY (OME s /FlCE /RIENTED ,EASE s :ONED #( (IGHWAY s !CRE 0ARCEL s !CRES s -OBILE s :ONED #4 4OWN 3PACES #OMMERCIAL s 0OSSIBLE &UTURE 0OTENTIAL s 0ADDOCKS s /N 3ITE 0ARKING #ENTRE #OMMERCIAL CHILLIWACK FOR LEASE 44580 Yale Road s SQ FT BUILDING s !CRES s SQ FT FENCED COMPOUND ZONED - 3ERVICE )NDUSTRIAL

✓ VALUE FOR $

LANGLEY 203-20771 Langley Bypass s SQ FT COM MERCIAL STRATA s &ULLY LEASED s %XCELLENT )NCOME 0ROPERTY

✓ GOOD RETURN

✓ TENANT COVENANT

✓ UPSIDE

SURREY 18148 92nd Avenue s !CRES s &UTURE $EVELOPMENT 0OTENTIAL s $ESIGNATED #LUSTER 2ESIDENTIAL SURREY 188th Street & 80th Ave s !CRES s &UTURE 0OTENTIAL CHILLIWACK 51140 Ruddock Road s !CRES s 0OTENTIAL FOR ,OTS CHILLWACK 700 Columbia Valley Road s !CRES s 0RIME &ARM ,AND

✓ CAREFREE

A4 Lower Mainland

www.westerninvestor.com FEBRUARY 2011 WESTERN INVESTOR

13*7"5& */7&4503 -00,*/( '03 "1"35.&/5 #6*-%*/(4 4FSJPVT BOE DBO BDU RVJDLMZ 8JMM QBZ NBSLFU WBMVF 7BODPVWFS -PXFS .BJOMBOE

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HOTELS, APARTMENT BUILDINGS and SITES in VANCOUVER, 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, cafÊ & retail. Upgraded. Makes money! $2,588,000 + terms with $550,000 down!

9*7=255. $;9..; '*7,8<=.9

1* + ,.(!). ,!. %' +,*+!,.%!- %) .$! $! ,. *" , )0%''! .,!!.

$1.5-87 $,8;; $;.=. *6.

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$2687 26 *=2- %*?589

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• 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

!1 ,! / ! +,% ! 0!, /%' '! "*, (/'.%" (%'3

• 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

2.5- $;9..;

PAUL MURPHY (604) 986 1586 email: pmurph@telus.net

WESTCOAST REALTY

FOR SALE 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, ofďŹ ces, teaching, training, and conference facilities, in support of research and development in a number of key areas. CALL LARRY AT 604-689-8226

'2,;892*

$

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4316 FRASER 3900 sq ft building Lots of opportunity $1,225,000 Call SANDI

89; .5:87 8;.5

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.

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FOR SALE

%

8

This 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 cafĂŠ of about 400 sq ft plus a 1,600 ft 2nd r fully equipped ofďŹ 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

"<..7: $;9..;

UNIQUE PROPERTIES

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

CATERING BUSINESS & COMMISSARY KITCHEN The building may be leased or purchased

*732; 5*29.

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

'2,;892*

$

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

817 .. >.7 )*;.:

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www.UNIQUEPROPERTIES.ca

Dexter Associates Realty Commercial Real Estate, Your Trusted Advisors:

Larry Traverence, Sandi Fratino

Call 604-689-8226 for results

# " ! " # ! " & !" " !! ! " " $ !# $ ! ' ! $ ! " " ! "' !" " !! "! # $ " ! ! % " " !" " ! & #! $ " ! # "# " ! ! " " " ! # ! ! ! ! "! ! " ! # " ! $ " "# " ! # ! !" " " **)(*

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

9*7=255. $;9..; ;1 5889 '*7,8<=.9 @ @ >>> ,8552.9: ,86 =*7,8<=.9

Lower Mainland A5

WESTERN INVESTOR FEBRUARY 2011 www.westerninvestor.com

APARTMENT BUILDING SPECIALIST PARKSVILLE

PENTICTON

EAST VANCOUVER

31 Unit Apartment Building Completely rebuilt in 2000 5.09% Cap Rate

75 Unit Apartment Building Close to Skaha Lake, Central location Gross Income $547,222

11 Unit Apartment Building Cap Rate 6.13% Renovated and fully rented

NORTH VANCOUVER

NEW WESTMINSTER

COURTENAY

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

12 Units – Heritage style Penthouse – 2 Bedroom + den Gross Income $103,920

33 Units – Central location Tenant base is seniors Potential Cap Rate 6. 4%

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

604.263.2823

STRATA OFFICE SALE/LEASE

FOR SALE/LEASE

INDUSTRIAL SALE/LEASE

1955 East Hastings Street, Vancouver 0RIME OWNER OCCUPIER OPPORTUNITY 8,134 sq ft office/showroom/warehouse 0RIVATE PARKING s $OCK LOADING

3410 Lougheed Highway, Vancouver n SQ FT s 2EDUCED LEASE RATE New concrete office development Adjacent to Rupert SkyTrain station

1683 East Pender Street, Vancouver Development/redevelopment opportunity SQ FT WAREHOUSE s -# ZONING Dock and grade loading

6010 Trapp Road, Burnaby 61,995 sq ft on 4.4 acres (EAVY MANUFACTURING FACILITY s 0OTENTIAL PARTIAL VENDOR LEASE BACK s 2EDEVELOPMENT OPPORTUNITY

Ryan Saunders, Mitch Ellis

Don Mussenden, Anthony Lux

Don Mussenden

Steve Caldwell, Chris McIntyre

INDUSTRIAL SALE

INDUSTRIAL SALE

INDUSTRIAL SALE

INDUSTRIAL/OFFICE SALE/LEASE

5371 Regent Street, Burnaby 41,000 sq ft warehouse/manufacturing 5,000 sq ft office on 2.02 acres - ZONING s (IGHWAY EXPOSURE

125 Glacier Street, Coquitlam 2 units: 15,000 sq ft + 16,115 sq ft on 1.34 acres Owner/user opportunity with potential MORTGAGE HELPER s CLEAR CEILING HEIGHT

2130 Hartley Avenue, Coquitlam SQ FT s LOADING DOORS &ULLY PILED v REINFORCED FLOOR s #RANES (EAVY POWER s .EAR CASINO

375 Lynn Avenue, North Vancouver 3,600–11,000 sq ft STRATA units available .EW 2IVERFRONT BUILDING s CEILINGS PHASE POWER s (IGHWAY PROXIMITY

Steve Caldwell

Chris McIntyre, Steve Caldwell

Steve Caldwell

Rand Thomson

INDUSTRIAL SALE

INDUSTRIAL SALE

INDUSTRIAL LEASE

DEVELOPMENT SITE FOR SALE

Unit 5 - 3009 Murray Street, Port Coquitlam 2,088 sq ft strata warehouse unit High quality office finishings Grade level loading

2511 Vauxhall Place, Richmond Rare freestanding building in North Richmond 6,875 sq ft of ground floor space on 0.326 acres 'RADE LEVEL LOADING s WAREHOUSE CEILING

7280 River Road, Richmond 37,440 sq ft manufacturing/warehouse/office (EAVY ELECTRICAL s !MPLE PARKING $4.75 per sq ft

16144 - 84th Avenue, Surrey ACRES s -ULTI FAMILY COMMERCIAL Holding income Asking price $3,995,000

Steve Caldwell

Casey Bell, Anthony Lux

Mark Elworthy, Casey Bell

Tony Capolongo, Stephen Webber

e ic Pr

INDUSTRIAL SALE

n io ct du Re

For more information and other available listings please contact our ofďŹ ce or visit our new website Tel: (604) 684 7117

Sign up for e-mail newsletters at www.dtzvancouver.com

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 veriďŹ cation. DTZ Barnicke Vancouver Limited, Real Estate Brokerage 02/2011.

A6 Lower Mainland

www.westerninvestor.com FEBRUARY 2011 WESTERN INVESTOR

(PWFSONFOU DSFBUFT CJ[BSSF TPDJBM IPVTJOH 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 others. This way the residents could each collect $375 per month in government housing assistance. This generated 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 residents 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 mortgage payments or lose their homes, those on social assistance are virtually guaranteed a low-priced home for life. We don’t begrudge those taking advantage of government to beat the highest housing 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. landlords 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 resistance to the construction of low-cost rental housing.

8&45&3/ 1&341&$5*7&

Institutional Quality

Self-Storage Properties For Sale United States of America

Michelle Watson 480-326-9520

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 landlords in B.C. does not win elections.

/&95 .0/5)

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’BRIEN EDITOR wieditor@biv.com

Publisher Cheryl Carter Editor Frank O’Brien Contributing 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: 1-888606-6267. 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.

ADVERTISING DEADLINE February 2011 issue: February 14, 2010

UNIQUE FRANCHISING OPPORTUNITIES

In Western Canada 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 “handson”. 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

michelle.watson@marcusmillichap.com

Coronation West Realty

GLENN

Personal Real Estate Corporation

YAMADA

CELL: 604-240-2749 EMAIL:

g-yamada@shaw.ca

COMMERCIAL AND RESIDENTIAL REAL ESTATE SINCE 1989

LAND DEVELOPMENT

Condo Site $2.3M

SOLD

UÊ, {]ÊÓÇÊÕ ÌÃ]Ê6> V ÕÛiÀÊ >ÃÌ

NEW !!ÊÊGloucester Estates, 1.6 acres - $1.45M UÊÓÇÓÈxÊ ÕViÃÌiÀÊ7>ÞÊ Ê -Ê6{äÓÓ££x SOLD UÊ Ó Êâ }]Ê iÛi Ê Ì]Ê> ÊÃiÀÛ ViÃÊ>ÌÊ ÌÊ i FOR LEASE

NEW !!ÊÊ3,000 SF 2nd floor space UÊ ÕÀÀi Ì ÞÊ>Ê > ViÊ-ÌÕ` ÊÉÊ«iÀviVÌÊv ÀÊ >ÀÌ > Ê ÀÌà UÊ É/Ê* ÀÌÊ µÕ Ì > ÊqÊ ««À Ý°Êf{]äääÊ °Ê À ÃÃÊÀi Ì Sutton Premier Realty

YOUNG YOON, B.A. AND TEAM 604-808-5024 YOONY@SUTTON.COM

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

CEL: Young Yoon EMAIL:

To view listings, please visit

WWW.YOONYO.COM 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.

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

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

Retail Coquitlam

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

Authorized Mobilicity Dealership

Port Hardy Town Home Investment

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 Vancouver Island. 2 bedroom town home $125,000 with guaranteed monthly rentals of $700.00/mo. Limited time offer.

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 RESTAURANT Expensively set-up Korean BBQ restaurant Hotel level kitchen set-up. Excellent décor 6870 sq ft. Share Sale Reduced to $380,000

WHITE ROCK BEACH FRONT $1.4 MIL Beach front by the pier One storey bldg. leased to long term tenant 2001 sq ft land and 2001 sq ft building Over $400 mil sold over 12 years. FVREB Commercial member Medallion 2006,2007, & 2008 Sutton Masters Awards Retail or income properties, motels, RV park WANTED ( out of town OK )

WWW.YOONYO.COM

MEHRAN MOALLEM

B.Elec. Cert. Marketing

Business and Commercial Consultant

With over 25 years combined sales and retail experience

778-858-9025 mehranmoallem@gmail.com IsYourBusinessForSale.com

Waste Disposal Business UÊ-> iÃÊf Ê Ê

DVD Rental Store in Coquitlam, 20 years established DVD rental store with over 20000 titles in a great location with recent total remodel$149,000 Store front for sale/Lease in Coquitlam, brand new 930 sq ft ing, will train zoned for retail with lots of parking lease or purchase

Building & Business

BUSINESSES, LAND & BUILDING

RE/MAX CITY COMMERCIAL DIVISION

Pub, Land and Building

SOLD SOLD

$4 Mil. $2.7 Mil.

NEW!!ÊGreek Mediterranean Restaurant $450K UÊ-> iÃÊf£Ê ÊÉÊ iÌÊÌ Ê Ü iÀÊfÓxä UÊ >«>V ÌÞÊ ÊÇxÊ« ÕÃÊ£nÊ«>Ì ÊÜ Ì Ê µÕ ÀÊ Vi Ãi UÊ/À Ê Ì iÃÊ>Ài>Ê Ê v `i Ì > ÌÞÊ>Ê ÕÃÌ°Ê v Ê« }°Ê>Û> >L i MEAT AND DELI SHOP $229K UÊ-Õ«iÀÊÌÕÀ iÞÊLÕðÊÜ iÀiÊÌ ÃiÊÜ Ê ÞÊÜ> ÌÊÌ iÊLiÃÌÊ} UÊ/À V Ì iÃÊ>Ài>Ê Ê}Ài>ÌÊ V>Ì ÊÉÊ > ÊV «iÌ Ì UÊ ÃÌ>L à i`Ê£ÓÊÞÀÃ°Ê Ûi Ì ÀÞÊ "/Ê V Õ`i`Ê­fÎä ® UÊ Ì ÞÊ À ÃÃÊ,i ÌÊfÎ]n {Ê« ÕÃÊ -/ UÊ Ài>ÌÊÌÕÀ iÞÊLÕà iÃÃÊ «« ÀÌÕ ÌÞÊv ÀÊÌ iÊÀ } ÌÊ«iÀà UÊ-> iÃÊfÈää ÊÉÊ iÌÊÌ Ê Ü iÀÊf£Óä °°Ê v Ê« }°Ê>Û> >L i NEW!! CARIBBEAN PIZZA & RESTAURANT $59,900 UÊÊ{nÊÃi>ÌÊÀiÃÌ>ÕÀ> ÌÊÜ Ì Ê µÕ ÀÊ Vi ViÊÊÊÊÊÊÊÊÊÊ Ê UÊÊ µÕ «°Ê V °ÊÜ> ÊV iÀ]Ê}À ]ÊÇ½Ê `Êv> ]ÊiÌV°Ê UÊÊ Ài>ÌÊ V>Ì Ê Ê6> V°Ê >ÃÌÊ >ÃÌ }ÃÊ-Ì°Ê Ê UÊÊ >ÃÞÊÌ ÊV > }iÊv `ÊÛi ÕiÊ Êi°}°Ê/>«>ÃÊ >À NEW !! HAIR AND BODY SPA $42K UÊÊ µÕ Ì > ]Ê ÃÌ°ÊxÊÞÀðÊ"Ü iÀÊÜ> ÌÃÊÌ ÊÀiÌ Ài]ÊÊÊÊÊÊÊÊÊÊÊÊ UÊÊ6iÀÞÊ Vi ÞÊÀi ½`]Ê{ÊÃÌÞ ÃÌÊÃÌ>Ì Ã]ÊÎÊë>ÊÀ Ã]ÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊ UÊÊ iÜ ÞÊw à i`ÊÜiLÊà ÌiÊ V Õ`i`Ê UÊÊ£]Ç nÊ- ]Ê À ÃÃÊÀi ÌÊfÎ{ Ê­fÓ]n{äÊ Ì ®ÊEÊ -/ UÊÊÎÊÞÀÊ>ÛiÀ>}iÊ}À ÃÃÊfÓxx ]Ê{ÊÞÀÊ>ÛiÀ>}iÊ iÌÊfxÓ UÊÊÓÊÃÌÞ ÃÌÃÊEÊ£ÊiÃÌ iÌ V > ÊÉÊ Ûi Ì ÀÞÊ ÌÊ V Õ`i`

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

Lower Mainland A7

WESTERN INVESTOR FEBRUARY 2011 www.westerninvestor.com

Vancouver Of๏ฌ ce 604 687 7331 s

FEATURED LISTING

s

For more information visit our website

www.avisonyoung.com

FEATURED LISTING

FOR SALE โ 7770 & 8398 North Fraser Way, Burnaby

s 0RIME INDUSTRIAL DEVELOPMENT SITES s #$ - - :ONING s ,OCATED IN THE "IG "END AREA OF 3OUTH "URNABY s %STABLISHED INDUSTRIAL MARKET

s 3ITE ! ACRES s 3ITE " ACRES s !SKING $6,196,000 s !SKING $17,604,000 +PIO -FDLZ .BSL )BOOBI .BUU 5IPNBT ,ZMF #MZUI

FOR SALE โ Royal Towers, 140 - 6th Street, New Westminster s UNIT APT BUILDING W GROUND m OOR RETAIL s 0OTENTIAL TO ADD SQ FT OF ADDITIONAL DENSITY s 0ROMINENT CORNER LOCATION SPECTACULAR VIEWS s /VER MILLION SPENT IN COMPLETE RENOVATION s !NNUAL .ET )NCOME s 1SJDF 3PC (SFFS .JDIBFM ,FFOBO #BM "UXBM

FOR SALE โ 1881 Sumas Way, Abbotsford s (OTEL AND RETAIL PROPERTY s 3TABILIZED ./) OF s 3ITUATED IN !BBOTSFORD HOSPITALITY CORRIDOR AND RETAIL NODE .BSL )BOOBI 3PC (SFFS s .JM .JDIBFM ,FFOBO

FOR SALE - 1915 Stainsbury, Vancouver

FOR SALE/LEASE โ 1455-1475 East Georgia Street, Vancouver s 3& OF OFl CE WAREHOUSE AVAILABLE s ) ,IGHT )NDUSTRIAL :ONING s $OCK 'RADE LOADING s QTG +PIO -FDLZ 4USVBO 4BEEMFS

FOR SALE โ Dalton Hotel - 759 Yates Street, Victoria s 0RIME CORNER LOCATION AT "LANSHARD 9ATES CE ED s 3IGNIl CANT INCOME FROM RETAIL COMPONENT I C PRDU s /PPORTUNITY TO ALSO ACQUIRE ON SITE LIQUOR STORE RE AND RESTAURANT BUSINESSES #BM "UXBM .JDIBFM ,FFOBO

SOLD - 398 West Broadway, Vancouver s &REE STANDING CORNER FACILITY LD O s 2ETAIL /Fl CE USE S s TG

SOLD โ Industrial Products Building

s 2ECENTLY RENOVATED TWO STOREY OFl CE BUILDING s 3HORT TERM SALE LEASEBACK OPPORTUNITY s 3IGNIl CANT RESIDENTIAL REDEVELOPMENT POTENTIAL 4USVBO 4BEEMFS 3PC (SFFS

SO

LD

.JDIBFM ,FFOBO #FO -VUFT

s &IRST CLASS WAREHOUSE OFl CE SHOWROOM PROPERTY s ! !VE 3URREY s 9EAR LEASE BACK 'FSHVT $BNFSPO

FOR SALE - 12941 115 Avenue, Surrey s ACRE INDUSTRIAL PROPERTY s 0ILED PRELOAD AND SERVICED s ย BLOCK OFF OF FUTURE 0ERIMETER 2OAD INTERSECTION Uร fร ]nรครค]รครครคร ร +PIO &BLJO .JDIBFM 'BSSFMM

FOR SALE โ 144 & 174 176th Street, Surrey

FOR SALE โ 9771 186 Street, Surrey

FOR SALE - 2342 Windsor Street, Abbotsford s -ULTI TENANT OR SINGLE USER CONl GURATION s .EWLY LANDSCAPED AND RENOVATED s SF 7AREHOUSE ON ACRES s &ENCED AND PAVED YARD AREA s +PIO &BLJO .JDIBFM 'BSSFMM

s ACRES IN PRIME 0ORT +ELLS LOCATION s ,IGHT )NDUSTRIAL ZONING s /UTSIDE STORAGE PERMITTED s BDSF

.JDIBFM 'BSSFMM +PIO &BLJO FOR LEASE โ 320 Terminal Avenue, Vancouver

UN

DE

RC

TR ON

T AC

s #/524 /2$%2%$ 3!,% s ,OCATED AT 0ACIl C (WY TRUCK CROSSING s ACRES WITH DEVELOPMENT POTENTIAL s .JDIBFM 'BSSFMM +PIO &BLJO

FOR LEASE 23200 Gilley Roadโ Bridgeview Shopping Centre, Richmond

+PTI 4PPLFSP +VTUJO 0NJDIJOTLJ

s !NCHORED BY 0RICE3MART &OODS s 5NITS AVAILABLE RANGING FROM n SF s 3TAND ALONE PAD WITH DRIVE THRU OPPORTUNITY s SURFACE PARKING STALLS "OESFB (WP[EBOPWJDI +BNFT 4IBOESP

FOR SALE โ "My Garage" Secure Strata Storage, SE Richmond s #USTOMIZED %XECUTIVE STORAGE FOR COLLECTOR CARS MOTORCYCLES 26S s 0RIDE OF OWNERSHIP n LIKE MINDED OWNERS s SF n SF OPTIONS AVAILABLE 3PCFSU + (SJUUFO .JDIBFM "MMFO

SUBLEASE - 88 West Broadway, Vancouver s 3 & !VAILABLE )MMEDIATELY s (IGH VISIBILITY CORNER LOCATION WITH SIGNAGE EXPOSURE s 1UALITY RETAIL IMPROVEMENTS s 3UBLEASE UNTIL !PRIL .BUU 8BMLFS -FOJB $BMJDP

FOR SALE โ 12294 104th Avenue, Surrey s )NDUSTRIAL INVESTMENT WITH UPSIDE n GREAT CASH m OW s %XCESS LAND FOR ADDITIONAL BUILDINGS s SF ON ACRES s .JDIBFM 'BSSFMM +PIO &BLJO

LEASE โ 1112 West Pender Street, Vancouver s 5NITS FROM 3 & s 0ROFESSIONAL OFl CE SPACE s $OWNTOWN AT 0ENDER AND 4HURLOW s 6ERY COMPETITIVE GROSS RENTS 'FSHVT $BNFSPO

SALE- 5810 โ 5830 Vedder Road, Chilliwack s UNIT #HILLIWACK APARTMENT COMPLEX s "UILT IN THE LATE S WELL MAINTAINED WITH ELEVATORS IN ALL BUILDINGS s &IRST TIME EVER LISTED FOR SALE โ ข .JMMJPO .BSL )BOOBI 3PC (SFFS

FOR LEASE โ 929 Granville Street, Vancouver s 'RANVILLE RETAIL FOR LEASE s -AIN &LOOR 4OM ,EE -USIC "UILDING s 3& 5P TO 3& WITH BASEMENT s (ERITAGE BRICK BUILDING WITH WOOD POST BEAMS 'FSHVT $BNFSPO

FOR LEASE/SALE โ 1550 E. Hastings St, Vancouver s 0RIME #OMMERCIAL 0ROPERTY s (IGH TRAFl C EXPOSURE s SF SITE FEATURES EXISTING BUILDING s &ORMER -AZDA DEALERSHIP .BSL )BOOBI 3PC (SFFS 4USVBO 4BEEMFS

FOR LEASE โ 990 Homer Street, Vancouver s &OUR m OORS OF ^ SF EACH ARE AVAILABLE s #HARACTER 9ALETOWN OFl CE SPACE WITH OPEN PLAN CEILING s %XTERIOR SIGNAGE POTENTIAL FOR LARGER TENANTS s ,ARGE BASEMENT STORAGE 'FSHVT $BNFSPO

s SF BUILD TO SUIT OFl CE RETAIL BUILDING INDIVIDUAL m OORS AVAILABLE s 2EADY FOR OCCUPANCY LATE s !DJACENT TO -AIN 3TREET n 3CIENCE 7ORLD 3KYTRAIN 3TATION s #OMPETITIVE LEASE RATES TENANT INDUCEMENT PACKAGES OFFERED

A8 Lower Mainland/Services COMMERCIAL MORTGAGES

" 5 ) , $ % 2 3 s $ % 6 % , / 0 % 2 3 2 % ! ,4 / 2 3 s ) . 6 % 3 4 / 2 3

ALSO, Industrial, Multi-Residential & Construction

We can arrange

LEAKY CONDO FINANCING Full Building Repairs, Upgrades & Remediation

BUSINESS LOANS Acquisitions, Expansion, Equipment & A/R

604-552-4392 www.paramountfinancial.biz Over 12 YEARS in business !

www.westerninvestor.com FEBRUARY 2011 WESTERN INVESTOR

" , FOR ALL TYPES OF COMMERCIAL PROPERTY:

MORTGAGE FUNDS

UÊ «>ÀÌ i ÌÊLÕ ` }Ã UÊ Ýi` ÕÃi UÊ-ÌÀ>Ì>ÊÀiÌ> UÊ Ìi É Ìi UÊ `ÕÃÌÀ > ÊÜ>Ài ÕÃi UÊ ÃÌÀÕVÌ É`iÛi « i Ì

for all your Commercial or Industrial Needs

>ÃÌÊ ««À Û> ÊUÊ*ÕÀV >ÃiÊ ÀÊ,iw > Vi

All inquiries to bobw@firstcitizensmortgage.com or phone Bob Williams @ 604-533-8288

FOR LEASE OR SALE *À iÊ ÎÊ>VÀiÃÊ TWO 18 HOLE ÃÕ iÀÊ ÊÌ iÊ Ê THEMED Ì ÕÀ Ã Ê - ÕÃÜ>« V>Ì MINI-GOLF Ê i > COURSES ON LANDSCAPED PROPERTY

604-565-6370

UÊ Õ Ê-iÀÛ Vi`Ê Vi Ãi`ÊV>ÃÕ> Ê wÊ iÊ` }ÊÀiÃÌ>ÕÀ> ÌÊEÊ«>Ì °Ê UÊ >ÃÌiÀÊLÕ «iÀÊL >ÌÃ]Ê>ÀV>`i]Ê ViÊVÀi> ÊL>À] ÈÊ > iÊL Ü }Ê> iÞÊÜÉÊV à VÊ } Ì }°Ê UÊ,i Ì> Ê iÊ Êà ÌiÊ«>ÀÌÊ vÊ«À «iÀÌÞ°Ê UÊ/ÕÀ iÞÊ i>ÃiÊ V Õ`iÃÊ> Ê iµÕ « i ÌÊÌ Ê «iÀ>ÌiÊLÕà iÃÃ°Ê UÊ6iÀÞÊ ÜÊÃÌ>ÀÌ Õ«Ê ÛiÀ i>`tÊ *iÀviVÌÊv> ÞÊLÕà iÃÃt

michaellee@origingroup.ca

i > \Êfamilyfun4sale@gmail.com Û Ã Ì\ www.familyfun4sale.com

The Origin Group — Mike Lee

1-877-848-6370

Macdonald Commercial R.E.S. Ltd FOR SALE • Kitsilano Strata unit, fully leased 1,363 Sq. Ft. 5% Return $689,000 FOR LEASE • Prime Kerrisdale retail space on 2100 block, West 41st Ave. | 5,395 Sq. Ft. Eric Poon | 604.714.4768 | www.EricPoonCommercial.com OKANAGAN GOLF DRIVING RANGE FOR SALE - Land, Building & Business Approx. 10 acres in ALR List Price $1,975,000 Gary Khan | 604.714.4799 | flash1@telus.net FOR SALE – STRATA RETAIL OPPORTUNITY/FULLY TENANTED 555 North Road, Coquitlam BC • 4 commercial strata lots • Currently 100% leased to six tenants • 24 parking stalls • Available either Individual or Bulk sale • Across from Lougheed Town Centre FOR SALE – 107 UNIT SRO/3 LIQUOR LICENSES/CORNER LOCATION • Call for details / UNDER CONTRACT FOR SALE – KAMLOOPS/67 ROOM FULL SERVICE BOUTIQUE HOTEL • Call for details FOR SALE – WATERFRONT DEVELOPMENT SITE • Harrison Hot Springs / Harrison Lake • Opportunity to build 4 storey / 25 units • 138 Ft. of frontage / 26,310 Sq. Ft. site • Asking $2,580,000 Brian Tattrie | 604.714.4783 | btattrie@telus.net | www.BrianTattrie.com 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 $2,095,000 UNDER CONTRACT • 16 Units, Port Alberni, Reduced to $1,797,000 (6.3% Cap) RECENT SOLD • 19 Units, Metrotown For complete information packages including pictures & financials, view online: www.GOODMANREPORT.com

BRITISH COLUMBIA REGION

David/Mark Goodman | 604.736.5611 | mark@goodmanreport.com BUSINESSES / PROPERTY FOR SALE Brian D. Kennedy 604-331-2211

Jonathan P. Wong 604-331-2218

MORTGAGE FINANCING For all your real estate financing needs www.peoplestrust.com

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 reputation, 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

PRAIRIE REGION

SURE SLIM FRANCHISE B.C. International franchised wellness clinic specialising 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 | whampton@shaw.ca or Dennis Germyn | germyn@shaw.ca 604.590.2444 | www.investmentcanada.biz Dennis K. Aitken 403-205-8203

Daniel Stewart 403-205-8202

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

A9

WESTERN INVESTOR FEBRUARY 2011 www.westerninvestor.com

If either of these requirements have not been met within the nine-month period, the developer 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 agreements. With strong demand for new homes and correlated rising market values, the pre-sale process 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 the buyer has had a reasonable their agreement to purchase. opportunity to read the appliThroughout this time, most cable Disclosure Statement. developers and their advisAfter this buyer has signed a ers developed a good working purchase agreement with the understanding of REDMA and developer, REDMA gives the a basic comfort level as to what buyer an additional seven days constituted compliance. to walk away from the agreeMost developers are aware ment with no strings attached. that if they fail to properly This seven-day rescission comply with REDMA, it could is viewed as a “cooling off� result in the applicable purchase period, where an otherwise agreement becoming unenfrenzied buyer is able to more forceable. Accordingly, develPETER TOLENSKY carefully review the Disclosure opers have always been well Statement and evaluate his or advised to ensure they comply her purchase decision after leaving the sales with the rules and regulations. centre. As many projects are marketed under REDMA with certain variables still outstanding (such as certain title matters or specific 5FTUJOH UIF NBSLFU The second function that REDMA serves is to amenities added to the project), the law also assist in keeping the multi-family market effi- provides developers with the flexibility to idencient, as it permits developers to determine the tify changes in the project or to correct othviability of a development project by undertak- erwise incorrect information contained in an ing a sales campaign before being required to earlier Disclosure Statement. In most cases, as commence construction and take on the associ- long as such changes do not alter the identity of the developer or signal the appointment of ated cost and risk. Provided that the developer has control of the a receiver (or similar person) to act on behalf relevant lands and has proceeded through the of the developer due to financial problems, municipal entitlement process to a sufficient amendments to the Disclosure Statement do stage, the developer can market the project via not give buyers the ability to break their conthe Disclosure Statement process. tract. REDMA simply requires that any factors Once marketing has commenced, REDMA provides the developer with nine months to that could be expected to affect the value, obtain a building permit and any required price or use of the property must be reflected financing to ensure adequate arrangements in an amendment to the Disclosure Statement are in place for the purpose of installing utili- that is to be filed with the superintendent ties and services associated with the project. 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

4VSWJWJOH QSF TBMFT he real estate market continues to be a hot topic in British Columbia, due in large part to property values 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 operate in this environment. An understanding of its function is critical for both developers and property buyers.

5

#VZFS QSPUFDUJPO

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 developer 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

-&("- "''"*34

#SFBLJOH B EFBM

The recent global economic woes have not left the British Columbia real estate market untouched. As a result, some buyers have now turned to the courts to seek relief from their contractual obligations under purchase agreements 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 decision of Maguire v. Revelstoke Mountain Resort Ltd. Partnership. The essence of these cases is that the REDMA requirement for a developer to disclose its estimated project construction commencement and completion dates are material items. The courts ruled that developers should be required to amend their Disclosure Statements as soon as the developer knows these estimated dates are incorrect. In both of these cases, the developer’s failure to so comply with REDMA allowed the buyers to walk away from their contracts. As anyone who has undertaken a home renovation can attest, construction timing is perhaps one of the most unpredictable aspects of real estate development. All that Sandcastle and Maguire say is that a delay of many months from the originally estimated timing is considered a fundamental matter. The fact that the associated purchase agreement contains an outside date for completion or that the buyer has been kept informed by the developer as to construction timing through other communications, like project update emails, is not enough. From the court’s perspective, in order to adequately protect the buyer, any changes in estimated timing must be communicated via an amendment to the Disclosure Statement. These recent cases clarify that developers are wise to err on the side of caution by filing amendments to Disclosure Statements more frequently and sooner than they may otherwise have 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 604-6853456.

-PXFS .BJOMBOE

75th Ave Bell Rd

I-10

Sun Valley Pkwy

411th

Ave

A10 Lower Mainland Call Today For Your Management Proposal!!

Property Management 7 7

www.westerninvestor.com FEBRUARY 2011 WESTERN INVESTOR

Unique & Sound Investment 8-9% NET RETURN Marriott Pinnacle Hotel

Townhome Development Site Morgan Creek Heights

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.

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

We give you our full attention at fair and competitive rates! Ph: 604-864-6400 T/F: 1-877-864-6424

Tony Alves 604 889-7008

www.strataschoice.com email: colleen@strataschoice.com 1A 33820 South Fraser Way, Abbotsford, BC V2S 2C5

Sutton Centre Realty

Each office is independently owned and operated.

Gold Dust CafĂŠ Building

FOR SALE OR LEASE Established for over 4 decades; the building is situated in the heart of 100 Mile House. - Main oor 2800 SF has full ďŹ xtures for turnkey 72 seat restaurant / cafĂŠ with 2200 SF basement. The 2nd oor ofďŹ 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. MLSÂŽ Terry A Young 604-970-3808 1-800-665-1455 terry@terryyounghomes.com RE/MAX Crest Realty

Dean Thomas, CCIM s CELL WWW REMAX COM RE/MAX dEANTHOMAS REMAX NET RESULTS REALTY

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, ďŹ ve loading bays, 1800 sq. ft. of ofďŹ ce space as well as a 3 bedroom caretaker suite. Now available for sale at $4.3 million or for lease at $9 NNN.

Chilliwack Light Industrial Central location in Chilliwack, this 3000 sq. ft. warehouse light manufacturing facility has ofďŹ ces, mezzanine and upper oor ofďŹ ces. Available at $2500 per month Gross or can be purchased at $369,900.

Warehouse in Chilliwack 4600 sq. ft. warehouse for lease in central location in Chilliwack. Permitted use includes light manufacturing, retail, ofďŹ 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

Corney Les RE/MAX Corney Les Realty

www.morechilliwackrealestate.com

604-795-6938

Blenz Master Franchise & Franchise Opportunity in Vancouver, Vancouver Island, Ontario & Alberta Blenz Franchises ....................... $200K - $368K Steamrollers Franchise Opportunity, SFU, Port Moody, Robson St ..........................$275K each Wired Monk Master Franchise & Franchise Opportunity. Wired Monk .......................................... .............................. $199,900, $135K, $229K, $299K Titan Motorcycle Single & Master Franchises Available in British Columbia, Ontario and Alberta Canadian Carpet & Tile Vancouver, two locations: ............................................................. $300K, $200K Wired Monk Franchise - Vancouver ......................... ............. $262K-$350K depending on location

www.matthewmoadebi.com www.vancouverfranchise.ca

Matthew Moadebi 604-329-6771 (Cell)

Attention Agents: REACH QUALIFIED BUYERS FOR YOUR LISTINGS

call Gary Takahashi toll-free: 1-800-661-6988 direct: (604) 608-5111 or fax: (604) 669-2154 gtakahashi@westerninvestor.com

m.m7430@gmail.com

OFFICE STRATA UNITS

COMMERCIAL DEVELOPMENT SITE - LANGLEY

1050 PACIFIC ST (Main OfďŹ ce Entrance) Unique opportunity to own a dual use strata consisting of a 613 sf ofďŹ ce 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  roof deck. $1,690,900

21427 83rd AVE near 216 St. proposed interchange in Willoughby Heights in Langley. 1.51 acres for sale (65,000 sq ft) + Properties on either side may also be available (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 Commercial once interchange ďŹ nished in 2013 (strip mall, hotel?) $1,999,000

NORTH SURREY LAND ASSEMBLY

LILLOOET LAND FOR SALE - 17 ACRES 1.5 HRS NORTH OF WHISTLER

11880 – 11920 96A AVE 4 lots with 275 ft frontage & 36,000 sf of land, zoned single family. Most properties currently rented. Great holding property! 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 valley, mountains & river. Golf course nearby. Build your dream home. MUST BE SOLD $139,000

COMMERCIAL DRIVE MEXICAN RESTAURANT

LES TWAROG

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

(604)671-7000

1428 W 7th Ave., Vancouver, B.C. Crest Realty (Westside)

To view listings please visit:

www.6717000.com/biz FEB 2011

Each office is independently owned and operated.

A11

WESTERN INVESTOR FEBRUARY 2011 www.westerninvestor.com

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

1BSLJOH QSFTTVSF PETER MITHAM WESTERN INVESTOR ancouver may aspire to be a walkable, bike-friendly city, but motorists still depend on the car lots scattered through downtown, run by operators 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 minimal, 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 accompanying 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.

Photo: Craigslist

7

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

users think twice about their parking requirements. 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 alternatives to the car. And they’re there: the opening of the Canada Line and Vancouver’s contentious 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 revenue – hasn’t declined, the hit to monthly contracts from the parking tax was immediate. %FNBOE EPXO “I think the introduction of that tax caused a But the high cost of parking is also making number of cancellations for monthly parking

uses planned for the block. Telus wants a landmark development for the site, which it is tipped as developing with Westbank Projects Corp., but the new project will have to respect the city’s desire to see commercial space developed as well as adequate parking facilities. The arrangement would likely be similar to a deal the city struck with Bentall for the Bentall 5 project, in which an existing city-owned parkade was incorporated in the new development through an allocation of 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 comment for this report, but it remains a firm critic of Translink’s parking tax. Demand for parking spots doesn’t waive the tax users have to pay for the privilege of using paid parking, and the impact of the tax has a disproportionate impact on downtown parking lot owners. “We feel it places an unnecessary burden on the downtown and on those that have no other choice but to use a vehicle to come downtown,� said Charles Gauthier, executive director of the Downtown Vancouver Business Improvement Association and a spokesman for Drive Out the Tax, a coalition of business owners opposed to Translink’s parking tax. The association would prefer a vehicle levy on all drivers. “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 before the tax went from 7 per cent to 21 per cent.�

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 downtown 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 QFS DFOU UBY for downtown come to completion (this isn’t Combined with the HST, drivers now pay a expected before 2015). 35.5 per cent sales tax on paid off-street parking in Metro Vancouver – the highest sales tax #FTU VTF on parking anywhere in North America. But lower revenue is combining with a higher tax Gauthier said the resulting lost business burden on owners to push operators to find the will have the domino effect of reducing busihighest and best uses for their sites. Telus’s plan ness revenue, and in turn property values, by to seek a development partner for its EasyPark- hundreds of thousands of dollars, ultimately managed parkade at Robson and Richards being costing the city millions in lost property tax a case in point, with a mix of office and residential revenue.◆

-PXFS .BJOMBOE INVESTMENT AND BUSINESS OPPORTUNITIES FOR SALE MAPLE RIDGE

16 ACRES + LARGE HOME

$2,100,000

PORT COQUITLAM 4 LOT SUBDIVISON $1,295,000

MOTEL

ESSO STATION – BARRIERE, BC

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

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

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

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

LANGLEY

FLEETWOOD

4 LARGE LOT SUBDIVISION

$1,499,000

Please visit our website or call for more details.

monarkinvestments.ca

604-592-7250

Financing Available. Potential Trades.

GROUND FLOOR: Esso gas bar/ C-store, and Post ofďŹ ce. 2nd FLOOR: 4 - 2 bedroom apartments. Each unit self contained. Land, Building & Business $2,850,000

HARRISON 1.23 ACRE LOT For potential townhomes

residential

subdivision or $695,000

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

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

ABBOTSFORD COFFEE

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

Specialty coffee/cafĂŠ in a busy strip mall $129,000

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

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

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

LOWER MAINLAND PORT COQUITLAM WAREHOUSE

46 PRIVATE ACRES (2 Titles) $6,250,000

ESSO STATION – LANGLEY, BC

Powell River Investment O P P O RT U N I T I E S

$429,000

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

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

Warren Behan

Personal Real Estate Corporation www.WarrenBehan.com

ASHOK KUMAR

1-877-485-2324

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

warren@warrenbehan.com

A12 Lower Mainland

www.westerninvestor.com FEBRUARY 2011 WESTERN INVESTOR

www.naicommercial.ca Commercial Real Estate Services, Worldwide.

NEW WEST WAREHOUSE

BURNABY OFFICE/RETAIL

s 3& s 2OYAL !VE %XPOSURE s !PPLIANCE &URNITURE $ANCE USES $2,400 / Month

s 3& s 0RIME ,OUGHEED . 2OAD CORNER s 03& .ET

COQUITLAM OFFICE

E. HASTINGS – LAND

s 0ROFESSIONAL CENTRE s SQ FT s .EAR 3KYTRAIN

s &ORECLOSURE 3& s MILES FROM $4 CORE $2.65 Million

VANCOUVER EAST – WELL BELOW REPLACEMENT s .EAR 'EORGIA 6IADUCT ON -AIN 3TREET s STOREY SOLID CONCRETE BUILDING s /VER SQ FT OFlCES s RENTAL PARKING STALLS s SQ FT FULL BASEMENT s SQ FT GROUND RETAIL s ,OT SIZE X REVITALIZING AREA s Asking $7.8 Million

BILL HAMILTON 604-524-3641, x305

RICK LUI 604-644-6182

bill@naicommercial.ca

rick@naicommercial.ca

KELOWNA, BC – FOR SALE s "RAND NEW MIXED USE STOREY STRATA RENTAL APARTMENT BUILDING s $OWNTOWN +ELOWNA #ORE s SUITES TWO S ONES ONE CONVERSIONS BACHELOR s RETAIL OFlCE SUITES s 03& s '2! 31 &4

Asking $13,840,000 PRINCE GEORGE, BC – FOR SALE

www.naibusinesses.ca LOWER MAINLAND MILLWORK

VANCOUVER DINNER CRUISE BUSINESS NEW LISTING

s !WARD WINNING ARCHITECTURAL MILLWORK BUSINESS s -AJOR CLIENTS IN #ANADA AND 53! s %MPLOYS LATEST COMPUTERIZED TECHNOLOGY s %ARNINGS FORECAST IN EXCESS OF

s )N BUSINESS FOR OVER YEARS s /PERATES TWO CHARTER YACHTS FROM $OWNTOWN MARINA s 9ACHT VALUE APPROX s 'OOD MOORAGE LEASE IN PLACE s %")4$!

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

INDUSTRIAL INVESTMENT PROPERTY s 3INGLE TENANT INDUSTRIAL FACILITY WITH OFlCE SPACE s ,OCATED IN 4ILBURY INDUSTRIAL AREA OF $ELTA "# s SQ FT OF WAREHOUSE AND OFlCE ON ACRES s &ULLY LEASED CAP RATE

$2,500,000 incl. yachts and moorage LADIES FASHION BOUTIQUE NEW LISTING s ,ADIES FASHIONS WITH TWO HIGH PROlLE RETAIL LOCATIONS s #ARRIES GREAT BRANDS FROM .ORTH !MERICAN AND %UROPE s #OMPUTERIZED INVENTORY CONTROL s %XCELLENT WEB PRESENCE s 7OULD SUIT OWNER OPERATOR OR ABSENTEE OWNER

251 Units – 2 Properties

ACRE MAINLY BEDROOM UPGRADES ROOFS BOILER MOST SUITES ETC PER SUITE Asking $11,000,000 PENTICTON, BC – FOR SALE

$195,000 incl. inventory ASKING PRICE $4,690,000

OKANAGAN BUTCHER SHOP & DELI s YEARS IN BUSINESS s 7ELL APPOINTED AND FULLY EQUIPPED s %XCELLENT LOCATION WITH PARKING s %XCELLENT LEASE IN PLACE s %")4$!

LOWER MAINLAND ARTS & CRAFTS STORE s 4HIS BUSINESS IS AN INSTITUTION AMONG ART CRAFTS ENTHUSIASTS AND PROFESSIONAL MODEL BUILDERS s )N OPERATION FOR OVER YEARS s %XTENSIVE RANGE OF QUALITY PRODUCTS s )DEAL BUSINESS FOR OWNER OPERATOR

$250,000 incl. inventory

ARRAN HOUSE – 2902 SOUTH MAIN STREET SUITES BUILT SENIORS BUILDING

TWO ELEVATORS NEW ROOF ASSUMABLE MORTGAGE

Asking $7,500,000

$650,000 plus inventory VANCOUVER BEARD PAPA FRANCHISE REDUCED LOWER MAINLAND METAL FABRICATING COMPANY REDUCED s 7ELL ESTABLISHED ,OWER -AINLAND BUSINESS s 3TRONG EARNINGS HISTORY AND HEALTHY MARGINS s 3PECIALIZING IN SHEET METAL ALUMINUM FOR CONSTRUCTION

$2,400,000 incl. equipment & inventory LOWER MAINLAND METAL FABRICATING s 3TRUCTURAL STEEL MANUFACTURING s 3PECIALIZING IN SEISMIC UPGRADES s /VER YEARS IN BUSINESS WITH LIMITED COMPETITION

$110,000 incl. equip LOWER MAINLAND HAIR & BEAUTY SALON REDUCED s /VER YEARS IN BUSINESS s &ULL SERVICE BEAUTY SALON s STATIONS WAXING ROOMS TANNING MACHINE s ,ONG TERM STAFF s 2EVENUE IN EXCESS OF

$590,000 incl. equipment

$288,000 plus inventory

ALF SANDERSON 604-691-6646

DELON CHEUNG 604-691-6654

alf@naicommercial .ca

delon@naicommercial .ca

PAVING BUSINESS – PRINCE GEORGE s 2EVENUE - UP s EBITDA + WITH OWNER WAGE s TON HR "ATCH 0LAN WITH BAGHOUSE $829,000 including equipment & inventory

EQUIPMENT RENTAL – PRINCE GEORGE REGION s YEARS IN BUSINESS s 2EVENUE s YR WEIGHTED EBITDA + $1,549,000 including equipment

craig@naicommercial.ca

FOR LEASE s ) 'ENERAL )NDUSTRIAL s ACRE AND ACRE PARCELS s /FlCE AND COVERED WAREHOUSE s #LOSE TO 53 BORDER AND (WY s !BBOTSFORD "# s #OMPETITIVE 2ENTS

KEN KIERS

B U S I N E S S E S FO R S A L E BLUEBERRY FARM (Abbotsford) 3ITUATED ON PRIME -ATSQUI mATS 4HIS WELL MAINTAINED FARM WITH NEW SQ FT HOUSE OFFERS MATURE "LUECROP AND $UCE 3ET UP FOR MACHINE PICK #OMPLETE DRIP IRRIGATION SYSTEM ....................................$2.1mil JEWELERY STORE – VANCOUVER 6ERY WELL KNOWN STORE IN BUSY 6ANCOU VER S SHOPPING DISTRICT ,OW RENT 0ROlT OF ............................ $480,000 + Inv. CURRENCY EXCHANGE (Surrey) 0ROlTABLE YEARS WITH THE CURRENT OWNER SQ FT BUSINESS LOCATED AT THE BUSY ROAD 'OOD LEASE AND EASY PARKING ..........................................................................................................................$150,000

CRAIG TENNOCK 604-880-7290

604-514-6830 TF: 1-800-890-9855

kiers@naicommercial.ca

PRINCE GEORGE, BC – FOR SALE

s .EWLY OPENED FRANCHISE OPERATION s /PPORTUNITY TO BUY AT A FRACTION OF FRANCHISE START UP COST s )DEAL OWNER OPERATOR BUSINESS s 'REAT POTENTIAL

770 EAST HIGHWAY 16 s ACRES NEXT TO ACRE !IRPORT ,OGISTICS $EV 0ARK s 'RAVEL EXTRACT UP TO MILLION METRES PERMITS s ,ONG TERM BUILD OUT W PRISTINE VIEWS OF 0RINCE 'EORGE

Asking $4,750,000

PETER SEED 604-691-6608

CHRIS WIESER 604-691-6662

COURT ORDERED SALES 397 Acre Development Site, Sechelt BC s :ONED #$ MIXED USE RESIDENTIAL COMMERCIAL RECREATIONAL s !PPROXIMATELY FEET OF WATERFRONT ON 0ORPOISE "AY s Price: $22,250,000 459.1 Acre Development Site, Cranbrook BC s :ONED #$ 5( 2 ALLOWING FOR LOW MEDIUM DENSITY RESIDENTIAL s 3URROUNDING 'ARY 0LAYER DESIGNED GOLF COURSE s Price: $17,000,000

RESIDENTIAL INVESTMENT (Vancouver) 0RIME +ITS 0OINT SQ FT HALF DUPLEX WITH SQ FT PATIO 5NOBSTRUCTED VIEW OF 6ANIER 0ARK AND HIGH CEILING CROWN MOLDINGS AND SOLID MAPLE HARDWOOD mOORS #OULD BE LEASED AT MONTH .......................................................................................................................... ...$1.38M

3,070 sq. ft. Retail Commercial Development, Pemberton BC s 'AS BAR -AC$ONALD S ON SITE s Price: $2,300,000

FURNITURE AND HOME DECORATION (Lower Mainland) #USTOM DESIGN FURNITURE AND HOME ACCESSORIES RETAIL STORE 3ELLING FURNITURE DESIGN BY VERY WELL KNOWS LOCAL FURNITURE &ACTORY 4HEY CARRY LINE FOR HOME AND COM MERCIAL USE 0ERFECT BUSINESS FOR INTERIOR DESIGNER $178,000 + Inv.

0.82 Acre Light Industrial Lot, Squamish BC s :ONED L ALLOWING FOR INDUSTRIAL RETAIL AND COMMERCIAL USE s Price: $450,000

RESTAURANT & PROPERTY (Princeton BC) 0OPULAR 2ESTAURANT WITH FULL LIQUOR LICENSE AND TENANTED LIVING ACCOMMODATION UP STAIRS ............. $498,000

165 Acre Development Site, Abbotsford BC s 3EVEN PARCELS TOTALING ACRES s Price Reduced: $9,900,000

COFFEE FRANCHISE (Richmond) /NE OF THE BEST IN A VERY ATTRACTIVE BUSY AREA 0ROlTABLE WITH LONG LEASE ........................................................ $283,000 + Inv. EURO DELI (Coquiltam) 7ELL ESTABLISHED PROlTABLE DELICATESSEN WITH SMOKE HOUSE 'OOD LEASE .......................................................Assets $183,000 plus Inv.

ELIZABETH WOZNICZKO 604-691-6648 elizabeth@naicommercial.ca

INDUSTRIAL & DEVELOPMENT SITES 12,000 sq. ft. Strata Office/Warehouse, Richmond BC s :ONED ) ALLOWING FOR INDUSTRIAL RECREATIONAL COMMUNITY AND EDUCATIONAL USE s Price: $1,695,000

GARY HAUKELAND OR J.D. MURRAY gary@naicommercial.ca 604-683-7535 jdmurray@naicommercial.ca

Committed to Canada. Connected to the World.

Lower Mainland/BusinessOpportunities A13

WESTERN INVESTOR FEBRUARY 2011

SORRY, YOUR AD IS MISSING...

Residential / Commercial

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

VANCOUVER

Private Mortgages Been turned down by your lender for ďŹ nancing? Need quick funds? No mortgage is too big or too small. Call me now for a FAST APPROVAL!

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

AJIT HUNDAL, AMP

COMMERCIAL REAL ESTATE, FRANCHISES & BUSINESS OPPORTUNITIES IN WESTERN CANADA

TMG The Mortgage Group Canada

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

For advertising information call 604-669-8500 or 1-800-661-6988 toll free anywhere in Canada or the USA.

Telephone: 604-614-6899 Toll Free: 1-866-614-6899 138-555 W. 12th, Vancouver BC, V5Z 3X7

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

For Sale

INVESTOR ALERT

BURNABY OfďŹ ce Investment

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

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

- fully leased ofďŹ ce building

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

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

- 34,685 sf gross building area

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

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

- two secure levels of underground parking

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

- 35,565 sf (.81 acre) rectangular site For further details please contact:

AMARJ I T G I L L

KENT CRAIG

604-614-7101 Global Force Realty

(604) 279-3817

kc@kentcraig.com

We have SERIOUS BUYERS Looking for Investment Property

1 BUYER 2 BUYERS

$2-4 Million $5-20 Million

OWNERSHIP OPPORTUNITY – BUILDING SUPPLY STORE IN BC –

Matching Serious Sellers with Serious Buyers

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.

LINDSEY GAUTHIER Showcase Realty

Cell: 1.604.798.2977 OfďŹ ce: 1.888.355.6771 Lgauthier@sutton.com

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

www.naicommercial.ca Commercial Real Estate Services, Worldwide.

ONE HOUR OPTICAL AND HEARING CENTRE

FULLY LEASED LANGLEY INVESTMENT BUILDING CAP RATE 6.1%

MERRITT TRAVEL CENTRE & TRUCK STOP

MERRITT TOWN HOUSE DEVELOPMENT SITE ASKING $749,000 s 6IEW !cres s 2EADY FOR DEVELOPMENT PERMIT s :ONED 2 s !PPROVED FOR UNITS

ASKING $500,000 plus inventory

ASKING $3,295,000

s 7ELL ESTABLISHED YEAR HISTORY s #ONSISTENTLY PROlTABLE s /NLY HOUR SHOP IN THIS .ORTHERN #OMMUNITY s 3OLID BASE WITH GOOD GROWTH POTENTIAL s 3OME OWNER lNANCING MAY BE AVAILABLE s /WNER RETIRING AND WANTS IT SOLD

s -ULTI TENANT RETAIL OFlCE MIX s 0ROFESSIONALLY MANAGED FOR OWNER EASE s SQ FT BUILDING s .ET INCOME OF

MERRITT MINI STORAGE

ASKING $1,475,000 s .ET INCOME IN EXCESS OF s !LWAYS NEAR FULL OCCUPANCY s -IX OF STEEL CLAD BUILDINGS PARTIAL SPRINKLERS AND STEEL CONTAINERS s ACRE LOT ADJOINING ACRE LOT ALSO AVAILABLE FOR EXPANSION

ASKING ONLY $14,132 per door

99 PAD PHASED MANUFACTURED HOME PARK LAC LA HACHE BC

SUBLEASE OPPORTUNITY

s 3Q &T s 2ETAIL 3HOWROOM s (IGHT TRAFlC LOCATION s 3UBLEASE AVAILABLE WITH FURTHER OPTION

UNTIL

*ULY

s SQ FT "UILDING ON !C BESIDE THE #OQUIHALLA (IGHWAY s 4ENANTS INCLUDE (USKY /IL 'REYHOUND "US $EPOT #ONVENIENCE 3TORE s 'ROSS 3ALES s Asking $3,500,000

ASKING $650,000

KAMLOOPS MOBILE HOME PARK

s "RAND .EW n .O INCOME s ,AKE VIEWS n ,AKE ACCESS s ACRES PADS IN PHASES s st PHASE PADS COMPLETED WITH SEWER WATER AND NATURAL GAS s 3ERVICES TO BE EXTENDED FOR OTHER PHASES AS REQUIRED s 'RAVELLED ROADWAYS THROUGH OUT s !LL ZONING AND APPROVALS IN PLACE s 0ROFORMA SHOWS PAD RENTAL GROSS INCOME OF s ANNUALLY

s PADS ON ACRES s 'ROSS REV n CAP RATE s Asking $1,800,000 KAMLOOPS 42-SUITE APARTMENT BD

s 4OTALLY RENOVATED WITH TENANT REPLACEMENT s 'ROSS INCOME n CAP RATE KAMLOOPS MINI STORAGE BUSINESS

s 'ROSS 2EV n CAP RATE s Asking $2,300,000

TED WEIBELZAHL

TED WEIBELZAHL

TED WEIBELZAHL

OR

OR

OR

tedw@naicommercial.ca

tedw@naicommercial.ca

tedw@naicommercial.ca

michael@naicommercial.ca

MICHAEL MARCKWORT

0ROFESSIONALS s -A RKET S s #OU NT RIES

A14 Lower Mainland

www.westerninvestor.com FEBRUARY 2011 WESTERN INVESTOR

ABBOTSFORD INDUSTRIAL/COMMERCIAL PROPERTY

Airport North Business Park

Airport East Business Park

30553 Great Northern Ave

Just South of Hwy. #1 at Clearbrook Rd.

For Sale or For Lease

Freehold Lots For Sale

32,025 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.

Lots 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.

$4,800,000

Maclure Business Park 33403 Maclure Road 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 Way For 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 Glenayre Realty Co. Ltd.

Ken Neufeld Business: 604.217.0455 www.abbotsfordicirealestate.com kenneufeld@telus.net

A15

WESTERN INVESTOR FEBRUARY 2011 www.westerninvestor.com

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

45*3 TVJUFT USJHHFS TVJU GLEN KOSTROM/BIV

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

WESTERN INVESTOR

"

The imbroglio also highlights the dangers that lurk for owners of small plots of land adjacent to underused properties, such as singlelevel parking lots. Mohamed Ahmed launched the legal action December 29 after he failed to stave off construction of a 10-storey tower on a singlelevel 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 property’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 company 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

“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.

.BZPS OBNFE

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 hisVision Vancouver council were so ideologically driven to encourage developers to build market 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.

Photo: Sam Leung

4FDVSJUZ DPODFSOT 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.

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

Blue Sky is developing its tower under the STIR program and intends to complete con- 8IBU JT 45*3 struction by February 2012. ancouver’s Short Term Incentives for Ahmed pointed to another example of why Rental Housing (STIR) program, which he believes Robertson and city council were came into effect in June 2009, is a 2.5not acting in a transparent way. year program that responds to the market Council voted to change the zoning bylaw rental shortage by providing incentives to for Blue Sky’s site a second time, without encourage the development of new marnotice, on December 14. Council first voted ket rental housing. to rezone Blue Sky’s property in June and that STIR encourage projects where up change was confirmed in September when to 100 per cent of new rental units are council voted to enact the bylaw. secured for the life of the building or 60 City director of planning Brent Toderian years, whichever is greater. rejected Ahmed’s accusation that the December The STIR incentive package for develchange to the bylaw was either unusual or opers includes: shady. In fact, Toderian stressed, the December s RENTAL PROPERTY ASSESSMENT ON RENTAL change to the bylaw was prompted when city units only); staff made a calculation error when converting s DEVELOPMENT COST LEVY WAIVER ON square feet to square metres. rental units only); That error found its way into the enacted s PARKING REQUIREMENT REDUCTIONS ON bylaw. Were the bylaw not changed, then rental units only); the entire block of Granville Street between s DISCRETION ON UNIT SIZE AND Helmcken Street and Davie Street would be s INCREASED DENSITY AND EXPEDITED PERgranted much more permittable floor area than mit processing. council had intended, Toderian said.◆

V

-PXFS .BJOMBOE

BUILDERS

www.danpreston.ca

1. 80+ units T/H site, Langley

,!.$ !33%-",9 s $%6%,/0-%.4 s ).#/-% 02/0%24)%3

2. Willoughby area 28 row home lots

COMMERCIAL R E A L E S TAT E S E R V I C E S

3. 5 acs. NCP coming, nr. 72 Ave $3.5 mil.

SENIOR'S DEVELOPMENT SITE $2,800,000 Foundation in place, tendered plans, permits, ready to build. Income $3,780,000 - Vendor take-back financing.

4. 51 units T/H site, top M/Ridge area 5. 10 acs. res. dev. site-all app’s in-build approx. Oct 2011 6. 1+ac. lots subdivision Missionlake-park-resort type setting

TOWNHOUSE SITES

7. 5 acs. NCP very soon $3.5 mil.

Richmond - S.McLennan 27 Units - $5,825,000 38,000 S.F. Lot, .85 FAR

8. N. Langley row home lots, $195,000 each

New West Queensborough 76 Units - $9,250,000 3.28 Acres - NO FAR

2 Surrey motels, $4 mil. each

WANTED

WANTED

CONTAMINATED SITES

B.C. mini-storage up to $1.2 mil.

RAY LEWIS West Coast Realty LANGLEY

604-812-9733

I have experienced buyers for immediate purchase of your site. For more information contact us at 1-888-597-7272

CALL DAN IMMEDIATELY FOR REVIEW OF YOUR SITE

Your specialist in PRIME income-generating and redevelopment opportunities:

A16 Lower Mainland

www.westerninvestor.com FEBRUARY 2011 WESTERN INVESTOR

EJ7

Abbotsford Development Property 5.2 Acres of fully serviced view property across from new townhouses and just down the road from Ledgeview Golf Course. Contact 604-308-1475

GASTOWN - VANCOUVER • 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

FOR SALE

P REDRICE UCE D

)/#*+, J= ) 9l`c[`e^j ZXe Y\ jfc[ j\gXiXk\cp fi kf^\k_\i =c\o F==@:<&C89& N8I<?FLJ< <oZ\cc\ek :\ekiXc CfZXk`fe D$) @e[ljki`Xc

Machinery and Shop Space Established & Well Equipped

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

BUYERS ❖ SELLERS call SAM -'+$).,$'+.+

LOWER MAINLAND Pub & Liquor Store

A Prosperous New Year of the Rabbit to Everyone

Opportunities

C`jk`e^ ) ?fk\cj Yp k_\ \e[ f] AXelXip% :flc[ Y\ n_Xk pfl nXek%

For Lower Mainland Pub Opportunities call:

D\dY\i# MXeZflm\i I\Xc <jkXk\ 9fXi[ j`eZ\ (0-+ D@EFIL I<8CKP CK;%

778-588-6914 SURREY • Large indoor playground • Bumper cars • Ballocity • Laser tag • Rock climbing walls! • Large party room • Semi-kitchen & food concession Asking $499,000 Call VICTOR or LISA

Kitsilano Condo-Problem Free 16 yr. old • Rainscreened Building • Renovated Studio Suite • West Broadway Location • On major Bus routes • Close to shopping • Rental Ok Can show small positive cash flow with 25% down

MANUFACTURING BUSINESS FOR SALE – GREATER VANCOUVER - Stable, profitable, well established - Growth potential - Long term government contracts - Owner retiring - Annual EBITDA of $580,000 - Asking $2,300,000 plus working capital.

CAMERON PETERS CGA 604-722-4588

604-328-8055 Realtors Welcome

NORTHERN BC PUB Land and Building opportunity Offered at $950,000

MOTELS HOTELS & PUBS throughout B.C.

www.gannetdiesel.com

FUN CENTRE

SOUTH OKANAGAN PUB Liquor Store and Building for sale Asking $1.9 M

619-5410 (604) 862-9915

JXd >i\YX

KITSILANO

For Sal e

Phone (604)

Call Sam anytime

Family

PUBS

Asking $380,000.00

6B:M G:6AIN +%) ,'+"'-)*

(0+-$(0// Ki`ldg_ Jk# MXeZflm\i# 9:

Diesel Engine Repair Shop

Surrey, B.C. Established 1979

Call <# L>C@A:G

E-mail vasacanada@gmail.com Asking $6.5million

OPPORTUNITY- SURREY, BC

PACKAGE HOME MANUFACTURING COMPANY

604-617-9459 cwpinvest@yahoo.ca

DONE DEALS New! Done Deals editorial feature will highlight deal flow 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.

JOHN JOHNSON Tel: 604-319-2504 Fax: 604-463-5287 PRUDENTIAL STERLING REALTY LTD.

JOHN JOHNSON

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 SALE THE 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 FAMILY 3760 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, 15,440 sq ft fenced/treed lot garage/workshop. $539,000 $579,000

For an information packet or to book a private showing.

Please send us the following information: UÊ UÊ UÊ UÊ

FRANK O'BRIEN Editor

7 >ÌÊÜ>ÃÊà `Ê ÀÊ i>Ãi`¶Ê 7 ÊÜ>ÃÊÌ iÊÛi ` ÀÊ­ vÊ« Ãà L i®¶Ê 7 ÊÜ>ÃÊÌ iÊLÕÞiÀÉÌi > Ì¶Ê Ê vÊÌ iÊ > iÊ vÊÌ iÊLÕÞiÀÊ ÃÊV wÊ`i Ì > ]Ê« i>ÃiÊÌi ÊÜ >ÌÊÌÞ«iÊ vÊLÕÞiÀÊ ­ °i°]Ê, /]Ê ÃÌ ÌÕÌ > ]Ê V> Ê ÛiÃÌ À]Êv Ài } Ê ÛiÃÌ À]Ê Ü iÀÉLÕ `iÀ®Ê UÊ 7 ÊÜ>ÃÊÌ iÊ ÃÌ }Ê>}i ÌÉ>}i VÞ¶Ê UÊ 7 >ÌÊÜ>ÃÊÌ iÊÃi }Ê«À Vi¶

Please forward this information directly to Frank O’Brien, Western Investor Editor at wieditor@biv.com

www.westerninvestor.com 1-800-661-6988

Call me direct!

Matt McGill 604-562-7782 McGill Realtors HomeLife Benchmark Realty Langley

A17

WESTERN INVESTOR FEBRUARY 2011 www.westerninvestor.com

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

uses than Pattison-Reliance plans, but the economics 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 build a larger residential component into the project,” Toderian explained. “But the fact that they’ve built in about 190,000 square feet of office space into the project at the expense of residential, if you will, shows how interested people are in office construction.”

.JYJOH UP UIF NBY PETER MITHAM WESTERN INVESTOR ompact cities don’t happen without complete buildings, and urban land economics in B.C. have helped make mixed-use projects a favourite strategy for developers seeking to satisfy both municipal planning objectives as well as their own cash-conscious pro formas.

3FWFOVF TUSFBNT

(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.

The suburbs have seen similar projects – Central City in Surrey is a case in point, where retail space carried the project until the adjoining 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.

0GGJDF UPXFST

The next iteration will be in office towers, including some of the half-dozen actively discussed 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 residential 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

Photo: Peter Mitham

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 measure by condo sales. Similarly, many of the major new hotel projects gracing downtown incorporated residences targeted to investors that supported development of the hotel itself, as at the Shangri-La and 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 numbers work for a project commended at its inception by former Vancouver planning director Larry Beasley for breaking ground with its mix of uses in the upscale Hastings Street shopping district. At South False Creek, theExecutive Group Vancouver and Argo Ventures Inc.are planning 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.

Photo: Executive Group of Vancouver

$

to 500,000 square feet of office space – is designed to satisfy the city’s desire for commercial 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 commercial, council effectively made the rest of the site much more viable for office development.” 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 development that will include retail, residential and a 190,000-square-foot office tower. Toderian said the site could have had a different mix of

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 suburban markets where the economics of development have typically allowed larger projects – but primarily retail. With the addition o f office space, and in some cases residential (such as Larco Investments Ltd.’s Morgan Crossing project in South Surrey), developers can create a more integrated and attractive environment for residents and workers that give projects a distinctive character and firmer financial footing. “You can argue that mixed-use projects offe 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-based Artis Real Estate Investment Trust’s purchase of PoCo Place in Port Coquitlam. The $48 million purchase gave Artis a 163,844square-foot complex split approximately 63 per cent to retail and 37 per cent to office space. While located in the midst of a key commercial 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 property in a market where caution might otherwise

Please see Mixed page A18

-PXFS .BJOMBOE

OZZIE JUROCK'S 18th Annual LAND RUSH 2011 Real Estate Conference February 26th, 2011 - 9am to 3:30pm Renaissance Vancouver Hotel Harbourside, 1133 West Hastings Street, Vancouver, BC

NEW for 2011! BONUS USA EVENING!! The next 18 months will be crucial for the Real Estate investor in BC. What are the future prices in BC? Buy now or sell now? How about buying in the USA? For the first time ever, a BONUS USA ONLY focused evening has been added on Friday, Feb. 25! Seating is limited to 300 people and only available to Premium LAND RUSH Package holders.

The LAND RUSH 2011 PREMIUM PACKAGE INCLUDES ALL THIS!! UÊÊÓÊÌ V iÌÃÊÌ ÊÌ iÊvÕ Ê`>ÞÊ viÀi ViÊ> `Ê " 1-Ê À °Ê Ûi }°Ê À `>ÞÊiÛi }]Ê iL°ÊÓxÊ> `ÊvÕ Ê`>ÞÊ iLÊÓÈ° UÊÊÓÊÃiÌÃÊ vÊÌ iÊi Ì ÀiÊV viÀi ViÊ Ê

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Packages are Limited. Only 150 available!

WESTERN INVESTOR SPECIAL $177 (reg. $225) For more information or to order call 1.800.691.1183 ext. 1 *plus shipping and appl. Taxes

This conference SELLS OUT every year, so act fast!

A18 Lower Mainland

www.westerninvestor.com FEBRUARY 2011 WESTERN INVESTOR

Criteria: > established min 5 years with at least 2 yrs proďŹ table > up to 80 km from White Rock

I-2 INDUSTRIAL PROPERTY RICHMOND Next to Knight Street Bridge 3.796 Acres w 60,000SF BUILDING $5,500,000

> manufacturing or marine > no restaurants or retail

FOR SUB-RELEASE

> sales 5 to 250 MM

NORTH VANCOUVER 1503 SF OFFICE SPACE. Reduced to $8 NNN $10 per SF 3 yr term.

White Rock businessman

604-838-0985

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

ken-smith@shaw.ca

Subscribe OVER $2.5 BILLION WORTH OF INVESTMENT OPPORTUNITIES EVERY MONTH FIRST CLASS DELIVERY

Name Title

â?? One Year ............. $42

Company

â?? Two years ............ $75 â?? Three years ....... $105 Bill my:

â?? Visa â?? American Express â?? MasterCard â?? Cheque enclosed

GST Registration No. 10565567 GST Included

The good news is that money is becoming more affordable, not just in the U.S. but in Canada, giving ambitious purchasers the be in order. “It has appeal, and you might actually be get- muscle needed to pick up assets that U.S. buyting a slightly better return,� Levine said. “You ers won’t touch. look at PoCo Place – the investor’s probably getting a slightly higher return than if PoCo 'JOBODJOH Place had just been purely retail or purely Dunfield said spreads on loans have fallen office.� from 500 basis points to 175 basis points on Of course, diversification isn’t the only fac- a good property in a major Canadian city, for tor to consider: PoCo Place is also 99.9 per example. cent leased to national tenants, boosting Artis’s “So that’s a significant squeeze in spreads, confidence that vacancies would be minimal and that’s all driven – not by supply side, but and cash flow wouldn’t face significant dis- by demand side,� he said, noting that demand is ruptions. driven by “dividend investor flight to anything with yield.� 6 4 NBSLFU The downside to having a mix of uses is that It’s a different story for investors scouting the configuration of space might work to the properties in the hard-hit U.S. market. disadvantage of some components. Given the ongoing retrenchment among “Sometimes when you have mixed-use projU.S. consumers and businesses, a mixed-use ects, each use is somewhat compromised,� property with a retail component is a daunting Levine said, noting that office space may be prospect. It needs something else to generate tucked away on a second floor without good cash flow to make it appealing to most U.S. exposure, or residential space might not be attractive. investors. This wasn’t the case at Grosvenor Canada’s “A big list of retail tenants is scary,� said Ryan Dunfield, portfolio manager with The Rise development on Cambie Street. Vancouver’s Second City Capital Partners, The successful project was recognized by which focuses on commercial investments in commercial real estate association NAIOP and the Urban Land Institute for its intelligent the U.S. While U.S. confidence is on the upswing combination of uses. Residential units perch in major centres, second-tier cities are hurt- atop large-format retail spaces, the homes ing, and assets are still available for low-ball arranged around a central rooftop courtyard so acquisition by patient investors with a long- as to be secluded from the gritty urban environterm perspective. ment below.◆

.*9&% from A17

FOR SALE

FUNDING AVAILABLE

Address City

Prov

Phone

Fax

Credit Card No.

Expiry

Postal code

MOBILE HOME PARKS

GAS STATION

E-mail

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

MISSION s ,OUGHEED (IGHWAY .EWER STATION WITH RESIDENCE STORE AND ATTACHED 3UBWAY FRANCHISE LEASE #ALL FOR DETAILS

Signature

LOWER MAINLAND s PAD PARK WITH TWO HOMES ON ACRES Asking $1,330,000. 7% cap s PAD PARK WITH HOME ON ACRES #ITY 3ERVICES Asking $4M at 5.27% cap ALBERTA s PLUS PADS WITH 26 SITES ON #ITY 3ERVICES ON ACRES Asking $6,500,000 7.4% cap

FAX BACK TO 604-669-2154 OR CALL 1-800-661-6988

Asking $4 M

COMMERCIAL BUILDING MISSION/DEROCHE BC !LMOST ACRE CORNER LOT FACING ,OUGHEED (WY WITH APPROX SQ FT PLUS METAL CLAD BUILDING WITH TWO LARGE BAY DOORS !UTO -ARINE MECHANICAL "ODY SHOP MANUFACTURING OR WELDING Asking $325,000

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

Bill Summers

$42 could make you millions! Ray Veenbaas LITTLE OAK REALTY 604 859 2341

Direct line:

604-626-8894

Call Ray or Richard for all of your Real Estate Needs! email us at richardtherealtor@hotmail.com

"All ofďŹ ces independently owned and operated"

1-800-668-8661

Email: bsummers@telus.net

Richard Riemersma 604 309 8541

RESIDENTIAL, COMMERCIAL, INVESTMENT & AGRICULTURE

37,000 SQ FT INDUSTRIAL BUILDING ON BEATTY DRIVE ASKING $3,550,000 1,800 SQ FT PROFESSIONAL OFFICES ON LOGAN AVENUE ASKING $440,000

ISLAND PROPERTY

RECREATIONAL PRODUCTS BUSINESS with LAND & BUILDING @ as Going Concern package price

DEVELOPMENT 1.78 ACRES, PROPOSED TOWNHOUSE DEVELOPMENT

5 COVES ECO RESORT ( Across Howe Sound from Furry Creek & Britannia Beach )

$1,500,000

STRIP MALL

BEER & WINE STORE, HOTEL & PUB Asking $2,950,000

604-859-2341

$1,000,000 $2,750,000 $3,750,000

BUSINESS MOBILE TIRE REPAIR

$189,900

( with up to 3.5 acre assembly possible ) MOBILE SANDWICH TRUCKS $245,000

$2,950,000

Call for details

Little Oak Realty

TF 1-800-668-8661

CONTRACTOR SUPPLY RESTAURANT MOVING COMPANY RESTAURANT

#9–2630 Bourquin W., Abbotsford

"EACH OFFICE INDEPENDENTLY OWNED & OPERATED"

$400,000 $1,200,000

Call for details $1,500,000

Lower Mainland A19

WESTERN INVESTOR FEBRUARY 2011 www.westerninvestor.com

LIQUOR STORES, PUBS, HOTELS/MOTELS #SJOH BMM 0GGFST 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 – $1,050,000 2½ 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.

BUY

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

Your hunt for the right investment could be right in the pages of the Western Investor. Every month you’ll find $2 Billion worth of opportunities.

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. SHARE SALE.

Hurry!

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. NEIGHBOURHOOD LIQUOR STORES - PUBS - HOTELS - RESTAURANTS IF WE DON’T HAVE IT LISTED WE WILL FIND IT FOR YOU! MANY NEIGHBORHOOD PUBS IN ALL PRICE RANGES NOW AVAILABLE.

BARRY BOCK / DON KAYTOR Phone HOMELIFE BENCHMARK TITUS REALTY

604-575-5262

Phone

604-576-9285

Fax (604) 575-2214 Email: barry_bock@telus.net Website: www.barrybock.com

1-800-661-6988

Langenburg, SK – 60 pads, 14 acres ............ 525,000 Houston, BC - MH & RV Park, 40 ac+/- ....... 399,000

Toll Free: 1-888-251-2822 Direct: 604-302-3771 Fax: 1-888-804-1394 Email: hjesse@mobileparks.com www.mobileparks.com

Homelife Glenayre Realty

South Surrey Residential Development Property

s TH 34 ,IST 0RICE s 'RANDVIEW (EIGHTS !REA $19,500,000 s !CRE 3ITE s 0ROPOSED 3INGLE &AMILY -ULTI &AMILY s . # 0 #URRENTLY 5NDERWAY DEVELOP IN APPROXIMATELY YEARS

Bernie Scholz

Contact (/-%,)&%

Bernie Scholz Agencies

604.531.1111 6/*26&

Attention

#64*/&44 0110356/*5:

Agents: TO ADVERTISE

HERE

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

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A20 Sea to Sky/Sunshine Coast * " 7 ĂŠ , 6 , ] ĂŠ

WELL ESTABLISHED CLOTHING BOUTIQUE FOR SALE $260,000 UĂŠ `i>Â?ĂŠ`ÂœĂœÂ˜ĂŒÂœĂœÂ˜ĂŠ >Ă€ÂˆÂ˜iĂŠĂƒĂŒÂœĂ€ivĂ€ÂœÂ˜ĂŒĂŠ Â?ÂœV>ĂŒÂˆÂœÂ˜ĂŠĂœÂˆĂŒÂ…ĂŠÂ?ÂœĂŒĂƒĂŠÂœvĂŠÂŤ>Ă€ÂŽÂˆÂ˜} UĂŠ*ÂœĂƒÂˆĂŒÂˆĂ›iĂŠĂ€iÂŤĂ•ĂŒ>ĂŒÂˆÂœÂ˜ĂŠ ‡Ê ÂœĂœĂŠÂœĂ›iÀ…i>`ĂŠÂ‡ĂŠÂœÂŤÂŤÂœĂ€ĂŒĂ•Â˜ÂˆĂŒĂžĂŠvÂœĂ€ĂŠiĂ?ÂŤ>Â˜ĂƒÂˆÂœÂ˜ UĂŠ ÂœĂž>Â?ĂŠVĂ•ĂƒĂŒÂœÂ“iÀÊL>Ăƒiʇ ˆ}Â…ĂŠÂŤĂ€ÂœwĂŠĂŒĂŠÂ“>Ă€}ÂˆÂ˜ĂƒĂŠ EĂŠĂƒĂŒi>`ÞÊ}Ă€ÂœĂœĂŒÂ…ĂŠĂ€>ĂŒiĂŠĂƒÂˆÂ˜ViĂŠĂ“ääĂŽĂŠĂŠĂŠ For more info email kathybowes@remax.net

Powell River

KATHY BOWES Direct line 604-483-1633 CALL (anytime) www.kathybowes.com

SUNSHINE COAST, BC ML#V4021517 “The Dock� in Sechelt Now $1,399,900 Main street, downtown location with excellent exposure in Sechelt. 2 level building with retail, store, offices 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

$879,000

Commercial building with two excellent tenants. Prime location on main street with upgrades & high visual presents. Triple net leases & good cap.

T E R RY & PA M B R A CKE TT 1-800-895-4313 terry@thebrackettgroup.com Remax Oceanview Realty SECHELT

4&$)&-5 # $ SELF STORAGE FACILITY

Well established business. Easy turn-key operation. Located in downtown Sechelt. Owner retiring.

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 OfďŹ ce. Piles of room to expand. John Deere Backhoe and 30,000 lb Forklift optional. www.popeyesstorage.com

For Sale by Owner

(604) 740-5633 $875,000 CAD

www.westerninvestor.com FEBRUARY 2011 WESTERN INVESTOR

SQUAMISH INVESTMENTS 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 Creek Includes house, green space $699k

Pub & Real Estate - 4000 sf on over 1/2 Acre 163 seat & BW allowed, redev. potential $735 K Prime Retail For Lease 1,200 – 15,000 sf B Park by National Retailers and Hwy 99! Spring 2011 Prime Retail Building Busy Dwtn corner $1.10 Mil 8 Acre Single Family Site Panoramic views, great location $2.15 Mil

CONDO LIQUIDATION AND BUILDING LOTS Darren McCartney RE/MAX Sea to Sky 604-892-4875 Real Estate Squamish darren.mc@shaw.ca Downtown Squamish - “Voted Best Lunch Spot� 4 yrs in a row!

Contact:

s Well Established 7yrs, popular CafÊ & Catering company s 'REAT LOCATIONS BESIDE Save-On-Foods, and by car wash s 0ROFESSIONAL SET UP INSTANT cash ow, good return $299,000 s ,IQUOR LICENSE SHARE SALE s "EST "USINESS IN TOWN AND "EST ,OCATIONS

"!2"!2! ',//2 s www.barbgloor.com s BARBGLOOR TELUS NET 3EA TO 3KY 2EAL %STATE 3QUAMISH

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Do you have a

Advertise your listings in our special

)05 1301&35*&4 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 Estate ADVERTISING FEATURE: s ,IMITED SPACES s COLOUR ADS s 3PECIAL RATES

604-669-8500 1-800-661-6988 advertise@westerninvestor.com

Vancouver Island A21

WESTERN INVESTOR FEBRUARY 2011 www.westerninvestor.com

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 n exclusive mountain community above any neighbourhood in North America in terms Whistler’s Creekside neighbourhood, of ski resorts,â€? Ryan said. “It will be interestowned by Intrawest, has been snapped up by a local private investor who plans to lend ing to just see how it does impact the real estate up there.â€? a green tinge to the neighbourhood. Kadenwood is set to have 60 homes when Ecoasis Properties Ltd. bought complete. Kadenwood, a ski-in-ski-out community It’s one of several development projects launched by Intrawest in the fall of 2001, Ecoasis principal Dan Matthews, a foundat the end of September for an undisclosed ing member of the Canada Green Building amount. It’s one of several assets Intrawest Council, is pursuing. Through Saintsbury has sought to sell as part of a corporate Holdings LLC, Matthews has partnered with restructuring aimed at paying down its debt. the Townline Group in Richmond. He is also Last month, a long-awaited gondola to the exclusive subdivision was commissioned, her- a partner in the EcoUno Land Group, which is active on Mexico’s Baja Peninsula. alding a new era for the development. – Peter Mitham/Business in Vancouver “[The gondola] tops off the ultimate enclave in North America’s top-rated ski resort,â€? Keith McIvor, vice-president of sales for Ecoasis, said in a statement. The gondola is for the exclusive use of residents and guests of Kadenwood, which claims bragging rights as Canada’s only ski-in-ski-out resort community directly accessible by a gontotal housing starts in B.C. soared 43 dola. Developed by Doppelmayr Garaventa per cent in December, compared with Group at a cost of $3.5 million, the gondola a month earlier, reports Central 1 Credit rises 710 vertical feet on a 25 per cent slope. Union. At 31,500, year-end 2010 posted The gondola didn’t come without a fight, the highest seasonally-adjusted rate in two however. years, and led by multi-family construction. 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 playground,â€? Melamed said. “There was some skiin-ski-out potential, and this lift. It’s been a he City of Richmond is mapping out bit of a challenge to watch the time it’s taken land reserved for industrial development for the gondola to be built.â€? over the next 30 years to add to its existing The lift’s completion is a positive sign for 34 million square feet of industrial space. the community, and Melamed said prelimiWorking with AECOM, a global architec8 ) "5 ¤ 4 ) " 1 1 & / * / ( * /

Investor buys Whistler subdivision

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Housing starts soar 43 per cent

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Richmond eyes industrial reserves

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etro 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 lackCondo values and sales will flatline in 2011, luster performance over the next 12 according to a leading consulting firm. 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 suburban 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 compared 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.� Photo: UDI Pacific

#SJUJTI $PMVNCJB

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 designated 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

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.â—†

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

Jack Barker

Jack Davis

Bil Greene

Ross Marshall

Ed Sing

Garry Barsalou

Des Dennis

0LFKDHO +DGĂ€HOG Equitex Realty Ltd.

John McVie

Royal LePage Coast Capital

Graham Smith

Eric Bramble

Fidele Di Salvo

Bev Highton

Jason Middleton

Eric Spurling

John Bruce

Komal Dodd

Randy Holt

Ron Neal

Anne Tanner

David Brumby

Jim Donaldson

Robert Hunter

Patrick Novotny

Peter Tanner

Chris Burke

Grant Evans

Jason Kahl

Rick Pettinger

Tim Taylor

Michael Burr

Ken Featherby

Bill Knowles

Kevin Pirie

Jean Thorndycraft

Fraser Campbell

Brenda Ferguson

Ana Kraft

Gail Reaney

Clive Townley

Dan Chilton

Dennis Fimrite

Mike Lagadyn

Jim Russell

Dave Vogel

Bill Chudyk

Wayne Garner

Doug Ledding

Stephen Shea

Ed Williams

Peter Crichton

Robert Garry

*ULIĂ€Q /HZLV

Dale Sheppard

Robert Young

RE/MAX Camosun Peninsula Devon Properties Ltd. Royal Lepage Coast Capital DFH Real Estate Ltd. NAI Commercial (Victoria) DFH Real Estate Ltd. Burr Properties Ltd. Royal Lepage Coast Capital Coldwell Banker First Victoria Royal Lepage Coast Capital DFH Real Estate Ltd.

Davis Realty Corporation DFH Real Estate Ltd. NAI Commercial (Victoria) RE/MAX Camosun Fair Realty

Colliers Macaulay Nicolls NAI Commercial (Victoria) Sutton Group West Coast Rlty Firm Management Corp. Jonesco Real Estate Inc. Pemberton Holmes Ltd.

RE/MAX Camosun Westshore

NAI Commercial (Victoria) DTZ Barnicke Victoria Ltd. Devon Properties Ltd. Kahl Realty Inc. DFH Real Estate Ltd. NAI Commercial (Victoria) Burr Properties Ltd. NAI Commercial (Victoria) DTZ Barnicke Victoria Ltd.

DTZ Barnicke Victoria Ltd.

Cornerstone Properties Ltd. RE/MAX Alliance RE/MAX Camosun Westshore DTZ Barnicke Victoria Ltd. NAI Commercial (Victoria) Colliers Macaulay Nicolls Royal LePage Coast Capital Pemberton Holmes Ltd. RE/MAX Camosun Westshore

RE/MAX Camosun Fair Realty

Proline Management Ltd. DTZ Barnicke Victoria Ltd. Firm Management Corp. NAI Commercial (Victoria) Pemberton Holmes Ltd. Pemberton Holmes Ltd. Access Realty Ltd. 'LYHUVLÂżHG 3URSHUWLHV /WG Brown Bros Agencies Ltd.

250.385.7766 www.vreb.org/comwi

A22 Vancouver Island

www.westerninvestor.com FEBRUARY 2011 WESTERN INVESTOR

T

wo 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.

Business Is Better On Vancouver Island

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.

For Sale

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

Preliminary approval for 18 lot subdivision.

Glenn Moore, Associate, Century 21 Advantage Commercial Phone: 403-346-6655 Fax: 403-341-7813 Email: glenn@advantagecommercial.ca

519 Acre Parcel of Oceanfront Property - Campbell River

$7,500,000

31.83 Acre Industrial Land Parcel - North Cowichan

$3,500,000

Heavy Industrial Zoning. Also available for lease.

2.05 Acre Prime Development Site - North Nanaimo

$2,900,000

On Old Island Highway adjacent to Long Lake.

7.42 Acre Oceanfront Property - Port Renfrew

$2,500,000

Picturesque, untouched parcel at San Juan Point.

New Office and Commercial Building - Central Nanaimo

$1,359,000

1 space left in new building on Terminal Avenue, approx 4,610 sq ft.

Retail Business & Demolition Contractor

VancouverIsland OPPORTUNITIES

$1,050,000

New and used building materials in Central Island location.

Lakefront Irish Themed Pub - Lake Cowichan

$ 875,000

Offer includes business, land and buildings including boat dock.

Investment Property - Downtown Nanaimo

$ 799,000

7,977 sq ft building on Wallace Street.

Residential Development Property - Nanaimo

$ 799,000

4.88 acres near the Nanaimo Parkway in the OCP.

Commercial Development Property - Nanaimo

RESTAURANT

Income and Development Property - Campbell River

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.

Great Franchise opportunity! CALL

Neil Woodrow

250-338-3349

COMOX VALLEY

$ 695,000

0.79 acre downtown property with leased building and parking lot.

OBTAIN A PRIME BUSINESS Turn key, superb location in beautiful Comox “By the Sea� Vancouver Island, BC

$ 795,000

1.2 acres with C-12 Zoning beside Nanaimo Parkway.

Court Ordered Sale - Waterfront Restaurant, Land, Building

$ 675,000

In Maple Bay. Includes self-contained 1,604 sq ft suite.

ASKING PRICE $1,850,000

SEMI-WATEFRONT CONDO SITE

COMOX VALLEY s 0RIME FOR DEVELOPMENT OF ,UXURY 3UITES s !DJOINING WATERFRONT WALKWAY

Commercial Property - Alberni Highway

$ 590,000

1.11 acres with exceptional highway frontage.

Commercial Zoned Land and Building - Port Alberni

$ 269,500

10,956 sq ft lot with 132 ft road frontage and 3,526 sq ft building.

Light Industrial Strata Unit - Nanaimo

$ 234,900

1,493 sq ft in excellent Central Nanaimo location near Parkway.

Commercial Strata Units - Parksville/Qualicum Beach Spaces available from 1,000 sq ft - 3,000 sq ft.

$ $ $ $ to $ to

Downtown C-17 Zoned Lot - Nanaimo VIVO - Downtown Nanaimo Commercial Units Spaces available from 386 sq ft - 764 sq ft.

190,000 550,000 179,000 160,000 279,000

s $ESIGNS ALREADY APPROVED s #LOSE TO ALL AMENITIES PARKS GREEN SPACE RESERVES SHOPPING Did I mention the WATERFRONT!!!

Dale McCartney 1-800-638-4226 Ray Pellerin 1-800-377-4374

EMAIL neilwoodrow@shaw.ca

www.woodrowgroup.com

Featured Listings Green Rock Industrial Park 22 Light Industrial Lots in Prime Nanaimo Location Excellent highway access and “Green� construction.

9,688 to 71,849 sq ft $199,000 to $995,000

Seaview Centre - Parksville $135,000 to $380,000

7 strata titled office units ranging from 490 to 1,532 sq ft. Package of 4 available at a reduced price.

Investment Property Located 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

ED HANDJA PERSONAL REAL ESTATE CORP.

www.bcoceanfront.com

Phone: 1-800-563-7322 UĂŠ iÂ?Â?\ 250-287-0011

Commercial Building - Nanaimo 18,000 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 Property Located at Duke Point in Nanaimo this 5 acre site is paved and fenced and includes an approximately 18,000 sq ft building.

Offered for sale at $2,000,000

Business Opportunities COMMERCIAL CITY ACREAGE 7-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 trafďŹ c. Outstanding potential! $800,000

CAMPBELL RIVER AIRPORT 2 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 & ofďŹ ce. Structures are built to current seismic code, with split-face concrete block construction, metal roofs & spark proof work areas. $355,000

ALERT BAY CUSTOMS HOUSE Ideal 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 RESORT An established & proďŹ 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

FAMILY ADVENTURE CENTRE—Nanaimo SEWING MACHINE & FABRIC RETAILER—Nanaimo FRANCHISED FAMILY RESTAURANT—Ladysmith ESTABLISHED PLUMBING & HEATING BUSINESS—Nanaimo ENGINE MACHINING & PARTS BUSINESS—Nanaimo JUMPING JIMINY’S PLAYLAND & CAFÉ—Nanaimo Well known children’s entertainment business A&W RESTAURANT & FAMILY ADVENTURE CENTRE Franchise restaurant in Central Nanaimo as a package with a well known family entertainment destination ESTABLISHED PLUMBING & HEATING BUSINESS—Nanaimo On 7,560 sq ft lot with 1,300 sq ft building

$ $ $ $ $ $

149,000 180,000 229,000 250,000 395,000 469,000

ENGINE MACHINING & PARTS BUSINESS—Nanaimo With Strata Titled land and building

$ 950,000

SHEET METAL FABRICATION BUSINESS—Nanaimo Land, Buildings and up to $75,000 in inventory

$1,095,000

LIQUOR STORE IN LEASED PREMISES—Central Vancouver Island FRANCHISED MOVING & STORAGE CO.—Central Vancouver Island PUB & LIQUOR STORE—Central Vancouver Island CEDAR SHAKE/SHINGLE MANUFACTURER - www.bcfshake.com Land, Buildings, Foreshore Leases and Equipment, Inventory extra

$1,500,000 $2,550,000 $3,600,000 $3,900,000

$ 495,000

$ 650,000

Gerry Van Vaals Personal Real Estate Corporation DTZ Barnicke Nanaimo Ltd.

Tel: 1 800 769 5757

gerry.vanvaals@dtzbarnicke.com

www.dtznanaimo.com

A23

WESTERN INVESTOR FEBRUARY 2011 www.westerninvestor.com

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

3FBM XFTU DPBTU WESTERN INVESTOR ooke, about 45 minutes northwest of Victoria, close to the southern terminus for the famous West Coast Trail, takes its name from theT’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 factors 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 traditionally 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 program 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 preparation 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 construction in Sooke, reported that 75 per cent of the first phase had sold out. The development

Photo: Sutton Group West Coast Realty

4

(TOP) Mariner’s Village mixed-use waterfront 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.

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.

/FX DPOEPT

When built out, Mariner’s Village will be a blend of 375 dwelling units and approximately 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.

P

lans 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. A retail component is being added, too, but The seven parcels, stretching over seven Chamberlain was shy on naming the retailers kilometres beside the West Coast Trail, who will be setting up shop. were bought by Ilkay after the province A separate ocean-view condominium devel- let Western Forest Products (WFP) take opment, Harbour View Centre, is in the plan- 28,000 hectares of private land on the ning process for a 32-suite project, but so far Island out of tree farm licences. construction has not proceeded past site prepaWFP then put 2,550 hectares of land in ration. the Juan de Fuca electoral area up for sale. The Capital Regional District quickly *ODFOUJWFT bought some of the highest-profile land, Sooke’s downtown incentive plan was instru- near Jordan River surfing sites and other mental in getting the Mariner’ – s Village proj- popular recreation areas, as parkland. ect underway, the developer confirms. A new official community plan and The incentives are in the form a local bylaw land-use bylaws for 132,000 hectares that provides for a tax exemption for LEED- of rural resource lands emphasizes wilstandard revitalization projects, waiver of derness but potentially allows low-key fees and charges and the creation of a capital tourism development and resource extracimprovement reserve to encourage commercial tion. Photo: Andrea Johnson/Tourism BC

WI STAFF

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Please see Retail page A24

7BODPVWFS *TMBOE

VANCOUVER ISLAND COMMERCIAL www.nanaimoremaxcommercial.com

1-877-335-4380

Jay Cousins Realty

FOR SALE

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Jay Cousins jay@jaycousins.com

Frank Johnson frank@remaxofnanaimo.com

INVESTMENT OPPORTUNITIES

INVESTMENT OPPORTUNITIES

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www.nanaimoremaxcommercial.com

1-877-423-0984

INVESTMENT OPPORTUNITIES

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FRANK JOHNSON

of Nanaimo

JAY COUSINS

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UÊ 28,000 SQ. FT. OFFICEÊqÊ7 , "1- Ê " * 8Ê Ê£°xÊ VÀiÃ°Ê } ÌÊ `ÕÃÌÀ > Êâ i`]Ê } ÊÛ Ã L ÌÞÊ V>Ì ]ÊVÕÀÀi Ì ÞÊ xÊÌi > V iÃÊ Ê« >Vi]Ê Õ Ì « iÊL>ÞÃÊEÊ ÛiÀ i>`Ê` ÀðÊ,iÛi ÕiÊÊÃÌÀi> É À« À>ÌiÊ«À v À >Ê V iÊÃÌ>Ìi i ÌÊ>Û> >L iÊÊ Ê REDUCED $1,950,000 UÊ - ",-Ê , Ê /9Ê qÊ "Ê "-* / Ê , ÊqÊ *ÓÊ< }Ê> ÜÃÊ ÃÌ ÌÕÌ > ÊÕÃiÃÊ ÀÊÀiâ }ÊÌ Ê Õ Ì ÀiÃÊ V> ÊLiÊV à `iÀi`°Ê Õ ` }ÊEÊ > `Ê `i> ÞÊ i `ÃÊ ÌÃi vÊÌ ÊV }Ài}>ÌiÊV>Ài]ÊÃÌÕ`i ÌÊ Õà }]Ê ÀÊ ÃÌi ÊÕÃiÃ°Ê Õ ` }Êà âiÊ ÃÊ {{]ÓxxÊ-µ°Ê Ì°Ê Ê£°nÇÊ VÀiÃÊ $4,500,000

JAY COUSINS

BUSINESSES UÊ iÀ iÊ À > Ê Ã iÌ VÃÊ À> V ÃiÊqÊ > «Li Ê, ÛiÀÊ $75,900 UÊ > > Ê->ÕÃ>}i]Ê > Õv>VÌÕÀ }Ê> `Ê-> iÃÊ $149,000 UÊ Ì iÃÃÊ À> V ÃiÊv ÀÊ7 i ÊqÊ > > Ê $129,000 UÊ-ÕVViÃÃvÕ Ê ÃV Õ ÌÉ µÕ `>Ì ÊÃÌ ÀiÊqÊ >`ÞÃ Ì Ê $160,000 UÊ,iÌ> Ê À> V ÃiÊ Ê ÀÌ Ê > > Ê > Ê $179,000 UÊ Õ Ê-iÀÛ ViÊ i>ÛÞÊ ÕÌÞÊ,i«> ÀÊ ÕÃ iÃÃÊ $229,000

JAY COUSINS

A24 Vancouver Island

www.westerninvestor.com FEBRUARY 2011 WESTERN INVESTOR

VANCOUVER ISLAND ICI:

Fe r

COMMERCIAL STRATA DOWNTOWN COMOX -Hi proďŹ le, hi trafďŹ c 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

ROB PHILLIPS R. MIKE MULLIN, CGA TF: 1-800-715-3999 TF: 1-855-650-6560 Email: mullin@telus.net Cell: 250-897-8508

CASTLE COVE 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 ďŹ 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.

rob@robphillips.ca

DAWN SNELL

www.robphillips.ca

OfďŹ ce (250) 246-4966 Direct Line: (250) 246-0331 www.dawnsnell.com WEST COAST REALTY

Coombs $85,000 Prancing Pony Gifts in the side portion of World famous “Goats-On-The-Roofâ€? Coombs Country Market. Central Vancouver Island $559,000 Seller ďŹ nancing available. Forest Coach Tours Ltd. Forest Transport Services Ltd. www.forestbustours.com Parksville $1,300,000 Approximately 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.

and higher-density development in the town Lower Mainland centre. LEED-certified buildings could be eligible for a 100 per cent rebate on the municipal Straight property taxes in the first year, 60 per cent in of Georgia the second and 30 per cent in the third. Vancouver For high-density residential, incentives Island extend to reductions in property taxes and building permit fees and up to 30 per cent cut Sidney in development cost charges, Port Renfrew 17 Despite the incentives, not much new com14 mercial real estate development has taken Langford SOOKE place in the past year, confirms John Vernon, âœŞ Victoria Salish Sea a local Re/Max realtor. The local Shoppers Drug Mart has expanded and there has been 4PPLF # $ jostling of tenants in the downtown retail strip, Population 12,000 he said. Average detached house price $380,000 The Sooke business community is based in New-condo prices, per sq. ft. $400 the downtown core and consists of two grocery Main employers Tourism, commercial stores, pharmacies, a hardware store, two shopfishing, government ping malls, several financial institutions and medical services. There are also a number of home-based businesses and a nearly sold-out industrial park. In Sooke’s Sunriver Estates subdivision, new houses start at $340,000, though many are -PX DPTU IPNFT priced in the $600,000 range, Vernon said. “About 90 per cent of workers in Sooke comWhile its proximity to Victoria would sugmute to Victoria,â€? Vernon said, noting that in gest a large retirement population, Vernon said Sooke, real estate is primarily residential. a number of young families are also buying The average price of a Sooke detached in Sooke to take advantage of its recreationhouse, according to the Victoria Real Estate al opportunities. The beaches from Sooke Board, is $380,000, virtually unchanged from Harbour along the 74 kilometres of Pacific a year ago and far below the Greater Victoria Marine Circle Route to Port Renfrew, offer average of $647,063. spectacular views and fishing, he noted.â—† ry

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

Comox Valley www.coastrealty.com

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

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

Ucluelet $959,000 2 acre Fishing unloading and ice plant. 500 lineal feet waterfront plus foreshore rights.

• 1.71 Acres, Near All Amenities. • Ideal for phased Commercial Units on ground level with Ocean View Condos above.

Parksville $525,000 4.3 acres of land on the new Island Hwy.

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

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

• Existing 2 bdrm house and detached 2 car garage. MLS 277854 Only $1,350,000

RICHARD GOLDNEY 1-800-668-3622 sold@richardgoldney.com RE/MAX ANCHOR 113 2 Ave W Box 1890 s 1UALICUM "EACH "# s 6 0 "

Colin Corby & Associates 250.642.6361

F U L L PIC T U R E S O N L I N E

www.rgoldney.com

Coast Capital Realty

NEW PRIME RETAIL SPACE FOR LEASE CENTRALLY LOCATED NEXT TO POPULAR RETAILERS SUCH AS CENTRALLY NEXT SHOPPERSLOCATED DRUG MART TO POPULAR RETAILERS SUCH AS SHOPPERS DRUG MART.

COMOX

LANGFORD CONDO 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

Please visit our website or call for more details.

monarkinvestments.ca

604-592-7250

Financing Available. Potential Trades.

WWW COLINCORBY COM s colin@colincorby.com

NANAIMO | VANCOUVER ISLAND

VANCOUVER ISLAND Comox Valley

DEVELOPMENT AND INVESTMENT OPPORTUNITIES

UĂŠ /ĂŠ 1-/, ĂŠ-/, / ĂŠĂŠ ³É‡£xääĂŠ-+ĂŠ / Over 20' ceilings 2 full storeys allowed. .............. $274,900

MOTEL NEAR DEPARTURE BAY FERRY REDEVELOPMENT OPPORTUNITY! 21 Units plus Owner's TWO PRIME LOCATIONS FOR SALE WITH POTENTIAL FOR CAREHOME OR CONDO SITES

2VJDL GBDUT

3&5"*- from A23

COMOX VALLEY,

Residence. Designated for 6 Storey Commercial OfďŹ ce / 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!

COMING SOON 47 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.

Asking $1,500,000 Call DARWIN for info. OCEAN & CITY VIEWS! 12.4 ACRE SITE DEVELOPMENT 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 Development Permit is ready to be issued after conďŹ rmation or any modiďŹ cations a new Purchaser may want. All services & approvals are available to be in construction this year! Call DARWIN for info.

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

UNIQUE BUSINESS AND PROPERTY OPPORTUNITY FOR A JOINT VENTURE REQUIRED FOR A LEADING HATCHERY One 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 ďŹ eld. 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 destinations, and the raising of smolts for various specialty sea farm operations. Further detailed information is available for qualiďŹ ed investors.

Call 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 residential and Commercial uses. Adjacent to Highway 19A. Easy access.

OUTRIGHT PURCHASE OR POSSIBLE JV OF A UNIQUE AQUACULTURE SEA FARM

for further development is also available. Located in the best part of Port Alberni next to North Island College & other amenities.

Turnkey facility waiting to be restarted into production. Excellent location in the Barkley Sound, PaciďŹ c 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.

Call ROB for info.

Asking $550,000 Call ROB for info.

Asking $2,800,000 Call DARWIN for info. EXCLUSIVE LISTING - CAREFREE INVESTMENT 16 UNITS! 6 yr. old Apt./Townhome project in Port Alberni. Fully leased to Gov't. Agency. $1,797,000 Additional adjoining land

Darwin Mahlum Robert Borden

250.760.1066

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

UĂŠ ÂŁ]Ă“ääĂŠ-+ĂŠ /ĂŠÂŁn¿Ê ĂŠĂŠ°°°°°°° $174,900 UĂŠ , / É" É /ĂŠ 1-/, ĂŠĂŠ SPACES FOR LEASE fn°ääĂŠqĂŠÂŁ{°ääĂ‰ĂƒÂľĂŠvĂŒ UĂŠ ĂŠ+1 /9ĂŠ-/, / ĂŠ" ÊʇÊÓ]{ääĂŠĂƒÂľĂŠvĂŒĂŠ .....................................................$629,000 UĂŠ -/, / ĂŠ" ĂŠ ",ĂŠ- ĂŠ 2nd oor vacant 2,200 sq ft ... $249,900 3rd oor leased 2,200 sq ft ...... $254,900 UĂŠ ĂŽ]ĂˆääĂŠ-+ĂŠ /ĂŠ, / ĂŠ 1 ĂŠ On .28 ac, Comox ................... $925,000 UĂŠ ĂŽ]äääĂŠ-+ĂŠ /ĂŠ, / ĂŠ 1 ĂŠ On ½ ac, Courtenay ................. $925,000 UĂŠ ÂŁ]{ĂˆäĂŠ-+ĂŠ /ĂŠ, / ĂŠ 1 ĂŠ On .23 ac, Cumberland ........... f{nä]äää UĂŠ £°ĂˆäĂŠ ĂŠ 1 / ĂŠ 9ĂŠ°°°°°°°°°° $695,000 UĂŠ °Ă‡ÂŁĂŠ ĂŠ "7ĂŠ, - ĂŠ */ĂŠ°°°°°°°°°°° fnxä]äää UĂŠ £°ĂˆĂ‡ĂŠ ĂŠ " , ĂŠĂŠ " , °°°°°°°°°° fnĂ“x]äää

Rob Samsom

AACI CCIM FRI PERSONAL REAL ESTATE CORPORATION

1-888-829-7205 www.robsamsom.ca

RE/MAX Ocean Pacific Realty

Vancouver Island A25

JUDY GRAY, CCIM 1.800.600.1718

NANAIM0 REVENUE PROPERTY s &OUR 0LEX s $OWNTOWN s 'OOD 2EVENUE s .EW 2OOF 7INDOWS

WHISKY LANDING

Full Property Management Services (Residential and Commercial)

SUBDIVIDABLE ACREAGE

Suite 103–1801 Bay Street, PO Box 195, Ucluelet. BC. MID-ISLAND REALTY Canada V0R 3A0

www.westerninvestor.com

1-800-661-6988

Subscribe

WESTERN INVESTOR FEBRUARY 2011 www.westerninvestor.com

s !CRES s 7ELL TREED $499,000

BUSINESS FOR SALE s 0ET &OOD 3UPPLY 3TORE s $ 4 0ARKSVILLE s 'REAT )NCOME s 7ILL 4RAIN

FORECLOSURE SALE

including Facility Management Services on Vancouver Island and in Prince Rupert, B.C.

Contact Duncan MacKenzie

PUB AND LIQUOR STORE SEAT s /UTDOOR PATIO s TREED ACRES s DUAL ZONING s LIVING QUARTERS s (WY FRONTAGE

1-250-658-8060

duncan.mackenzie@randallnorth.ca

DAN JACK 1-800-533-4153 danjack@shaw.ca WHITECAP REALTY PARKSVILLE

www.randallnorth.ca

OCEANFRONT ACREAGE

84 UNIT HOTEL

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

3.42 acres, approx. 450 ft of waterfront, great privacy with a large well maintained 3600 sq ft home. Southeast exposure with great views and marine trafďŹ c to watch. Subdivision possibility in to 2 parcels without compromising the privacy. PRICED AT $1,500,000

$2,800,000

Individually Strated Units UĂŠĂŠ ÂŤÂŤĂ€ÂœĂ?ĂŠfÂŁĂŠÂ“ÂˆÂ?Â?ÂˆÂœÂ˜ĂŠÂˆÂ˜ĂŠĂ€iÂ˜ÂœĂ›>ĂŒÂˆÂœÂ˜ĂƒĂŠÂ?Ă•ĂƒĂŒĂŠ VÂœÂ“ÂŤÂ?iĂŒi`ĂŠ UĂŠ-Ă•Â˜Â˜ĂžĂŠĂŒÂœĂ•Ă€ÂˆĂƒĂŒĂŠ`iĂƒĂŒÂˆÂ˜>ĂŒÂˆÂœÂ˜ĂŠ>˜`ĂŠ}Ă€ÂœĂœÂˆÂ˜} UĂŠĂ“°ĂˆĂŠ>VĂ€iĂƒĂŠÂœvĂŠÂ…ĂœĂžĂŠvĂ€ÂœÂ˜ĂŒ>}i UĂŠĂŠ*œœÂ?]ĂŠ ÂˆĂŒÂ˜iĂƒĂƒĂŠViÂ˜ĂŒiĂ€]ĂŠ£ääĂŠÂŤiĂ€ĂƒÂœÂ˜ĂŠĂŠ Vœ˜viĂ€i˜ViĂŠĂ€ÂœÂœÂ“]ĂŠÂ?ÂˆÂľĂ•ÂœĂ€ĂŠÂ?ˆViÂ˜Ăƒi UÊÇ°xÂŻĂŠ >ÂŤĂŠ,>ĂŒiĂŠ­Â“}Â“ĂŒĂŠviiĂƒĂŠÂˆÂ˜VÂ?°ŽĂŠ ĂŠ 7ĂŠ*, tĂŠĂŠfx]nää]äää

Ă€Âˆ>Â˜ĂŠ*iĂ€VÂˆĂ›>Â?ĂŠUĂŠĂ“x䇙xÂŁÂ‡ĂˆĂŽĂ‡Ă“ email: b.percival@shaw.ca

PETER GALLACHER

Ă›ÂˆĂƒÂˆĂŒ\

www.travelodgeparksville.com FOR A VIRTUAL TOUR

1-800-779-4966

www.judygray.com

NANAIMO

pgallacher@coastrealty.com

POWELL RIVER OPPORTUNITIES

BOSTON PIZZA

Established profitable location UNLIMITED BUSINESS OPPORTUNITIES

12 UNIT OCEAN VIEW TOWNHOUSE

MEXICAN CASA & CASITA

Welcome 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

2 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 oors under carpets and concrete block construction to provide sound and ďŹ reprooďŹ ng. There are also 2 separate laundry and utility buildings plus extra parking with paved lot. Good income and cash ow. call now for all the details. $495,000 REDUCED TO $395,000 until Feb 28/11.

Unique 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 trafďŹ 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

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

42 STRATA SUITES IDEAL FOR GROUP PURCHASE

Financing available with 35% down OAC purchaser must be approved by Boston Pizza Prices at $750,000 assets ;dg 9ZiV^aZY >c[dgbVi^dc EaZVhZ 8dciVXi/

IAIN MACDONELL

RE/MAX SELECT PROPERTIES

(604) 328-3929

WWW.MACDONELLS.COM

PORT HARDY

SEAWIND ESTATES s 3TRATA TOWNHOMES s 2ENTS

WOODGROVE MANOR Desirable Uplands Area of Quesnel, BC

s $900,000 s BDRMS BTHRMS

NANAIMO

s SUITES BETWEEN n SQ FT s BDRMS FULL BTHRMS STORAGE RMS s %XCELLENT RESIDENT CARETAKER s 7ELL MAINTAINED

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

YACHT CLUB AREA s SUITES s 3OME OCEAN VIEWS s $2,588,000

Barry Calvin s 250-758-6767 s 0!#)&)# 2%!,49 '2/50 s barry@paciďŹ crealtygroup.ca 32 Years Apartment Building Specialist for Vancouver Island and All Areas Outside Lower Mainland

A26 Vancouver Island

www.westerninvestor.com FEBRUARY 2011 WESTERN INVESTOR

MAKE MORE DEALS 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.

Report: The Land Issue Residential land development Fee simple native land Costing per buildable foot Franchise News Recreational Properties Regional Roundups: BC: Langley AB: Lloydminster SK: Saskatoon Spotlight: Flin Flon, MB

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MARCH AD DEADLINE FEBRUARY 14TH

APRIL AD DEADLINE MARCH 14TH Report: Franchising & Small Business Venture financing Retail leasing Franchise News Recreational Properties Regional Roundups: BC: Richmond AB: Edmonton MB: Winnipeg Spotlight: Estevan, SK

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A27

WESTERN INVESTOR FEBRUARY 2011 www.westerninvestor.com

%

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

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 following: Deal: 12,969-square-foot commercial site, Burrard Street, Vancouver. Price: $7.6 million.

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

Photo: LandQuest

From: NAI Commercial, Vancouver. NAI agents Terry Harding and Jackson Tang From: LandQuest Realty, New Westminster. listed and sold the following: LandQuest agent Matt Cameron sold the Deal: Apartment-building portfolio of three properties sold for Boardwalk Equities. following: Deal: 9,000-square-foot log home on 90 acres Calgary, 105 units; Coquitlam, 41 units; and of waterfront, North Thompson River near Burnaby, 79 units. Price: $32.8 million. Kamloops. Bought by a European investor NAI agent Jon Meder sold the following: with plans for an equestrian centre. Price: Deal: 20,000-square-foot office building, Recently completed a major commercial Columbia Street, New Westminster. Price: real estate deal? Send details for a free $1.85 million. $1.77 million. report here to: wieditor@biv.com. From: McLeod Realty Team, Edmonton. NAI agents Ken Hicks and Ken Kiers of McLeod owner Robert McLeod reports the NAI Langley sold the following: Deal: 27,912-square-foot mini-storage facility following: Deal: Lease and sale of six-bay, 12,588- on three acres, with 145 units, in Parksville. Sold square-foot commercial property on 91 for Storage Vault CDN to Younghusband Street, Edmonton. Price: Units sold for an Holdings. Price: $2.8 million. average of $200 per square foot; leases for NAI agent Peter Seed sold the following: Deal: 29,197-square-foot retail strip mall on an average of $13 per square foot. 2.39 acres, Tabor Boulevard, Prince George. From: Prestigious Properties Group , Price: $3 million. Canmore. Prestigious senior vice-president Scotty Grubb reports the following: From: DTZ Barnicke, Vancouver. DTZ agent Luxury log home on 90 acres of riverfront Deal: 120-unit apartment building, N.W. Dan Mussendon sold the following: sold for $1.85 million.

Photo: Re/Max Commercial

one Deals is our monthly feature highlighting some of the major real estate transactions completed recently in Western Canada’s vibrant commercial real estate market.

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

Photo: McLeod Realty Group

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

7BODPVWFS *TMBOE

NANAIMO & VANCOUVER ISLAND PROPERTIES

Ê, É 8Ê" * " INCOME PRODUCING + REVENUE PROPERTIES PACIFICA OCEAN FRONT CONDOS

NORTH ISLAND HOTEL & PUB, WINE & BEER STORE 50 Rooms and restaurants. 2 lots. Over 3.9 Million annual sales. $2,995,000

1 BEDROOM PLUS DEN $239,900 WATERFRONT TOWNHOME 1740 SF 2 bedrooms, hardwood floors, granite counter tops, roof top patio. $599,000

HERITAGE APTS & PUB 13 small apartments. 115 seat pub leased. 1 commercial space - leased. Generating over $10,000 monthly. Asking $1,100,000

NEW WALK ON WATERFRONT TOWNHOME $509,000 NO GST, NO HST NANAIMO BUSINESS OPPORTUNITY AVAILABLE IMMEDIATELY Lease with option to purchase this Nanaimo restaurant lounge fresh food market. Popular martini lounge with adjoining fresh food market convenience store. 70 seat lounge and restaurant. 18 seat patio. All equipment. $124,500

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

FORECLOSURE COURT ORDERED SALES 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. -i iÀÊ ÃÊ Ì Û>Ìi` $695,000 26 UNIT CONDO DEVELOPMENT SITE Fabulous ocean views. 1 acre. Financing available. Approved plan with city. $795,000 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. ÀiV ÃÕÀiÊ*À Vi\ $995,000

HOTELS & PUBS 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

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

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

/ ÊUÊ/" Ê , Ê£ nää ÈÈx nΣÎ

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

INCOME PRODUCING + REVENUE PROPERTIES NANAIMO DUPLEX 3 bedrooms per side, 2 separate titles. Excellent income. $419,000 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 BLOCK 13 self contained units. 1 commercial space plus lease pub & license. Gross revenue $10,000/month. Asking $999,000

FOR LEASE – JUST LISTED 115 Seat Pub. Central Vancouver Island area. > Ê > iÊv ÀÊ`iÌ> Ã

DEVELOPMENT SITES 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. f£°£Ê OCEAN FRONT CONDO DEV SITE 24 units, approved plan, overlooks new marina. Presale included. $1,500,000

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

.

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

JUST LISTED; FANTASTIC OCEAN VIEW RM-5 Dev site, urestricted views, overlooks cruise ship pier. Approved for 36 condos, No DCC’s. $729,000 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. f£°£Ê 140 ACRE DEV. SITE Nanaimo $3,990,000

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. -Ì>ÀÌ }Ê>ÌÊfÓÎ ]äääÊi>V Ê ÀÊ> ÊxÊv ÀÊf£]£xä]äää

DALE SHORTT Bus: (250) 758-3700 U TOLL FREE 1-800-665-8313 È{äÊ/À> ÃÊ > >`>Ê } Ü>Þ]Ê >`ÞÃ Ì ]Ê ° °Ê6 Ê£ ÇÊUÊ > \Ê`> ià ÀÌÌJà >Ü°V>

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A28 Lower Mainland

COMMERCIAL

www.westerninvestor.com FEBRUARY 2011 WESTERN INVESTOR

RE/MAX TREELAND REALTY

RE/MAX LITTLE OAK REALTY

RE/MAX BOB PLOWRIGHT REALTY

#101 6337 - 198 Street, Langley, B.C. V2Y 2E3 Tel: (604) 533-3491 Fax: (604) 533-0202 Toll Free at 1-888-707-3577

2630 Bourquin Crescent West, Suite 9, Abbotsford, B.C. V2S 5N7 Tel: (604) 859-2341 Fax: (604) 850-2325 Toll Free at 1-800-668-8661

7300 Vedder Road, Suite 1, Chilliwack, B.C. V2R 4G6 Tel: (604) 858-7179 Fax: (604) 858-7197 Toll Free at 1-800-830-7175

BUYER/TENANT REPRESENTATION

Independent Representation for Buyers or Tenants Have your Commercial Professional source your requirements: Properties, Bylaw Compliance, Investment Analysis, Negotiations. Call or email David!

INVESTMENT OPPORTUNITY

Quality National Tenant. Full info w/ Confidentiality Agreement $5,999,000 #V4024073Call or email David!

FOR SALE OR LEASE IN CHILLIWACK

THIS SIMPLE PLAN

PROGRESS WAY INDUSTRIAL PARK BUY OR LEASE

BRAND NEW RETAIL/COMMERCIAL STRATA x14 units to choose from xLocated on busy main road xHigh visibility xFrom 746 sq. ft. to 4,654 sq. ft.

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.

Office above 19000 Sq. Ft. Lot – C1 Zone Application in process. Busy location – 1649 - 1665 Como Lake Avenue $1,350,000 CLS # 4023345

INDUSTRIAL OPPORTUNITY

COQUITLAM High profile end unit off United

Boulevard. 5000 square feet – 3500sf office, 1500 sf. warehouse 2 grade level doors. Leased until June 2012 – CLS # V4024075 For Sale at $925,000

DAVID KEARNEY CCIM www.davidkearney.com dkearney@remax.net

604-942-0606

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

*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.

SIMILAR

rayy@remax.net www.rayyenkana.com (listing details) RE/MAX LITTLE OAK REALTY

7.99 ACRES INVESTMENT OPPORTUNITY $1,899,000 New Price 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

INVESTOR ALERT Turn $7 Mill into $25 + Mill. 43ac property Langley. All services at property line, adjacent to existing subdivisions. Call for details Garth Olson Re/Max Treeland Realty 604-533-3491 realestate@garth-olson.com

SUMMERLAND 57 ACRES 4,800 sq. ft. superior craftsmanship home.

$1,600,000 KEITH SETTER

604-533-3491

owners and investors xGet in at ground floor and pick your

spot today

xArchitecturally Controlled xFully Serviced Lots xWill Build to Suit xIndependent or Strata Warehouse for sale or Lease from 2,000 to 500,000 sq. ft. x20 Minutes to US Sumas Border

BU TO ILD SU IT

1 to 20 Acre Development Lots

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

FOR SALE IN CHILLIWACK LIVE/WORK OPPORTUNITY xMixed use 3,250 sq. ft. building x4 Bays with in floor radiant and

xSeparate 3 bdrm, 2 bath

separate gas and electric meters xResidential units above

xClose to airport and suitable for

residential unit with 1 bay shop airport related use

SALE $689,900

FORECLOSURE PROPERTY x8,940

sq. ft. building renovated xPriced below appraised value xCompletely

xCourt

ordered sale Industrial Building xWarehouse & Office xLight

SALE $619,000

FORECLOSURE PROPERTY x11,293

xGood

xRetail

sq. ft. lot and office space xLocated Downtown Chilliwack

xPlenty

www.wildrose.canbyours.com

RAY YENKANA CCIM, ABR 1-800-668-8661

xGreat opportunity for business

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

DEVELOPMENT OPPORTUNITY

COQUITLAM For Commercial Ground Level, Apt or

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

YOU CAN LAUGH AT MONEY WORRIES --- IF YOU FOLLOW Buy low, allow time to compound, take advantage of tax breaks, use Professional advice.

VICTORIA - Carefree Net 8% Cap Rate

RE/MAX SABRE REALTY GROUP

street exposure of City Parking xRenovated in 2007

SALE $975,000

INVESTMENT PROPERTY

FORECLOSURE PROPERTY

xCompletely Renovated xIn Harrison Hot Springs x1,057 sf strata property x Fully Leased- 7% CAP

xIdeal opportunity for live/work xProperty is .60 acres xModular home & Restaurant xZoned C2 (HWY Commercial)

SALE $219,900

SALE $177,900

1 ACRE INDUSTRIAL LIVE/WORK PROPERTY x2,843 sq. ft. 4 Bedroom Home xGreat living space xZoned CD14 - Outside Storage

xLight xIdeal

Industrial/Commercial for Automotive, woodwork, Machine Shop, Warehouse, Distribution

SALE $649,900

INDUSTRIAL LAND 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

Lots are level with compacted gravel base x Offering dual road frontage xManufacturing, distribution, outside storage, warehousing, food processing, etc. x

FOR LEASE Lease from $12$13/sq ft. xWell Located next to new Safeway xSpace available 850 to 7,000 sq ft xOn site parking and good access

Lease $12/sq ft. xRetail - 2,060 sq. ft. xExcellent exposure xNew tenant incentive

Lease from $6.50$14/sq ft. xOn high traffic corner x806 to 1,900 sq. ft. xWell maintained building

Bob Plowright RE/MAX Bob Plowright Realty CHILLIWACK, BC 1-800-830-7175 - 604-858-7179 bob@bobplowright.com www.bobplowright.com

OFFICE FOR SALE

Langley, BC #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

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