Western Investor March 2012 Section A

19 REMAKING B.C.’S CAPITAL Developers leap intoIsland’s biggest projectAdam Gant (L) and Emanuel Arruda of League Financial celebrate start of $1 billion mixed-use project in Colwood

▲

$4.29 MARCH 2012 Vol . 27 / Issue 3VANCOUVER • LOWER MAINLAND • VANCOUVER ISLAND SECTION

8 “RUNNING OUT OF LAND”Industrial shortage may force density “rethink”

16 INVESTING WITH FRIENDS AND FAMILY?Legal contracts - not love - will decide a joint venture’s success

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

Commercial Real Estate Services, Worldwide.

www.naicommercial.ca

$2,415,000.00$3,500,000.00 8

INDUSTRIAL FREE STANDING BLDG. FOR SALE / FOR LEASE LANGLEY

FOR SALE – RV SITE WITH BUSINESS 2.24 ACRES FOR DEVELOPMENT COMMERCIAL/RESIDENTIAL LANGLEY, BC $2,450,000

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

GARY NIESNER DON MACDONALD 604-534-7974 or 1-800-890-9855

DON & ANGIE MACDONALD604-534-7974 or 1-800-890-9855

KEN KIERS OR KEN HICK * Personal Real Estate Corp.

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

Commercial/Industrial LandHighway 1 Access and ExposureFlood Hope Road, BC

Asking: Contact LIsting Broker

Vernon, BC

Reduced $3,250,000

Penticton, BC

Asking $2,850,000

SELF-STORAGE FACILITIES – FOR SALE

WE ARE YOUR SELF-STORAGE EXPERTS

200th Street

Highway #1 InterchangeSubject Property

MERRITT, BC OPPORTUNITIESHOT PRICE

Asking $699,000

SPLIT ZONING

Asking $2.95 Mil

3 LIGHT INDUSTRIAL LOTSAmazing price $69,900 ea.

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

HALF ACRE C-3 SERVICE COMMERCIAL LOT Close to Wal-Mart. Only $199K

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

DON ELLIS, RI 604-691-6668 [email protected]

COURT ORDERED SALE COQUITLAM

MULTI-TENANT COMMERCIAL BURNABY

BARGAIN PRICED $699,000 / $154 PSF

ASKING $2,350,000 /$175 PSF

11.4 ACRES DEV. LAND ADJACENT TO WAL-MART & HWY 5

$3.49 Mil

REDUCED $500K. PRICED TO SELL!

PUBLICATIONS MAIL AGREEMENT 40069240

RETURN UNDELIVERABLE CANADIAN ADDRESSES TO CIRCULATION DEPARTMENT:

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

LIFESTYLE PROPERTIES

SPECIAL SECTION • B16

WASHINGTON INVESTORS ALERT!

A2 Lower Mainland www.westerninvestor.com MARCH 2012 WESTERN INVESTOR

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

Moving with confidence

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

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

YUKON & WEST 8TH AVENUE RETAIL

LANDMARK WHISTLER INVESTMENT OPPORTUNITYGARFINKELS NIGHT CLUB

FOR SALE - POTENTIAL INDUSTRIAL DEVELOPMENT

SITE

MULTIFAMILY DEVELOPMENT SITE

FOR SALE - MULTIFAMILY DEVELOPMENT SITE

COURTENAY

FOR SALE OR LEASEDOWNTOWN/COAL HARBOUR

STRATA UNIT

86.85 ACRE DEVELOPMENT SITE NOT IN ALR

YALETOWN QUALITY OFFICES PLUS WAREHOUSE IN

PORT COQUITLAM

NANAIMO DEVELOPMENTSITE

6 SEPARATE LEGAL TITLES TOTALLING OVER 116 ACRES

LANGLEY DEVELOPMENTSITE

DEVELOPMENT SITE - MULTIFAMILY

BURNABY MOTEL/DEVELOPMENT SITE

LAZY WHEEL MOBILE HOME PARK

WOOD LAKE DEVELOPMENT SITE

INN ON THE WATER, SQUAMISH

FOR SALE - NANAIMOLONG LAKE PLAZA

STRATA UNITS FOR SALE -HARBOURSIDE LANDING

DEVELOPMENT OPPORTUNITY WITH INCOME

FOR SALE - CLOVERDALE MEDICAL BUILDING

FREESTANDING OFFICE BUILDING FOR SALE

IDEAL FOR OWNER-USER OR INVESTOR

TOWNHOUSE DEVELOPMENT SITE

10.18 ACRE INDUSTRIAL SITETILBURY BUSINESS PARK

MANNING PARK RESORT & SKI CENTRE

CANADA`S BEST VALUE WESTWARD INN

JAMESON HOUSE AAAOFFICE SPACE FOR SALE

FOR SALE - 65.53 ACRESCHETWYND

FOR SALE - 61 ROOM HOTEL WITH RESTAURANT

FOR SALE - HARRISON HIGHLANDS, KENT

FOR SALE - WILLOW CALE ROAD, PRINCE GEORGE

SMALL FREESTANDING INDUSTRIAL BUILDING -

METROTOWN

FOR SALE - FULLY LEASED FREESTANDING OFFICE

BUILDING

INVESTMENT/OWNER-USER OPPORTUNITY

FOR SALE - 32860 MISSION WAY, MISSION

50% LEASED

FOR SALE - HARRISON HOTSPRINGS

SOLD

SOLD

ROGER LEGGATTMAX ZESSEL

CHRIS DRIVER*/ BRETT AURADON DUNCAN*

PETER GIBSON

BRAD NEWMAN-BENNETTSCOTT MACPHERSON

MICHAEL HARDYBRETT AURA

DON DUNCAN*CHRIS DRIVER*

DON DUNCAN*

DAVID CANNINGBRAD NEWMAN-BENNETT

BILL RANDALL*

HUDGE PARMAR*MARK GALLAGHER

BILL RANDALL*

TYLER PRIDHAM

MARK TREPPBOE IRAVANI

MARK GALLAGHER

RICK EASTMAN*

BILL RANDALL*

BILL RANDALL*

NIC GREEN/PHIL HEARN

RICK EASTMAN*KEVIN VOLZ

BURTON VAN ALSTINE*ROBERT STOKES

MARK GALLAGHERHUDGE PARMAR*

MAX ZESSELROGER LEGGATT

BILL RANDALL*

BILL RANDALL*NOAH FREEDMAN

RANDY SWANT*LEE G HESTER*

BILL RANDALL*

BRETT AURA

BRETT AURA CRAIG BALLANTYNE

BILL RANDALL*

RON EMERSON

PHILIP CHENG

BURTON VAN ALSTINE*HUDGE PARMAR*

BRETT AURA

DAG MEYER

BRETT AURA CRAIG BALLANTYNE

ADAM FRIZZELL

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

For more information, call our office.

HIGH TRAFFICRETAIL CENTER

$3,395,000Newer center, built in 2009, includes two completed structures and one development pad. Building 1 contains multiple suites totaling 10,438 square feet. Building 2 contains multiple suites totaling 4,984 square feet. Building 3 is a pad planned for a four story building

consisting of 27 studio apartments. Located across from a community college and is on a corner lot. Priced to sell at $3,395,000.

COMMERCIAL/INDUSTRIAL

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

CALL Don MunroSUTTON GROUP

WEST COAST REALTY

604-817-7338 [email protected]

COMMERCIAL/INDUSTRIALACREAGES ACREAGES ACREAGES

WHITE ROCK1328 Johnston Road Open to offers

SURREY11151 Bolivar St & 13340 112 Ave

19518 32nd Avenue

SURREY/LANGLEY BORDER1 & 2 - 5492 Production Blvd

LANGLEY 203-20771 Langley Bypass

CHILLIWACK8495 Aitken Rd, 8565 Aitken Rd & 8579 Aitken Rd

8558 Chilliwack Mountain Road

256th Street & 48th Avenue

7437 253rd Street

7455 253rd Street

7700 240th Street Open to Offers

LANGLEY

6842 202B Avenue & 6868 202B Ave

27571 60th Avenue

3837 240th Street

48th Avenue & 216th Street Open to Offers

889 Lefeuvre Road

27691 Downes Road

CHILLIWACK

51140 Ruddock Road

7640 Nixon Road

700 Columbia Valley Road

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

FEATURES19 Billion-dollar Colwood centre development fires up

8 Scarce land raises interest in higher-density buildings

11 Fears of oversupply, slow condo sales spook market

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

COLUMNS6 16 23

On the coverAdam Gant and Emanuel Arruda of League Financial cel-ebrate start of $1 billion Colwood Capital Centre projectPhoto: Deddeda Stemler

2–18

10 18

19–23

LIFESTYLE PROPERTIES


M a c d o n a l d C o m m e r c i a l Real Estate Services Ltd.

3075 Willow, Vancouver

• INDUSTRIAL STRATA UNITS, SURREY: • Central location• 3 units available• 1,400 to 1,650 sq. ft. • Total 4,100 sq. ft.• $275,000 each

1275 W. 75 th Ave, Vancouver

FOR SALE | BOB SCRAGG | 604.290.2906

• 8369 RIVER WAY, VANCOUVER: • ½ acre, upper office 1,000 sq. ft. main office/showroom 1,500 sq. ft. warehouse 6,000 sq. ft.

• Easy access to New South Fraser Perimeter road & HWY 99• List Price: $1,350,000

FOR SALE: INDUSTRIAL STRATA UNITS

Although this information has been received from sources

deemed reliable, we assume no responsibility for its accuracy,

and without offering advice, make this submission subject to prior

sale or lease, change in price or terms and withdrawal without notice.

Vancouver 604.736.5611Fraser Valley [email protected]

FOR SALE / LEASE : OFFICE BUIDLING

• OFFICE BUILDING, BURNABY: • High profile location, close to transit• 75,000 sq. ft. total• 40,000 sq. ft. available immediately• Lease Rate $12/sq. ft. (long term)• For sale $20M

FOR SALE: WAREHOUSE/SHOWROOM/OFFICE

• Designated - Residential & Commercial• Services available• Super investment• Gravel opportunity while holding• $3,000,000

FOR SALE: 102 ACRES PRINCE GEORGE

• 27256 FRASER HWY, ALDERGROVE: • Central commercial frontage in town centre on main street.

• Building 6,500 sq ft/ Lot 66’X120’

• Can be re-con figured into 3units (2,000 SF) all w/ street frontage.

• Mixed use redevelopment potential

• List Price: $750,000

www.macdonaldcommercial.com

FOR SALE: FREESTANDING BUILDING

• Championship Golf Course with Hotel/Resort Potential, Vancouver Island • Par 72, 6616 yards, 18 holes Championship Golf Course on 159 Acres • 12,000 sq. ft. club house with pro-shop, restaurant, lounge and banquet facilities • Full size driving range and large practice facilities • Preliminary plans for a 200 rooms hotel and convention centre • 8,000 sq. ft. custom built home

ERIC POON / KELVIN LUK | 604.736.5611

RARE GOLF COURSE OPPORTUNIT Y FOR SALE | ERIC POON & KELVIN LUK

PRICE REDUCED

• 20 Acres designated Business Park. Excellent access/egress to and from all parts of Metro Vancouver & close to amenities. / List Price: $10,880,000

CHRIS MIDMORE/ BRIAN BARBER/ MATT NUGENT | 604.736.5611

FOR SALE: CAMPBELL HEIGHTS | CHRIS MIDMORE, BRIAN BARBER, MATT NUGENT

FOR SALE: GASTOWN NIGHT CLUB | JOHN SULLIVAN

• 397 Seats - established over 20 years. Excellent Long Term Lease

• List Price: $750,000 JOHN SULLIVAN |604.714.4773

• Land, building & business for sale. Approx. 10 acres in ALR. • List Price: $1,650,000 REDUCED: $1,585,000 GARY KHAN | 604.714.4799

FOR SALE: KELOWNA GOLF RANGE - Land, building & business | GARY KHAN

FOR SALE: LITTLE MOUNTAIN CHILLIWACK - 59 Lot Subdivision | GARY KHAN

• 59 lot subdivision / Little Mountain Chilliwack • List Price: $4.25M GARY KHAN | 604.714.4799

FOR SALE: NIGHT CLUB LIQUOR PRIMARY LICENCE | JOHN SULLIVAN

• Licence “parked” in Yaletown until new location available Price: $750,000 JOHN SULLIVAN | [email protected]

• 2 retail strata units, Langley: $499,000 REDUCED: $349,000 • Office Building, New Westminster List Price: $1,200,000

BRIAN TATTRIE - 604.714.4783 | GARY KHAN - 604.714.4799

COURT ORDERED SALES | BRIAN TATTRIE & GARY KHAN

FOR SALE: KITSILANO INVESTMENT | ERIC POON

• 2 commercial units & 2 residential units / 3,342 sq. ft./ C-2 zoned site • List Price: $1.7M ERIC POON | 604.736.5611

SOLD

PRICE REDUCED

BOB SCRAGG 604.290.2906 | [email protected]

604-889-4551Union Development (Canada) Group Inc.

Retail & Offi ce Approximately 1,550 - 1900sf

from $24/sf NNNMarine Drive, North Vancouver

FOR LEASE

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

FOR SALE

FOR SALE1028 HAMILTON STREET

4 storey plus basement. 30,000 sq ft Asking $16,999,000

Dexter Associates Realty Commercial Real Estate, Your Trusted Advisors

81,260 sq.ft. R&D

FOR LEASE 725 Eaton Way

Approx 9,200 sq ft warehouse with approx 3,800 sq ft offi ce space.

Attractive rates.

Larry or Kris 604-689-8226

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

Larry Traverence 604-787-7654

MAY BE LEASED.

CALL FOR DETAILS

NIGHT CLUB IN WHISTLER VILLAGE

Newly renovated, 2 level Night Club/Pub right in the heart of Whistler Village. $499k Call Kris or Larry for details.

1521 WEST 4TH AVECorner lot of 5,650 sq ft. Cash business

included. $2,475,000* Stage 2 Completed *

Call Larry Traverence 604-787-7654Kris Pope 604-318-5226

SOLD

40’ x 90’ Parts Counter,

Lunchroom, Disassembly Bay

MAIN BUILDING

QUONSET HUT 56’ x 80’ w/ 36’ x 60’ MEZZANINE

for parts storage

GARTH OLSON Re/Max Treeland Realty 604-533-3491 [email protected] www.garth-olson.com

For more information contact:

SHARE SALE INCLUDES LAND, BUILDING, INVENTORY, CLIENT BASE AND BUSINESS

$6,500,000

~3.2 Acres~M-7 Industrial Zoning~Phase 1&2 environmental

Studies Available~Also has residence on

propertySTORAGE

for 500+ Vehicles

at back

Auto Salvage & Metal RecyclingLANGLEY BC

WESTERN INVESTOR MARCH 2012 www.westerninvestor.com Lower Mainland A5

Although the information contained within is from sources believed to be reliable, no warranty or representation is made as to its accuracy being subject to errors, omissions, conditions, prior lease, withdrawal or other changes without notice and same should not be relied upon without independent verifi cation. DTZ Barnicke Vancouver Limited, Real Estate Brokerage 03/2012.

Tel: (604) 684 7117 www.dtzvancouver.com

For more information on our available properties and range

of commercial real estate services please contact us today.

PRIME DEVELOPMENT SITE

1396 Richards Street, Vancouver30,000 sq ft lot, 2/3 of a city block

DD-L1 zoning

150,000 sq ft buildable density

Operating business included with sale

Tom Bakker, James Bayley

DEVELOPMENT SITE

King George Blvd

13061 King George Boulevard, Surrey5.34 acre site

Residential/Industrial per OCP

Between Scott Road & Gateway stations

NEW PRICE!

Rand Thomson, Sebastian Espinosa

STRATA OFFICE SALE/LEASE

205 - 1742 West 2nd Avenue, Vancouver1,039 sq ft fully improved office space

Private storage

Jason Marriott

INDUSTRIAL SALE

NEW

LIS

TING

54370 Bridal Falls Road, Chilliwack14.165 acres

Development potential

Rand Thomson, Sebastian Espinosa

LOT FOR SALE

Price Red

uced

1186 Granville Street, Vancouver3,000 sq ft development site

James Bayley, Tom Bakker,Meghan Kennedy

INVESTMENT OPPORTUNITY

Hume Ave

7464 Hume Avenue, Delta20,884 sq ft facility

0.92 acres of land

Fully leased

Single tenant

Anthony Lux, Casey Bell

STRATA UNIT FOR SALE

21320 Westminster Hwy, Richmond3,005 sq ft fully leased industrial strata unit

Approximately 19’ clear ceiling height

Lease expires February 28, 2015

Casey Bell, Anthony Lux

INDUSTRIAL SALE

2231 Vauxhall Place, Richmond13,638 sq ft freestanding building on

0.65 acres Concrete tilt-up construction

3 grade level loading doors

Casey Bell, Anthony Lux

RETAIL SALE/LEASE

906 Main Street, Vancouver4,314 sq ft on two levels

James Bayley, Meghan Kennedy

INDUSTRIAL SALE

226 - 17 Fawcett Road, Coquitlam2,920 sq ft office/warehouse unit

Tilt-up concrete construction

Air-conditioned offices

Grade loading

Steve Caldwell, Phil Gibbons

FOR SALE

Price Red

uced

1250 Frances Street, Vancouver5,248 sq ft freestanding office/

warehouse building

Owner/occupier opportunity

Ryan Saunders, Mitch Ellis

INDUSTRIAL SALE/LEASE

101 - 8988 Fraserton Court, Burnaby2,126 sq ft flex strata unit

Modern tilt-up construction

Rear grade level loading

Signage opportunity

Phil Gibbons, Steve Caldwell


1301 Ketch Court, CoquitlamTwo 2,550 sq ft units, 5,100 sq ft total

Ample yard area

Asking $965,000 or $7.50 per sq ft lease

Steve Caldwell, Phil Gibbons


4 - 11220 Voyageur Way, Richmond4,900 sq ft unit

Immediate access to amenities and transit

Mitch Ellis, Casey Bell

INDUSTRIAL SALE

4040 Graveley Street, Burnaby6,600 sq ft on two lots totalling 13,200

Quality showroom/office space

Dock and grade loading

Near SkyTrain

Steve Caldwell

604.263.2823

APARTMENT BUILDING SPECIALIST

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

43 Units/2 BuildingsClose to amenities

Gross Income $228,259

PORT ALBERNI

28 Unit Apartment BuildingGreat Tenant Base


NEW WESTMINSTER

36 Unit Apartment BuildingLarge, bright suites.


CLOVERDALE

8 Units/Cambie CorridorCompletely Renovated


WEST SIDE

11 Units – fully tenantedClose to all amenities


EAST VANCOUVER

21 Unit Apartment BuildingCompletely Renovated, Views


NEW WESTMINSTER


Each office is independently owned and operated.


RESTAURANT BUSINESS

CONVENIENCE STORE

RE/MAX NYDA REALTY

JANET KIRKPATRICKToll Free: 1-800-830-7175 Tel: 604-858-7179

Fax: 604 858 7197

Rare opportunity! First time offered, owners

retiring after 22 years!This 120+ seat restaurant is truly one of Chilliwack's most respected & renowned family dining destinations. Iconic visual exposure in the heart of town w/no franchise fees. Well established w/reasonable lease rate makes this turn-key operation perfect for a family-run venture or the budding entrepreneur.

Bring your ideas & dreams and call Janet Kirkpatrick

today for details.

Business known as “Close to Home Grocery and Deli”

Excellent “going concern” business in new contemporary strip mall. . Convenience store selling grocery, gift items, fresh produce, meat, deli, bakery & more. Going into 4th year of operation with steady increase in sales and showing good profi t. Extensive equipment list that was purchased brand new at the initial outset of the business. Located in vastly growing residential area! Wonderful opportunity to own your own business.

Call Janet Kirkpatrick Today!

110-5615 Teskey Way, Chilliwack, BC

C H I L L I W A C K , B C

RE/MAX Masters Realty

Cell: [email protected]

www.expertrealty.ca

Please call RICHARD PODGURSKI

MOTEL 30 rooms well established, good location, building in excellent condition. $1,165,000

GAS STATION, building land equipment included, all updated 3.5 ac land 5 legal lots. Additional buildings on the properties. $1,288,000

RESTAURANT, 27 years in business. Building, land and equipment included $800,000

MANUFACTURE of high-bedding (pillows, duvets, cushions). Offered for $250,000

WHOLESALE BUSINESS VANCOUVER, over 35 years in operation, good location, handling many exclusive products. Offered for $598,000

Franchise Opportunity

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

www.matthewmoadebi.com www.vancouverfranchise.ca

Blenz Master Franchise in Vancouver, Vancouver Island, Ontario & Alberta Blenz Franchises ........$139,900, $179K - $488,800

Steamrollers Franchise Vancouver .$319K (Davie St.) Steamrollers Franchises Opp. SOLD

Wired Monk Individual Franchise Opportunity Wired Monk ......................................... $99K, $169K,

Wired Monk New Franchises - Vancouver ................................ $262K-$350K depending on location

Sandwich Tree master franchise opportunity $235K

Casa Del Sole Café ...............................................$175,000

Publisher Cheryl Carter Editor Frank O’Brien Con-

tributing Writers, Neil Hamilton, Dave Husdal, Geoff Kirbyson, Glen Korstrom, Joel McKay, Peter Mitham, Kevan O’Brien Copy Editor Noa Glouberman Production Manager Rob Benac Production Natalie Reynolds, Tanya Van Advertising Sales Manager Christine Campbell Advertising Sales Gary Takahashi Advertising Sales Coordinator Angela Foster Accounts Receivable Yvonne Posch Circulation Veera 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. 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.

here is a lot of talk in Ottawa these days about reining in Canada Mortgage and Housing Corp., (CMHC) the federal Crown corpora-

tion that provides mortgages for many of Canada’s homeowners and nearly all of those at the highest risk of defaulting.

The reason for the concern is that CMHC is reaching its govern-ment-mandated insurance ceil-ing of $600 billion.

But we believe putting the brakes on one of the few gov-ernment arms that actually pockets a profit would be a mistake.

In 2010, CMHC profits soared to $1.77 billion, up from $930 million a year earlier, while providing insurance to nearly 645,000 homes. And this was during a fairly slow year for housing.

Banks in Canada must ensure that mort-gages for which the home buyer has a down payment of less than 20 per cent are insured, either by CMHC or one of its private-sector competitors, namely Genworth MI Canada Inc. and Canada Guaranty Mortgage Insurance. The insurance compensates the bank if the homeowner defaults on the mort-gage. CMHC holds about 80 per cent of this

market and its premiums are not cheap. For a buyer with 5 per cent down, CMHC charges from 2.75 per cent to 4.75 per cent of the cost of the mortgage.

Critics wring their hands and worry that if homeowners can’t make their payments, CMHC – that is taxpayers – would be stuck with the bills. But CMHC is in a very secure position. The default rate on high-ratio mort-

gages in Canada is a tiny .42 per cent, and has never been any higher in three decades.

But CMHC also pro-vides insurance on homes

with plenty of equity. This is because the major banks, wanting to protect themselves from any potential risk, quietly buy CMHC insurance even if the home buyer puts down 20 per cent or more as a down payment. On these loans, the default rate is nearly invis-ible, but CMHC charges the banks 1 per cent of the mortgage for the insurance.

As well, CMHC provides mortgage insurance to those buying apartment build-ings, which allows landlords access to long-term mortgage money at super-low rates in the 3.5 per cent range for 10 years.

The reason why CMHC is nearing its $600 billion cap is related to higher housing sales and starts, only natural in a growing

market. But if CMHC is restricted, it could mean that new immigrants to Canada, first-time buyers, the self-employed and landlords would have much more difficulty buying a property, which could slow the economy.

Last year, the federal government tried to make it harder for CMHC to ensure homes. The finance minister ordered that speculators and secondary home buyers had to put down at least a 20 per cent down pay-ment, mortgage amortization for all insured mortgages was cut back from 35 years to 30 years and restrictions were placed on home equity loans. The measures did little to cool the housing market, however, and CMHC remains on track to make another hefty profit.

And that is all right with us.

Western Investor takes a close look at fran-chises and small business. We report on land prices, from farms to the urban centres. We plug into the latest in online real estate sales through social media. Our regional reporters file from Abbotsford, Airdrie and Flin Flon.

FRANK O’[email protected]

ADVERTISING DEADLINE APRIL 2012 issue:

March 12, 2012

3000sqft main floor commercial space and two partially finished residential suites upstairs waiting for someone to finish the renovations. MLS K4100066

Commercial building in the heart of downtown Fernie, BC

Call for more details 250-430-1070

$588,000$588,000

REACH QUALIFIED BUYERS FOR YOUR LISTINGS

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

[email protected]

Attention

Agents:


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

FEATURED LISTINGFOR SALE – Dollarton Business Park - 197 Forester Street, North Vancouver

FOR LEASE – 11125 124th Street, Surrey

FOR SALE – 9781 186th Street, Surrey

HIGH EXPOSURE RETAIL INVESTMENT OPPORTUNITY 689 Denman Street, Vancouver

FOR SALE – Pacifi c Colonade – 11965 Fraser St., Maple Ridge

FOR SALE – 2021-2025 St. John's Street, Port Moody

Avison Young Commercial Real Estate (B.C.) Inc.

FOR SALE - 2342 Windsor Street, Abbotsford

40% LEASED

FOR SALE – Washington Apartments – Courtenay, BC

FOR SALE – Abbotsford Industrial Land

FOR SALE – 1496 Rupert Street, North VancouverFOR LEASE – 1132 Hamilton Street, Vancouver

FOR LEASE – Merchant Square, 1 Eighth St (@ Columbia St), New Westminster

CANADA WAY BUSINESS PARK

FOR SALE – 9532 194A Street, Surrey

•PRICE

REDUCED

FOR SALE – Villa Rosario – 2325 York Avenue, Vancouver

FOR SALE – Village Square, Bowen Island

FOR SALE – Prime Corner Retail – 1102 Commercial Drive

FOR SALE – 13056 114 Avenue, Surrey

UNDER

CONTRACT

FOR LEASE – Capilano Business Park, N. Vancouver

FOR LEASE – NorthWoods Business Park, N. Vancouver

FOR SALE - 701 East Cordova Street, Vancouver

A8 www.westerninvestor.com MARCH 2012 WESTERN INVESTOR

FEATURE “Running out of land” mantra resurfaces as Metro Vancouver industrial market turns white-hot

PETER MITHAM/WI STAFF

WESTERN INVESTOR

etro Vancouver is running out of industrial land and a “total rethink” of how industrial space

is used is needed if supply is to match future demand, according to both developers and end users.

The industrial land base in the Metro region totals 28,246 acres, but more than three-quar-ters of that land has already been developed. Now big questions are being asked about how much of the remaining undeveloped land (6,634 acres) is usable.

Longtime Vancouver real estate industry insider Bob Laurie believes the region has far less usable industrial land than Metro Vancouver outlined in its 2010 industrial lands inventory, which was published last November. Further, Laurie notes, the document does not tell whether the land is zoned, serviced, subdi-vided or even marketable for industrial use.

That presents a problem for the port and the provincial government, which both want Vancouver to become Canada’s economic gateway. In order for that gateway to work, however, land close to rail, roads or water is needed for logistics business to effectively move goods.

During a recent Vancouver Board of Trade address, Port Metro Vancouver president and CEO Robin Silvester sounded the alarm bells about the impact on the local economy if industrial land is not protected soon. The worst-case scenario, he said, is that Metro Vancouver would be turned into a “local fortress” reliant on regional instead of global economic ties.

“It starts to play out to Vancouver no longer being an international city, Vancouver no lon-ger being a full economy,” Silvester said.

“You start to think of big communities in Florida that are just retirement communities. I

don’t think that’s what Vancouver wants to be, but that’s a possible consequence.”

Or you start to rethink how industrial real estate is developed.

The only direction for industrial is east and the only hope is higher density, said MurrayMacKinnon, vice-president, sustainability, with construction giant Ledcor. MacKinnon, who joined a panel looking at “green indus-trial” last month in Vancouver, said industrial developers will be forced to look at mixed-use split locations and two-or-three-storey build-ings. “It requires a total rethink of how indus-trial space is used,” MacKinnon said.

He referred to a concept that the City of Vancouver studied, wherein industrial space in East Vancouver could be used for light dis-tribution space, with the heavy warehouse and transport site further out in the Fraser Valley. Also, a number of older industrial sites have large parking areas that could be rede-veloped, he said. MacKinnon also suggested that building office space or even residential

condominiums above industrial space may help developers alleviate the soaring costs in a region where serviced land can easily top $1 million an acre.

To build a single-storey, 100,000-square-foot warehouse in a prime Metro Vancouver loca-tion on a five-acre lot today would cost more than $5 million for the land, $750,000 in con-struction and up to $1 million in total civic fees, according to a 2011 report from commercial real estate association NAIOP. Development cost charges alone in Surrey and Langley – which have the most industrial land – would total more than $400,000. MacKinnon con-ceded that industrial developers – used to fast, no-frills, tilt-up construction – would likely be resistant to any measures that would add even more to the price.

Yet, for all the challenges, speculators still see Metro Vancouver as among the best industrial plays in the country.

“The feeling is if you’re going to pay $150a [square] foot for a building in a decent loca-tion in Vancouver, it’s always going to be worth that, or it’s always going to be worth more,”Kevan Gorrie, vice-president, industrial, withOxford Properties Group, told NAIOP mem-bers during a review of industrial markets in January. “There just is not a lot of opportunity;it’s very difficult to look at this market and say what cap rate makes sense.”

The lack of supply for both investors anddevelopers is partly why Oxford jumped a tthe chance to acquire the Norampac mill sitein South Burnaby last year for $20 million.The site is 64.4 acres and gives Oxford a flex-ible development opportunity when the time comes (it’s currently leased back for a year toNorampac).

“The location is stellar and the size and scalegives us what we need to respond to what the market needs here in Vancouver,” he said. “The site was big enough and the way it’s oriented, the way it’s laid out, gives us design flexibilityso we can respond to emerging trends in the market.”

But some of Oxford’s competitors for devel-opment sites note that the activity by Oxford isa sign that competition for industrial propertyis heating up. Oxford, which represents the Ontario Municipal Employees RetirementSystem (OMERS) – is the first institutional buyer to move into South Burnaby since Tonko Realty Advisors Ltd.’s launch of GlenwoodIndustrial Estates in 2005.

While prices of industrial sites in North Vancouver has been bid up by residential developers, Todd Yuen of the Beedie Groupnoted that land is in tight supply – and critical for companies like Beedie that depend on it for development activities.

“We have fairly decent holdings, but the activity we’ve had over the last three years has eaten into our land bank very significantly,” Yuen said. “[The Norampac deal] forces us to be more reactive, and more responsive in landacquisitions.”

The anxiety comes as Metro Vancouverindustrial markets experience remarkable

Oxford Properties Group recently bought the 64-acre former Norampac mill site in South Burnaby (highlighted near centre bottom of photo) for $20 million.

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strength. A year ago, Avison Young principal Rob Gritten told NAIOP, “There are deals being done, and at prices higher than you might think.” Now people are thinking of higher pric-ing, thanks in part to low interest rates that have kept the cash flowing.

Overall sales volumes in 2011 totalled $682 million, according to RealNet Canada Inc.,and CB Richard Ellis expects that figure to top $725 million this year. But land sales – an indicator of the volume of land being acquired for future development – have fallen consis-tently since 2007, when transactions totalled $375 million. In 2011, the tally was $180 mil-lion – less than half. CB Richard Ellis is calling for $200 million in transactions this year, the same as its call for last year when a lack of supply curtailed dealmaking.

And it’s not for lack of demand; while the recession meant excess supply on the market, vacancies are trending down, from 5.2 per cent in 2011 to a projected 4.8 per cent in 2012.

While lease rates have fallen, taking a 10 per cent to 20 per cent hit in some cases, Gorrie feels the slide is over.

“Rates have definitely bottomed out. I think inducements are going to be here for at least 2012, and possibly into 2013, but I think there is going to be a tightening of the rates,” he said.

His own personal call is for lease rates to climb 50 to 75 cents by the end of 2013 (ask-ing lease rates have been running between $5 and $15 in markets between Burnaby and Surrey).

Darren Cannon of Colliers Internationalshares Gorrie’s optimism. While there’s a lot of sublease space on the market, well-located sites in East Richmond and South Burnaby have seen strong demand. And with the open-ing of the South Fraser Perimeter Road in 2013, adjacent sites will start to see movement – both in traffic and leasing.

“I don’t see any downside,” Cannon said, looking ahead to 2013.

Whatever vacancies and sublease opportuni-ties are like today, the new highway is going to change the game for landlords and tenants alike from Delta to Surrey.

“If I was a buyer today I would be sitting and looking at those markets, because I think

you’re going to a see a significant run on lease rates down in the south end.”

Traffic through Port Metro Vancouverunderpins Cannon’s reasoning.

Overall, the port handled 122.5 million tonnes of cargo in 2011, a 3.4 per cent increase over 2010.

While incoming container traffic remained relatively flat, increasing a mere 1 per cent, out-bound containers increased 5 per cent to 12.8 million tonnes.

Vancouver is especially well positioned to benefit from the traffic because it’s a gateway city: both a port of entry and a major residen-tial hub, two factors that work together to keep industrial markets strong.

Gorrie, speaking from his experience in Toronto, said manufacturing in Canada’s industrial heartland is no longer driving indus-trial use.

“We’ve probably lost 30 per cent to 40 per cent of the manufacturing base, and that’s not going to get better,” he said. “So even in the last decade, the real estate that we’ve looked for or have owned has changed.”

Being close to the U.S. border no longer mat-ters as much as it once did.

“You want to be near large urban centres, and urban centres that have good demographics for purchasing, for consumer demand,” he said. “What we’ve seen is simply the industrial base and the retail base becoming truly aligned.”

Third-party logistics is increasing in signifi-

cance to the Metro Vancouver industrial leas-ing market, while other users are increasingly opting for strata space. They’re by nature less volatile in their space requirements, and driv-ing the update in this sector.

Sales of strata space totalled $197 million last year, according to RealNet data, and CB Richard Ellis expects the volume to top $225 million in 2012 – approaching the all-time high seen in 2010 of $230 million.

The quality of the space is as much a reason for the activity as the current financing environ-ment that has made a mortgage more attractive than a lease deal.

“The users now have an opportunity, if they’re between 10,000 and 50,000 square feet, to buy in core markets like South Vancouver, like Tilbury, like South Burnaby, and take advantage of low interest rates,” Cannon said.

With features such as 24-foot ceilings and expansive floor space, this is product that’s just not available for lease unless it’s in a build-to-suit project.

“It’s simply a function of bring a class of product to the market that wasn’t there before,” Yuen added, noting that Beedie has built and sold a million square feet of strata space, and at a price companies find attractive.

“It’s time to own a piece of the rock,” Yuen said. “It’s not like they’re waking up and seeing cheap money and saying, ‘Oh, I’m going to buy something.’”◆

- With files from Joel McKay/BIV

Older industrial sites – such as this 1.2-acre Surrey parcel listed at $2.99 million – have large parking spaces that could be redeveloped, perhaps into two-storey buildings.

A significant chunk of Metro Vancouver’s available industrial land is south of

the Fraser River in Surrey and Langley or in the far northern reaches of Maple Ridge, but Eric Trygg, a private devel-oper, said the industrial land market in the Fraser Valley is far more constrained than people think.

“With the exception of Campbell Heights [a Surrey industrial park], there’s less than a year’s supply any-where in the valley that I know of,” said Trygg.

Bill Hobbs, vice-president industrial at Cushman & Wakefield in Vancouver, agreed.

“If you’re looking for a five-acre or 10-acre parcel in the Fraser Valley, it’s on one hand that you’d be able to [count] serviced and zoned properties … it’s frighteningly tight.”

The lack of industrial land drives away businesses that would otherwise set up shop here. “Bottom line is, it’s a cost dis-advantage,” said Hobbs.

Last fall, commercial real estate broker Avison Young pointed out in an industri-al overview report that the “overall lack of supply” in the market has restrained “deal and dollar volumes throughout the region despite high demand.” The lack of supply has also kept prices high for years.

Vancouver had the highest base-line cost per acre for industrial land in Canada, according to a site selection industrial index from before the financial crash in 2008. Prices per acre in Metro Vancouver ranged between $500,000 and $1.2 million four years ago. Prices today are at least 10 per cent higher, agents estimate.

That’s compared with the city’s near-est Canadian competitor, Calgary, where industrial land sells from $350,000 and $1 million per acre.

– With files from Joel McKay/BIV

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ritish Columbia ski resorts may have reached the tipping point on the number of resorts needed – and

any new developers will face financing chal-lenges as investment condo sales whither. Such are the findings of a Western Investorlook at a potential slippery slope facing mountain resorts.

The capacity debate is intensifying in the lead-up to a provincial government ruling on a proposed $450 million resort on Jumbo Mountain in the Kootenays.

Forests, Lands and Natural Resource Operations Minister Steve Thomson is expect-ed to decide this winter whether to give Jumbo final approval.

But Grouse Mountain owner Stuart McLaughlin believes B.C. has more than enough ski resorts and that new ones will only erode existing operators’ bottom lines.

“We need current resorts to flourish,” McLaughlin said. “There’s lots of capacity in the system right now. Once all resorts are successful, that will create the need for more resorts and improve the likelihood of success for anyone who comes later.”

McLaughlin’s resort generated record rev-enue, in the $50 million range, in 2011. Success has largely come from adding attractions. For example, McLaughlin launched zip-lines in 2008 and spent several million dollars to build Grouse Mountain’s Eye of the Wind turbine and lookout, which opened immediately prior to the 2010 Winter Olympic Games.

Grant Costello, senior vice-president with proposed Jumbo Mountain developer Glacier Resorts Ltd., said his opponents are often ski resort operators who don’t want competition from what would be B.C.’s only year-round ski resort.

Costello has thus far cleared all obstacles in the way of his development, including a nine-and-a-half-year environmental review. He said he’s ready to start pumping tens of millions of dollars into creating the resort.

Sun Peaks mayor and longtime ski industry entrepreneur Al Raine likes Costello’s enthusi-asm. “People who I’ve heard talking the loud-est about how capacity at B.C.’s ski resorts should be held back are usually the existing operators,” he said.

“If someone is there with major investment money on a major resort and the project would help elevate B.C.’s international image in the ski business ... let them go do it. We should encourage them.”

That sentiment formed the core of B.C.’s commercial alpine ski policy (CASP), which Raine helped write, and which the Social Credit government implemented in the 1980s.

That policy is also a key component of Jumbo’s business plan.

Ski resort operators say that CASP helped B.C. develop its ski sector into what is now more than a dozen resorts.

CASP has since expanded to become the all-season resort policy (ASRP), which includes non-ski operations. It allows developers who are willing to invest in infrastructure such as ski lifts to buy Crown land at the base of the moun-

FEATURE B.C. ski resorts stare down slippery slope of high supply, stalled demand from condo investors

GLEN KORSTROM/FRANK O’BRIEN

WESTERN INVESTOR

tain for the market price the land had before the infrastructure upgrade was installed.

Before CASP was enacted, ski resort devel-opers were at the mercy of land speculators

who bought land near potential develop-ments.

The policy resulted in proposed develop-ments moving away from areas where there was privately held land to sites where the base of the resort would be on Crown land.

“It really helped K i c k i n g H o r s e Resort,” Raine added, r e f e r r i n g t o t h e

Golden-area resort that was recently sold for $28 million. “That wouldn’t be there without this policy.”

But the policy doesn’t mean that all proposed resorts are given the green light.

The B.C. government approved GaribaldiAlpen Resorts Ltd.’s plans to develop a ski resort at Brohm Ridge in Mount Garibaldi Provincial Park in 2003. But BC Supreme Court judge Marvyn Koenigsberg over-turned that approval later in the year, ruling that the government did not fully consult with the Squamish First Nation.

Raine was also the driving force behind developing a major mountain resort at Melvin Creek in the Cayoose Range between Pemberton and Lillooet. “I backed away from that. Land-use issues were unresolvable,” the 70-year-old said.

But potential ski resort developers are also fac-ing a financing challenge after what appeared to be a brilliant concept a few years ago – sell-ing hotel units directly to investors – has turned to be a spectacular bust.

Neither fractional ownerships or hotel con-dominiums, both of which rely on individual buyers purchasing hotel rooms and then putting them into a rental pool, have proved profitable

for investors.“Every hotel condo investment [in B.C.] has

lost money for the investor,” said real estate consultant Ozzie Jurock. “Every one.”

The crash has led to a giddy free fall in prices.

At Sun Peaks Ski Resort near Kamloops, some hotel condos that once sold for around$199,000 are now being offered at from $19,000 to $25,000 – with some selling foreven less. The typical arrangement allows owners 56 days of use per year with the unitspotentially rented the rest of the time. The catch is that monthly fees for owners can easily top$360 per month and the owner receives lessthan half of any rental income, with the rest going to management. In most cases, rental incomes don’t cover the management fees.

At Whistler, hotel condos – known as Phase2 units – are selling this year for less than they were in 1999, according to veteran Whistlerrealtor Mike Wintemute. Recent listings show one-bedroom Phase 2 suites at Whistler arepriced as low as $61,000.

Fractional units, where resort hotel suites are usually sold in one-eighth to one-quartershares, have also floundered. The most recentand highest-profile collapse is the luxuryParkside Resort and Spa in Victoria where one-eighth fractional shares were being sold from $115,000 to $121,000 last January. By November 2011, Parkside was in receivership with more than $61 million in unsold invento-ry, according to court filings by Victoria-based developer Aviawest Resort Group.

As Jurock explains, the problem with frac-tionals during a downturn is that eight owners will be all trying to sell the same unit at thesame time.

“No one will build hotel condos or fraction-als anymore,” predicted Zack Bhaista, vice-president of Mayfair Hotels and Resorts ofVancouver, which has just broken ground on the Crystal Blu Hotel in downtown Vancouver. “Anybody who bought a [shared ownership]hotel unit in the last 10 years has lost a tremen-dous amount of money,” he said.◆

Carving fresh snow at Sun Peaks near Kamloops: debate raging on whether market can handle new resorts.

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$2,399,000

CRANBROOK RV & MINI STORAGE

$1,750,000

16 UNIT MFU, PORT ALBERNI

$1,115,000

SOLD

SOLD

DON ELLIS, RI [email protected]

1.99 Acre Multi Family Development Site, Sechelt BC

PRICE: $2,100,000

23.3 Acre Agricultural Site, Delta BC

PRICE: $2,400,000

27.6 Acre Agricultural Site, Langley BC

PRICE: $2,760,000

RESTAURANT: $1,425,000 INCL. BLDG

SCHOOL SPACE: $7250 PER MO + HST

WAREHOUSE: $1850 PER MO + HST

LOWRISE DEVELOPMENT SITE $1,980,000

RETAIL FOOD STORE: $6500 PER MO


The Province Building198 West Hastings StreetVancouver, B.C.

Sales packages available for pick-up at:Real Estate ServicesSuite 300 – 515 West 10th AvenueVancouver

Offer submission deadline: Thursday, March 22, 2012 at 4:30 pm PT

FOR MORE INFORMATION: Patrick Murphy, Real Estate Services 604.873.7130

vancouver.ca

Notice of Invitation to Offer For Sale: Fully Leased Office Building

PETER SEED604-691-6608

[email protected]

KELOWNA$11,750,000

QUESNEL$144,500 $2.1 M

PRINCE GEORGE$4,250,000

GRAND PRAIRIE$130,000

PRINCE GEORGE$2.8 M

PRINCE GEORGE$12,500,000

PRINCE GEORGE

SUNCOR / MCDONALDS DISP

RAMADA VALEMOUNT

WILLIAMS LAKE

QUESNEL

$6,000,000

BOSTON PIZZALower Mainland exciting

locations available Priced from $399,000

Buyer must be approvedBy Boston Pizza

IAIN MACDONELL (604) 328-3929

WWW.MACDONELLS.COMRE/MAX SELECT

PROPERTIES

POWELL RIVER I N V E S T M E N T

OPPORTUNITIES

Multi-use Light Industrial Property1.3 acres with 16 storage bays, office, 21’x41’ shop/bay with 3 phase power. Fully fenced, easy highway access, good exposure, room for expansion, just minutes south of Powell River. $339,000

Ideal Commercial Building Sitewith fantastic ocean view! Paved 33’ x 86’ lot on busy Marine Avenue among downtown restaurants, retail and service outlets. $99,900

In-Town Oceanfront Industrial Property

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

Magnificent Waterfront Acreage245 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 Opportunity102 acres fairly level land; many possibilities; easy access; in ALR $569,900

Great Investment Property30 acre wooded parcel zoned M3 Industrial; easy access; services available $349,000

Aroma's Gourmet Coffee & LunchWell established; steady clientele. Leased space in active business complex; Across from Airport. Financials available. $49,500

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

[email protected] RE/MAX Crest Realty

HEALTH FOOD STORE Downtown Vancouver, BC

Grossing $700K. High CAP RateOwner Operated for 30 Years

Providing all health products. www.TerryYoungHomes.com.

CARIBOO RANCH FOR SALEHistoric 100 Year Family Owned

Cattle, Forestry, Equestrian4,633 Acres-Fully Fenced Well Cared For

Close to Highway, Airport & RailwayClose to Schools, Shopping, Community

www.BridgeCreekRanchforsale.com

OLDER HOME on 33’ x 122’INDUSTRIAL LOTIn Maillardville area of Coquitlam

Asking $428,900

Zoned: M1 General Industrial allowing for Industrial Storage and Residential use.

Complete the renovation for potential income of $3000/month

Future development, as described on Coquitlam’s Offi cial Community Plan allows for a development of residential & commercial space when assembled with lot to east allowing +/- 3 stories, a total potential development of 3.5 X’s the lot size.

Good future potential!

Call

BILL BABCOCK 604-230-9392

[email protected]

CHILLIWACK AVIATION PARK UNITS FOR SALE/RENT

CHILLIWACK AVIATION PARK UNITS FOR SALE/RENT

FOR INFORMATION CALL: 604-793-5938

Call

YOUR PARTNER FOR SUCCESSFUL REAL ESTATE INVESTING

PROPERTY MANAGEMENT AND CONSULTING SERVICES FOR THE

LOWER MAINLAND AND FRASER VALLEY

SCOTT ETTLESDAYTIME 604 576 4407EVENING 604 724 1787

[email protected]

FORRES PACIFICPROPERTY

MANAGEMENT

Corney Les 604-795-6938

RE/MAX Corney Les Realty www.morechilliwackrealestate.com

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

Distribution Warehouse

A14 Lower Mainland/Business Opportunities MARCH 2012 WESTERN INVESTOR

www.homelifebc.comwww.homelifebc.com

* Premium Quality - Engineered Sunroom and Patio Cover Systems!

* BIG Margins, Easy to Operate and Administer!

* Unlimited Growth Potential

* Cheap Lease in Langley or move to your

existing premises?* No Evenings or

Weekends. Take December off ?* 1/3 the cost of setting up a new operation!

Asset Sale - $99,000 + Inventory

T U R N K E Y M A N U F A C T U R I N G

* SUNROOM RETREATS Allan at 778.688.7667 or [email protected]

* www.sunroomretreats.com

BARRY BOCK / DON KAYTOR604-575-5262 604-599-9287Fax (604) 575-2214 Email: [email protected]

w w w . b a r r y b o c k . c o m

LIQUOR STORES, PUBS, HOTELS/MOTELS

HOMELIFE BENCHMARK TITUS REALTY

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

MANY NEIGHBORHOOD PUBS IN ALL PRICE RANGES NOW AVAILABLE.

NANAIMO ROAD HOUSE & LIQUOR STORE – $1,050,000 2½ acres. Land & buildings. Asset sale. Includes 2 suites. PRICED TO SELL VENDOR FINANCING 0.A.C.

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

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

QUEENSBOROUGH DEVELOPMENT PROPERTY – Cleared land, approx 34,000 sq ft – zoned commercial/residential. 3 PROPERTIES - $1,600,000

COMPLETELY RENOVATED PUB IN BUSY SHOPPING CENTRE LOCATED IN SURREY - PRICED BELOW REPLACEMENT COST. GREAT TERMS. QUICK POSSESSION.

CAMPBELL RIVER PUB & LIQUOR STORE GROSSING $3.6 MILLION. ASKING $1,900,000 FOR SHARES.

SOLD

GLENAYRE REALTY

MORE DETAILS CALL:

GAS STATION – LAND & BUILDING .6 ACRE LAND. OVER 4,000 SQ FT BUILDING AND 2 ROAD FRONTAGE.

FIBERGLASS TANKS. EXCELLENT GROSS & NET PROFITS $2.9 MIL

PIZZA BUSINESS FRASER VALLEY - LOW LEASE $49,000

GAS STATION WITH LAND AND BUILDING (FRASER VALLEY) $1.8 MIL

GAS STATION WITH LAND & BUILDING $2.8 MIL OVER 1.5 MIL IN STORE SALES.

GAS: OVER 3MIL LITRES. NEW TANK AND PUMP. EXCELLENT GROSS PROFITS

AND NET INCOME

GAS STATION WITH LAND & BUILDING OVER 8 ACRES OF LAND. C-STORE,

RESTAURANT, HOUSE. ON HWY 1 $1.19M

HOUSE ON 4 ACRES ZONED FOR MOBILE HOME PARK

$399,000

GAS STATION WITH LAND & BUILDING, FRASER VALLEY

OVER 1/2 ACRE, C-STORE, GAS STATION, RESTAURANT & 2 BEDRM ACCOMMODATION

$599,000

PAMMI MANDAIR CELL: 604-825-8121 OFFICE: 604-859-3141 [email protected]

www.mobileparks.comHomelife Glenayre Realty

604-302-3771 or TF: 1-888-251-2822 Fax: 1-888-804-1394 Email: [email protected]

Golden, BC – 101 pads, 13 acres ...........5,900,000North Battleford, SK – 60 pads, 10.9 ac .2,700,000Invermere, BC – 31.48 acres, MHP site . 1,900,000Radium, BC – 9.77 acres, Cml Hwy Frtg ....900,000Quesnel, BC – 30 pads, 9.25 acres ...........625,000Cherryville, BC – 25 pads, 22 acres ..........685,000Ashcroft, BC – 8 pads, 0.64 acres ..............369,000Houston, BC – MH & RV Park, 40 ac+/- ....299,000

JIM YOUNG 604-538-6189 [email protected]

HOMELIFE BENCHMARK REALTY

SALMON ARMGorgeous location to “work or retire”. 34 zoned acres for 75 single family & 50 duplex or 45 bare land strata lots. Geotech, zoning, earth works, engineering & site clearing done. 90 days to D.P. Shovel ready. Trades or terms considered. Invest in a growing

community! $3.9 M

SOUTH CARIBOOOLDEST WORKING GUEST RANCH IN CANADA. On the trail to the Yukon Gold Rush. On the banks of emerald Green Lake, B.C., Canada. The heart of the ranch consists of “OLD WEST” style log accommodations plus NEW main lodge. In all, 55 buildings make up the site. Turnkey operation including all ranch/commercial equipment, 100 +/- horses/hands in place. Don’t miss this opportunity with a good bottom line. May get in with $1M down.

SOUTH SURREY2 BRAND NEW TILT-UP CONCRETE STRATA WAREHOUSE UNITS 1724 sq. ft. each $491,482 plus 3 strata offi ce units 467, 741, & 961 sq. ft. (contiguous) @ $350 sq. ft. Available in 30 days. Near 32nd Ave & 152nd St.

RAY LEWIS604-812-9733West Coast Realty

L A N G L E Y

COMMERCIAL Automotive strip mall, Fraser Valley,

Good return, excellent condition $1,350,000

LANGLEY/SURREY DEV SITES Townhouses, mixed use & comm’l.

PORT MOODY Commercial strip mall

VANCOUVER Hotel; sites for shop ctr., townhouses &

mixed use comm’l./residential

SURREY NEWISH HOTEL 100 rooms & restaurant, Major flag $8.5M

LANGLEY MOTEL Major flag $2.85M

- 1st mortgage needed existing prime located building

- City of Vancouver Condominium/ Apartment complex

- 50-55% loan to value, 3-5-7 year term

- Safer than a GIC’s or Bonds

- 2.0+ % yield -Monthly payments

- Great for seniors pension

ULTRA CONSERVATIVE PRESERVATION

OF CAPITAL

No fees - direct from ownerRobert 604-290-6538

Superior Sardis Location

Buildings like this don’t come for sale often

For more info, contact

ReMax Nyda Realty

Homelife Glenayre Realty

$3,050,000Chilliwack (Sardis)



eal estate has been top of mind for Vancouverites for quite a while now. After all, we live in a country,

province and city that everybody wants to come to and live in. And it’s expensive. So when people want to take advantage of this city’s allure in terms of the rest of the world they think of owning and renting out real estate, having a tenant pay their mortgage and watching their investment appreciate.

One way of doing this is to pool your money with one or more friends to either make it happen in the first place or to purchase a more expensive (and hence more desir-able and/or more profitable) property. Great idea but, if you establish a “JV” or “joint-venture” partnership to do this, what are the things that you should do up front in order to ensure that all goes smoothly and everyone is happy at the end of the day (and the deal)? So, you have found a property that interests you (for example, a duplex with rental suites), and your joint-venture partners agree. Now the hard part begins, as you must decide how to share in both expenses and potential profits.

The purchase can be structured as a share agreement with each member having a vote in any decisions. You also have to decide what happens if one partner wants to get out early. There may also be awkward discussions on what happens if someone can’t come up with his or her share of expenses or any subsequent funding that may be required.

You will also have to decide on details such as what bank(s) and lawyer(s) to deal with and, of course, the timing and execution of the exit strategy. Any of these issues may lead to heated discussion, but it is best to get all these on the table before your money – and perhaps friend-ships – are at stake.

There are many different ways that these

issues can be resolved but they must be dealt with right at the outset and hopefully with a consensus reached within the group

You will also have to decide on such things as what accounting method(s) you will employ and whether a member of the group can trans-fer his or her ownership to someone else, and the manner in which that will happen. You may wish to designate one person as the “manager” and allow him/her to write cheques and dis-burse funds; however most financial advisers rightly advise that you specify at least two sig-natures on any cheques that are written over a certain dollar amount. If you distribute periodic profits you will have to decide on how they will be disbursed. You can opt to keep them in the company/group or distribute them to the partners but if you opt for the latter, how will that be done? If you have disputes (and you will) what mechanism will you use to resolve them? (That should be in writing right from the start.) You must determine what jurisdiction’s laws will apply to your agreement, whether your obligations will be several or joint (law-yers usually recommend several) and what to do if the partnership or JV becomes insolvent or if you are forced to wind it down for some other reason.

The bottom line is to get a good contract or corporate agreements lawyer to draw up for you an ironclad agreement that deals with every conceivable eventuality that could arise, because it’s virtually guaranteed that at least one will.

From a purely real estate-related perspective here are some things to look for and consider.

Firstly, what kind of property are you going to invest in? Will it be commercial or resi-dential? They are two very different animals.

A residential lease is usually “gross,” which means that you as the owner charge the tenant one single “gross” amount each month and all expenses related to the property are yours. A commercial lease is usually “triple-net,” which means the tenant pays for the three basic oper-ating expenses of taxes, insurance and main-tenance. In this scenario the landlord charges two separate rents: the basic rent (the rent for the actual space itself) and the additional or triple-net rent, which covers the operating expenses of the property. Basic rent is generally negotiated up front on a pre-determined annual, square-foot basis over a multi-year term. The additional rent is also charged on an annual square-foot basis by the landlord, but for only one year at a time as each of the taxes, insur-ance and maintenance will usually change year to year (and these expenses must be justified).

Rental of residential and commercial proper-ties is generally governed by different factors. The former is basically a place to live and the latter is a place to make money from an enter-prise of some sort. Therefore, the renter’s moti-vations for wanting that property are different.

Rent increases are governed by different rulesin both as well. In B.C., residential rents arelimited by rent controls, but not commercial. These two markets also operate in different ways from a supply-and-demand perspective.

Put together an initial pro forma on the prop-erty. Based on your research, do the numbers work? Are you assuming things you shouldn’tbe assuming just because you “like” this prop-erty or really want to get going on something?Remember, in an investment you must be steelycold. Look at it with complete objectivity. Will this venture really work or are you just trying hard to convince yourselves that it will? Are you all in agreement one way or the other or do you already have divided opinions on the efficacy of this deal? Remember, a partnership is like a marriage. You must have compatibility among the partners or you will be doomed rightfrom the outset. Have you brought in outsideobjective professional advisers to obtain theiropinions on the venture?

A joint-venture partnership is a great way to multiply your buying power or simply allow adeal to come together that wouldn’t otherwisematerialize if you were attempting it on your own. But thousands of partnerships have ended in failure and acrimony. The main reasons forthis are that the partners a) weren’t compatibleor b) a proper, ironclad agreement was neverput in place right at the start to cover all even-tualities. That is why it is imperative to know your partners intimately and to get a good con-tract lawyer (especially one that specializes inpartnership and joint-venture agreements) to set up your deal. Investors who have this in place have a much better chance of success.◆

J. Neil Hamilton is a senior property adviserwith Macdonald Realty Ltd. with expertise inthe buying, selling and leasing of both residen-tial and commercial properties. He is also a member of Ozzie Jurock’s Real Estate Action Group (REAG), and can be reached at 604-569-1940 or [email protected].

INVESTING101 Joint ventures can leverage into high-priced city real estate, but caution the byword

Investment advice Neil Hamilton, property adviserTarget Investment real estateStrategy Buying with partners, selling for a profitTop advice Get everything in writingBest case Stronger buying power, shared profitWorst case Acrimony, insolvency and law suits

INVESTING101

Neil Hamilton

Waiting for that perfect home?

Don’t miss it. With REW.ca Property Alerts, we’ll email you with new residential listings that match your search criteria, as soon as they come on the market. So that perfect home can be yours.

Bill Summers Direct Line: 604-626-8894 Email: [email protected]

Fraser Valley Mobile Home Park-42 pad MHP on 5+ acres with RV storage sites and home on city services in Maple Ridge.

Asking price $4,000,000 Present cap rate of approx. 5.43% with upside to 5.56%.

Alberta Mobile Home Park Great cash flow (No Rent Controls)-115 pad MHP and 21 RV sites on 17.36 acres

Asking price $6,200,000 with cap rate of 9.1% with lots of upside to increase

Lougheed Hwy - Deroche Commercial BuildingEXCELLENT HWY EXPOSURE .3 Acre corner lot Highway frontage zoned Commercial. 2400 s.f. metal clad building with 2 large bay doors and high ceilings plus small mezzanine.

PRICED TO SELL Asking $295,000

PARK OWNERS - THINKING OF SELLING?If you are thinking of selling , please give me a call as I have many qualified

purchasers looking for mobile home parks at this time. Confidentiality observed.

This property is located in the Fraser Valley and has 2 Triple “A” National Tenants on Long Term Lease. The Main tenant is a Farm Equipment Dealership and the 2nd is a Mini Storage Co. Both have been there for the past few years and planning to stay there for a long time.

Subs

cribe

www.westerninvestor.com

CALL NOW 1-800-661-6988


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BUSINESS BANKING IS ABOUT A SHARED PERSPECTIVE.At Canadian Western Bank, we see the world the same way as our customers. As a result, we take the time to understand your business and provide banking solutions suited to your business needs. Discover insights and learn more at theworkingbank.ca.

BE A THINKER. BE A CREATOR. ENJOY IT.

THE WAY RADHE WORKS:

RADHE GUPTAPresident and CEO, Rohit Group of Companies

A18 Lower Mainland/Sea to Sky/Sunshine Coast MARCH 2012 WESTERN INVESTOR

TWO COMMERCIAL BUILDINGSSIDE X SIDE

ML#V4021517 “The Dock” Sechelt Now $1,295,000

Main street, downtown location with excellent expo-sure in Sechelt. 2 level building with retail, store, offic-es and zoned for residential above. High traffic area with lots of parking. 10 tenancies in place, many long term and great cap rate. Call Terry for more info.

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

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

Darren McCartney 604-892-4875 [email protected]

RE/MAX Sea to SkyReal EstateSquamish

98 Unit Oceanfront Development Site $2.94 mil

13.25 acre Commercial Site on Hwy 99 Holding income - campground/motel $2.5 mil

18,919 SF Dev Site Dwtn Bank Corner at key intersection $1.194 mil

Pub and Real Estate 4,000 sf on ½ acre, 163 seats $699k

New Strata Office Space Dwtn $170k + Lease space available

Industrial Revenue Property $1.1 mil

10 acre Riverfront Lots $1.175 mil +

Retail for Lease off Hwy 99 1,300-10,000 SF Adjacent to Home Depot, Walmart & Rona

Commercial Site on Hwy 99 $1.65 milC-3 gateway site: DP for 82 unit hotel,Zoning for: drive-thru, gas, restaurant

SQUAMISH INVESTMENTS

Property type: Shopping CenterRetail type: Strip CenterSubject space: 2200 sq. ft.Rate: $15 plus NNNZoning: C5Building size: 12,891 sq. ft.Heat source: ceiling unitsAir conditioning: Engineered system

FOR LEASELANGDON PLAZA STRIP CENTER

Sam Dhaliwal 778-552-4110 [email protected] Glenayre

www.1stTeam.ca

2669 Langdon Street ABBOTSFORD, BC

Property OverviewThe uses in the immediate vicinity along South Fraser Way consist predominantly of commercial and is one of Abbotsford’s main throughways. The subject property is presently developed and improved commercial zone (C5) with 10 units totalling 12,897 sq. ft. (approx). The property is L-shaped, single building in 2 sections The north section is a 1-storey structure with basement, while the south section is a 2-storey, non-basement structure and consists of 30,928 sq. ft and is generally level with ample room for parking.

More Information Onlinewww.1stTeam.ca

Retail Store front LocationApprox 2500 flexible sq ft available. (1200+ adjoining 1300) Rare to find in heart of Abbotsford. Prime location for Medical office and/or pharmacy. Well established building with easy accessibility and ample parking. Some Other Health Services already in the building.

COMMERCIAL FOR SALE – FUNCTION JUNCTION, WHISTLER

Listed at: $1,295,000

Reduced to: $295,000

Listed at: $139,000

COMMERCIAL FOR LEASE – WHISTLER

Keep up-to-date with the market. Please visit www.whistlercommercial.com to receive new listings

for sale/lease via email and never miss an opportunity.

Contact Drew Meredith for further information, 604-932-7734, [email protected]

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

[email protected] www.livecoastlife.com

Sunshine Coast B.C.

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

The Tuwanek

Hotel $2,195,000

www.tuwanekhotel.com

Looking for a lifestyle change?

Oceanview Realty

SELLSelling your business? Western

Investor Business Opportunity pages are organized geographically so read-ers can find the opportunity they want.

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604-669-85001-800-661-6988

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

Investor. Every month you’ll find over$2 Billion worth of opportunities.


COVER The largest development on the Island indicative of urban makeovers in B.C.’s historic capital

Please see Heritage page A20

WI STAFF

WESTERN INVESTOR

rmed with a multimillion-dol-lar initial construction budget, Victoria-based League Financial

Partners launched a $1 billion mixed-use project on Victoria’s West Shore last month. Capital City Centre is not only the biggest urban development on Vancouver Island, it is also indicative of real estate makeovers being seen across the Capital Region.

The centre is replacing two 30-year-old malls and creating a new downtown in Colwood with a near-14-acre development that will include housing, retail and four floors of office space, at least a third of which will be sold as strata.

League CEO and co-founder Adam Gantenvisions the office space being snapped up by high-tech and dot-com companies – Victoria is known as startup leader – and the medical com-munity. League’s new headquarters will also be located at the centre.

London Drugs is the current anchor but Gant said negotiations are underway with two national food stores, one of which will open a 35,000-square-foot outlet.

“We are getting urban-level lease rates,” Gant said, with triple-net rates north of $30 per square foot.

The first phase of the project will be devel-oped in three sub-phases over the next five years. The initial work includes a four-storey residential building over a new 35,000-square-foot London Drugs, a five-storey office build-ing and three additional retail buildings.

The second step of the first phase will feature a 26-storey residential tower, making it the tall-est building on Vancouver Island. Phase 1C will include a second 26-storey residential tower, a four-storey residential mid-rise building, the grocery anchor and additional retailers.

“By the time we complete this will become the

highest-density project in the region,” Gant said.Colwood is a good choice for a new retail

venture. It is part of five communities in the West Shore that accounted for 75 per cent of all population growth in metropolitan Victoria in the past five years, according to the latest Census Canada report. Langford led the way, with its population increasing to 29,228, a 30 per cent jump since 2006. Colwood’s popula-tion reached 14,687 in 2011, climbing by 9.6 per cent, more than twice the pace of the City of Victoria, which clocked in with a 4.4 per cent rise in population.

One has to watch the traffic to see the move-ment. The number of vehicles travelling to and from the West Shore along the Trans-Canada Highway on weekdays increased by 11 per cent between 2005 and 2010. Averaged over a year, the total numbers of vehicles reached 84,465

in 2010, according to the data from Capital Regional District, and has increased since.

Capital City Centre, however, is placed close to the approved alignment of a future rapid-transit system that will connect the West Shore to downtown Victoria.

The centre, starting with the estimated 500 construction workers who will be on site for years, will increase West Shore traffic, but Colwood welcomes the project and considers it an inevitable part of fast growth, according to Colwood Mayor Carol Hamilton.

Gant adds that Capital City Centre will ben-efit from its close location to Royal Rhodes University, which has a healthy internation-al representation among its students. Royal Rhodes has taken office space at the centre, and League was recently involved in a uni-versity-led trip to China, where Gant said 19

Chinese buyers signed to register for Capital City Centre condos.

Victoria has seen some major urban renewal projects, most recently the Hudson mixed-useproject at the old Hudson Bay Company store,Uptown Phase 1 and the Atrium, all of which are fully leased. Uptown Phase II is scheduledto be completed in 2012, delivering an addi-tional 220,000 square feet of space, whichcould create some movement throughout theregion. A transformation of older buildingshas also seen success in the office sector. Theongoing makeovers of both 1112 Fort Street and 1019 Wharf Street are perhaps the best examples. “These capital investments have yielded substantial dividends by attracting quality ten-ants such as Microsoft and Elections BC,” Colliers International remarked in a recent report. Microsoft has been remodelling former government office space on the top floor at1019 Wharf Street and 1112 Fort Street into a facility called Microsoft Studios Victoria. The tech giant has an option for more spacefor expansion. Staff should be moving in thisyear, according to Don Mattrick, president ofMicrosoft’s interactive entertainment division,who lives in Oak Bay. Victoria is well posi-tioned as a game-design hub, he said.

“Victoria offers proximity to world-classuniversities, a thriving, advanced technologyindustry with a highly educated and skilled workforce, located in one of Canada’s best communities to live in,” Mattrick said.

Not all urban makeovers have such a smooth transition from the past to the future.

A proposal to build a $25 million, five-sto-rey commercial/condominium project at the foot of the Johnson Street Bridge stalled after Victoria councillors clashed over the scope ofthe project and how much public land shouldbe involved.

TOP: Emanuel Arruda (L) and Adam Gant, founders and partners of League Financial Partners, have launched a billion-dollar makeover of Colwood’s downtown, the biggest – but not the only – urban renewal project in the Victoria region. INSET Microsoft will open a games centre in this refurbished old building on Fort Street in Victoria.

Phot

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of Nanaimo

VANCOUVER ISLAND COMMERCIAL

FRANK JOHNSON JAY COUSINS JAY COUSINS JAY COUSINS

www.nanaimoremaxcommercial.com

1-877-335-4380Jay Cousins

[email protected] Johnson

[email protected]

1-877-423-0984Jay Cousins Realty

INVESTMENT OPPORTUNITIES

For Sale or for Lease. 1,425 Sq. Ft. & 1,100 Sq. Ft. space can be combined for lease. Units are on main level, air condition-ing, visual exposure & Strata Corp. has non-compete clause in Bylaws. Available for immediate sale or lease possession.

Main thoroughfare location has great exposure, paved lot, build-ing has 3 bay shop, storage, 2 offices, plenty of uses permitted. Motivated owner.

– 2 Level 4,000 Sq. Ft. building with 3,800 Sq,. Ft. showroom/warehouse, lots of parking & easy access. Industrial zoning has broad uses. 8 Leasable tenant offices/warehouse spaces show good income

Currently used as offices & union hall, approx. 6,990 sq. ft. over 3 floors. P1 zoning allows public assembly, but could be commercially rezoned.

– Parksville area. 6.2 Acres partially developed with new ware-houses, new 4 unit multi-res work/live space, new office building plus existing build to suit tenant in place on 1 acre portion w/paved & security fenced area. Further 2.5 acres left to continue development plan. Potential income under current configuration in excess of $164,000 annually. REDUCED

Y Approx. 79 Acres, corner location. Mining permit in place for pit run, crushing, screening & washing gravel. Owner has been careful to maintain character of the land. Currently zoned rural residential, property could find a higher & better development use.

INVESTMENT OPPORTUNITIES

600 sq. ft. dwelling on large 7,297 sq. ft. level lot. Layout includes 3 offices plus reception. Zoning allows multi-tude of uses including medical, dental accounting, legal etc

Service Commercial zoning. Main level warehouse with 6 offices, staff kitchen & washroom upstairs. Full A/C on 2nd level as well. Owner is willing to lease back.

Unique rural feel to property with fourplexes, duplexes, and single freestanding units. Redevelopment opportunity includes existing revenue stream, owners residence, large open area, City water and a motivated seller.

– Includes a turn-key pub/restaurant in a 1 ½ storey rustic log building. 10,000 Sq. Ft. of rooms & dining/eating area. Large deck takes in the gorgeous views. Over 4.9 acres of undeveloped land available for further ex-pansion. Info Portfolio available.

High visibility Mid-Island location, concrete engineered docks, steel pilings, security gate with ramps, direct metered 50 amp hydro capacity. Quality look and feel, no va-cancies, excellent cash flow.

110 Units with 29 steel containers offering extra rental space all on 2.5 Acre parcel. Additional rental income from residential & commercial ten-ants. Consistent 95% occupancy. Current Appraisal estab-lishes asking price.

BUSINESSES Used books / consumer services retail – Nanaimo Seasonal Wreath Business – Qualicum

Ricky’s All Day Grill Franchise – Courtenay

FOR SALE INVESTMENT OPPORTUNITIES Property

has theatre building with 2 levels plus fully equipped kitchen & hall downstairs. Zoned C1 General Commercial provides uses for churches, fitness studio, schools, office use, retail & wholesale use.

3 Unit Complex in prime tourist/business core with good ex-pansion potential. Income at market rents could offer a pos-sible 7% CAP rate.

– Over 2 acres of land, ample parking, large storage warehouse & terrific highway exposure. Store special-izes in animal feeds, garden products, groceries, produce & hardware. Inventory to be purchased separately on comple-tion. Information Portfolio.

– 2 level man-ager’s residence with office/reception. Outdoor pool, no deferred maintenance issues, consistent highly profitable revenue shows 11% cap. One of the nicest hospitality properties in the mid-Island area.

on 3.63 Acres with over 2 acres undeveloped & ready for commercial develop-ment. High visibility, 85% capacity year round, outdoor RV & boat storage as well. Great business opportunity

Industrial zoned land with newer 14,580 sq ft. ware-

house, 4,410 sq ft. shed for storage and office building. Two level topography, fenced, easy access to highway. Was lumber facility.

– Almost 2 acres of land fronting on the Millstone River, and next to the Pryde Vista golf course. Located next to a new high quality subdivision on a no thru street. Zoning allows for a single family unit with a suite.

- Vacant, 2,160 sqft warehouse. Undeveloped upper level with two large open areas, and two

2-piece washrooms. Main floor is accessed by a pedestrian door and 2 over-head doors. Lower level, of about 2000 sqft, accessed by a pedestrian door and 1 overhead door.

- approved for 16 units. No DCC’s, close to downtown Nanaimo with some ocean views. Development permit in place, vendor financing available or joint venture possibilities.

- Fully leased 1837 sqft commercial strata unit over 2 floors (935 sq. ft., and 902 sq. ft.). $22,000 per year net income.

- A 5.68 acre development site with an excellent ocean view and a short walk to the waterfront. The site is gently sloping towards the ocean with a variety of benches for easy development. Vendor financing may be available with a reasonable down payment.

A20 Vancouver Island www.westerninvestor.com MARCH 2012 WESTERN INVESTOR

NANAIMO & VANCOUVER ISLAND PROPERTIES

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

NANAIMO DUPLEX 3 bedrooms per side, 2 separate titles. Excellent income. $424,900

JUST LISTED 21 UNIT TOWNHOMES REVENUE PROPERTY ON THE GOLF COURSE. 2 & 3 bedroom units, private patios. Monthly income: over $20,000, assumable mort-gage. Ideal property to hold or strata conversion. $2,875,000

6 ACRE DEVELOPMENT SITE Zoned RM5, 4 Phases approved for townhome & condos. Central Nanaimo.

Asking $2,390,000 FINANCING AVAILABLE

5 RENTAL HOMES – All together 5 sep. adj. lots. Starting at $169,900 or all for $1,150,000. Seller will finance.

12 UNIT APARTMENT BLOCK. Renovated. $8,000/monthly revenue. Financing available. $1,180,000

STRIP MALL Across the road from the beach, 10,200 sq.ft.3 commercial spaces. 4 strata condo rental units. Monthly income over $11,000 ASKING $2,250,000

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

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

NORTH ISLAND HOTEL & PUB, WINE & BEER STORE 30 renovated rooms generating $8,000 monthly. $1,595,000

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

pier. Approved for 35 condos, No DCC’s. $729,000

DEPT BAY BEACH FRONT HOMEThis smaller 2 bedroom home awaits your ideas. Great year round or vacation home, swimming & beach right out off your front veranda. $649,000

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

PACIFICA OCEAN FRONT CONDOS

DALE SHORTT Bus: Toll Free 1-800-665-8313

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

FORECLOSURE COURT ORDERED SALES H O T E L S & P U B S INCOME PRODUCING + REVENUE PROPERTIES

2 ACRE COUNTRY LOT ZONED FOR 2 HOUSES Allows for Bed & Breakfast, dog kennels, country market,

campgrounds. City water. $298,000

23 ACRES $459,000 50 ACRES, $995,000 43 ACRES $859,000

Adjoining properties, 1 mile from city limits, Zoned for 5 acre lots

COUNTRY ESTATES DEVELOPMENT SITE

FULL FACILITY SUPER 8 MOTEL Central/southern Vancouver Island. High profile Location. 35 rooms, + 20 suites with leased 125 seat pub and Smitty's 120 restaurant. 1.5 acre property on Trans Canada. $3,600,000OCEAN VIEW DEVELOPMENT SITE

21 condos or 8 townhomes. $379,500

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

1.0 ACRE COMMERCIAL DT 11 ZONED PROPERTY With 3 separate buildings. Used formerly as Sunglow Lumber & 2nd hand store outlet. Property is assessed

value over $1 million. $569,000

WATERFRONT CONDO TRADES WELCOME $425,000With swimming pool and hot tub and boat moorage. 2 bedroom, 2 bathroom in Yellow Point. Seller will finance with low down or take trade! Owner will take a condo in Vancouver in trade.

THE GLOBE HOTEL $1,395,000Opened in 1887 – restored 3 storey masonry building. Home to 145 seat pub restaurant. Full functioning kitchen. 8 – 1bdrm suites. Great investment & return.

NANAIMO RESTAURANTFOR SALE OR LEASELand, building plus parking lot. Fully equiped. Beautifully reno-vated. $728,000

NANAIMO BEST BUY! MIDRISE DEVELOPMENT SITELocated in the Downtown core. Nanaimo:

Commercial or condo site. $269,000 NOW $199,000 Excellent Buy

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PROUDLYCANADIAN

from A19Reliance Properties Ltd. of Vancouver is

proposing the waterfront development, which includes redevelopment of the long-derelict city-owned Wharf Street Northern Junk build-ings, built in the 1860s.

Most of the proposed new construction wraps around the heritage buildings on a cres-cent-shaped parcel of land that is currently a city-owned boulevard and parking lot.

Reliance proposed building 56 residential units over the top of street-level commercial on the city-owned parcel. The development plan includes a waterfront public plaza with a stair-way suitable for seating to provide access to the existing marina. A new public connection to the Victoria Harbour Pathway is also planned.

The two heritage buildings were to be reha-bilitated and connected with a glass atrium.

Council also nixed a plan by developer Mike Kelly, who wanted to renovate a Traveller’s Inn at 3025 Douglas Street into affordable housing units. Kelly planned to invest about $1.5 million for renovations to the 50-unit motel and turn it into 45 self-contained units that would range from 226 square feet to 387 square feet, but the city found it unacceptable.

Meanwhile, the company planning to reinvent the 101-year-old Victoria Plaza Hotel is also considering a concept that could shrink rental accommodation in Victoria to micro-size.

GMC Projects wants to turn the two-storey

building on Pandora Avenue into compact,inexpensive rental suites.

“The idea behind it is to try and provid eaffordable accommodation within downtownand urban cores, not just in Victoria,” sai dGMC president Jordan Milne, whose com-pany has been working with Vancouver archi-tect Michael Katz and Victoria architect EricBarker to create a 35-to-40-unit building thatscreams small and efficient.

And when they say small, they mean verysmall: 240 square feet in a studio suite. Rentwould be about $599 a month.

GMC has been discussing the project withgovernments to determine if there may be someassistance, given the focus on affordability.“There is obviously a demand within the city,”Milne said, noting Victoria has one of Canada’slowest apartment vacancy rates.

The building is currently zoned for a varietyof uses, said Andrea Hudson, senior plannerof urban design for the City of Victoria.

“It’s zoned CA4, which is the central areacommercial office district,” she said. Tha tallows for residential use as long as there iscommercial use at grade. Because it is in thedowntown, there is no minimum size requiredfor the units.

At this point, the city has not seen a devel-opment application from GMC for the 769Pandora site. The company hopes to submita development permit application in the nextthree or four months, with a view to som eaction on the site before the end of this year.◆

– With files from the Victoria Colonist

WESTERN INVESTOR MARCH 2012 www.westerninvestor.com Vancouver Island A21

WINTER HARBOUR MARINA & RVA diverse commercial resort operation in a premier west coast Vancouver Island fi shing destination! Includes 3 adjacent oceanfront lots, boat launch, 20 oceanfront/oceanview RV sites, a large foreshore lease, substantial standing dock and pier, protected moorage, resort lodgings and a 2bdrm cabin. An established resort business. $699,000

CAMPBELL RIVER COMMERCIAL SPACE‘56% Controlling Interest’ in a 2-storey 5440sqft strata title complex situated in the downtown core of Campbell River: an ideal retail and offi ce building or Performance Arts facility with 2600sqft on the main level and 2840sqft on the 2nd level. Plumbed and wired with fi bre-optics for 4 units to accommodate various types and sizes of ventures! Commercial - 1 Zoning. $495,500

OYSTER AQUACULTURE BUSINESS This is a substantial, licensed oyster aquaculture business with over 20 acres of beach and deep water lease in a high production area in Redonda Bay on West Redonda Island. There is a large inventory of farming equipment and producing stock included, plus a 1-acre low-bank oceanfront upland property with a well-built 500sqft cabin and an excellent fresh water source. $499,000

MONTAGUE HARBOUR MARINAOne of the most popular marinas in the Gulf Islands in one of the most protected harbours on the south coast. Long established full service facility with consistent clientele, amazing potential for growth, a general store, 50-seat Harbour Grill restaurant, .38acre & .32acre upland areas & 2 foreshore leases totaling 2.63 acres. The only private marina on Galiano Island! $1,620,000

CAMPBELL RIVER FISHING VILLAGE2.72 acre oceanfront and semi-oceanfrontmulti-residential property and existing RV business located in Campbell River on Vancouver Island. Substantial frontage on Highway 19A with unobstructed ocean views of Discovery Passage and the northern Strait of Georgia. A year-round business and a prime development location, just minutes from town. $1,699,000

Toll Free: 1-800-563-7322

Your Specializing in Unique Coastal Real Estate in British Columbia

ED HANDJAand SHELLEY MCKAY

www.bcoceanfront.com

PERSONAL REAL ESTATE CORP.

703 FLOATPLANE OPERATIONLocated on the coast of British Columbia, this fl oatplane operation is an established, profi table and well-situated business with an excellent asset base.

Domestic and International Licenses, share sale.

$1,350,000

Business Is Better On Vancouver Island

Tel: 1 800 769 5757 www.dtznanaimo.com

For Sale2.05 Acre Prime Development Site - North Nanaimo $2,900,000On Old Island Highway adjacent to Long Lake.

Light Industrial Land and Buildings - Chemainus $1,995,0003.83 acres with 5 buildings on site.

253 Acre Development Property - Sproat Lake Area $1,700,000Commercial Land and Building - Parksville $1,495,0000.85 acre with 3,870 sq ft building on Island Highway.

3.79 Acre Light Industrial Land - South Nanaimo $1,395,000Suitable for single or multiple users/uses and subdividable.

Strata Commercial Unit - Central Nanaimo $ 849,0004,417 sq ft office with 12 offices, boardroom, reception and lunchroom.

Commercial Development Property - Nanaimo $ 795,0001.2 acres with CC-1 zoning beside Nanaimo Parkway.

Commercial Re-Development Property - Downtown Nanaimo $ 695,0002 legal lots on Victoria Crescent with 4,900 sq ft building.

Lakefront Pub and Land - Lake Cowichan $ 674,000Approximately $300,000 spent on improvements since February 2009.

Commercial Property - Alberni Highway $ 590,0001.11 acres with exceptional highway frontage.

Residential Development Property - Nanaimo $ 549,0004.88 acres near the Nanaimo Parkway.

3.46 Acre Light Industrial Property - South Nanaimo $ 549,000Court Ordered Sale - Waterfront Restaurant, Land, Building $ 470,000In Maple Bay. Includes self-contained 1,604 sq ft suite.

Commercial Land and Building on Island Highway - Campbell River $ 450,000Vacant 0.92 acre property.

Commercial Land and Building Zoned DT-2 - Nanaimo $ 395,0001,395 sq ft office building in Old City Quarter.

Commercial Property Zoned COR-3 - Nanaimo $ 325,0002 lots on Kerrisdale Road totaling 19,600 sq ft.

Character Office Building - Nanaimo $ 279,000950 sq ft, high traffic area. Corner lot, 4,050 sq ft, zoned DT-8.

Hangar Building and Office - Campbell River Regional Airport $ 289,000Commercial Property Zoned COR-3 - Nanaimo $ 260,0009,800 sq ft lot with 1,037 sq ft office off Bowen Road.

Light Industrial Strata Unit - Nanaimo $ 219,000Approximately 1,315 sq ft unit new and unused for your business.

Light Industrial Strata Unit - Central Nanaimo Call for DetailsLarge warehouse with appointed office space.

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

Business OpportunitiesSEWING MACHINE AND QUILTING RETAIL BUSINESS—Nanaimo $ 180,000

FRANCHISED FAMILY RESTAURANT—Ladysmith $ 189,000

AWARD-WINNING KITCHEN AND BATH BUSINESS—Sidney $ 199,000

ESTABLISHED PLUMBING AND HEATING BUSINESS—Nanaimo $ 225,000JUMPING JIMINY’S PLAYLAND AND CAFÉ—Nanaimo $ 399,000Well known children’s entertainment business

WHOLESALE DISTRIBUTOR—West Coast Vancouver Island $ 549,000

ESTABLISHED PLUMBING AND HEATING BUSINESS—Nanaimo $ 550,000On 7,560 sq ft lot with 1,300 sq ft building

RETAIL BUSINESS & DEMOLITION CONTRACTOR—Central Vancouver Island $ 775,000New and used building materials

WHOLESALE DISTRIBUTOR—West Coast Vancouver Island $1,295,000On 1.039 acres with 7,320 sq ft building

LIQUOR STORE IN LEASED PREMISES—South Vancouver Island $1,500,000

PUB AND LIQUOR STORE—Coombs $1,900,000

FRANCHISED MOVING AND STORAGE CO.—Central Vancouver Island $2,550,000

Featured ListingsInvestment PropertyLocated in Coombs, this 18.81 acre site on the Alberni Hwy includes a mobile home park and commercial lease revenue. Well priced at an 8% cap rate. Offered for sale at $2,775,000Heavy Industrial PropertyLocated at Duke Point in Nanaimo this 5 acre site is paved andfenced and includes an approximately 18,000 sq ft building.Offered for sale at $2,000,000

Approved for a Complex Care Facility - Ladysmith $ 1,700,0005 acres of oceanfront with plans in place for a 24 unit facility.

Saratoga Beach Golf Course - Black Creek $ 1,495,000 37.47 acre redevelopment property with executive style golf course.

Unique Commercial Offering - Downtown Nanaimo $ 1,375,0005,500 sq ft warehouse/shop, 1,400 sq ft house and parking lot.

Green Rock Industrial Park24 Light Industrial Lots in prime Nanaimo Location 9,710 to 59,376 sq ftExcellent highway access and “Green” construction. $199,000 to $834,000

Like Helping People? Women’s Weight Management, and

Fitness Franchise, 2 turnkey businesses avail in a rapidly growing Industry

Well established in Victoria, profitable, trained staff, vendor financing available.

Well priced.

Call 403-346-6655 or email [email protected]

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

604-592-7250Financing Available. Potential Trades.

LANGFORD

COMOX

CONDO SITE APPROVED FORUP TO 188 UNITS

EXCELLENT LOCATION

LOCATED NEXT TOCOSTCO, FOUR POINTS

SHERATON, HOME OUTFITTERS AND OTHER HIGH PROFILE

RETAILERS

2.34 ACRES OF INCREDIBLE POTENTIAL $4,399,000

TWO PRIME LOCATIONS WITH HUGE POTENTIAL AS

CAREHOME OR CONDO SITES

EXCELLENT SITE FOR CAREHOME OR CONDO DEVELOPMENT

$3,000,000

CENTRALLY LOCATED AND ADJACENT TO MAJOR BRANDS SUCH AS:

SHOPPERS DRUG MART, SUBWAY, A&W

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A22 Vancouver Island www.westerninvestor.com MARCH 2012 WESTERN INVESTOR

Victoria Classic

JIM RUSSELL BRANDI PLEASANTS1 (800) 263-4753

A rare opportunity to own a

well maintained, purpose-built

revenue building in Victoria,

BC. Superb location.

$ 3,672,000

16 Unit

$1,995,000

JIM RUSSELL DAVE McMILLAN 1 (800) 263-4753

11 Suite HIGH GROSSING GUEST HOUSE

Fully licensed Victoria Bed &

Breakfast superbly located

near Oak Bay Marina.

Provides an additional

2 BR/ 2 Bath Owner’s suite

and ample parking.

www.judygray.com

JUDY GRAY, CCIM

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

Canada V0R 3A0MID-ISLAND REALTY

#1 MARKET, ASSET SALE $745,000Convenience store, great location.Specialty foods, food safe kitchen.Lease space for additional revenue available. OCEANFRONT COMMERCIAL DEVELOPMENT SITE $750,000Great location, high traffic area.Next to public beach access, CD2A 1.58 Ac. Arch & Enviro Assess on file.

VILLAGE SQUARE $339,0001.12 Ac. Site next to Ucluelet’s new aquarium & nearly complete Whiskey Landing Resort.Ucluelet Inlet views. Village Square core. NIGHTLY RENTAL VACATION COTTAGE $259,0002 bdrm, 3 storey, waterfront cabinFurnished, turn key propertyMotivated seller…make an offer.

www.judygray.com

JUDY GRAY, CCIM 1.800.600.1718

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

MID-ISLAND REALTY

www.judygray.com

Fishing Charters, Kayaking charters, corporate fi shing re-treat are just a few of the ideas that could be implemented on this former fi sh off-loading and ice making facility located in Ucluelet’s Village Square area. Bring your own ideas to this very unique property. $494,000

IAIN MACDONELL (604) 328-3929

WWW.MACDONELLS.COMRE/MAX SELECT

PROPERTIES

PROFITABLE, SUCCESSFUL, ESTABLISHED

FAMILY OWNED BUSINESS specializing in take-out

PIZZA and PASTA PRODUCTS

Sales increasing daily!

Offered at $595,000

Brian Percival 250-951-6372

[email protected]

84 Unit Hotel “All Units Individually Strata Titled“

- Almost $1 Mill in renovations recently completed- 2.6 acres highway frontage, across from the beach- 100 person conference room, swimming pool,

fitness center, liquor license, elevator- Gross revenue exceeds one million- Absentee owner, tremendous growth

opportunity for “hands on ownership”

Visit www.parksvilletravelodge.com for a virtual tour

Asking $4,850,000 share sale

www.brianpercivalrealestate.com

VANCOUVER ISLAND Comox Valley

www.robsamsom.caRE/MAX Ocean Pacific Realty

Rob Samsom AACI CCIM FRIPERSONAL REAL ESTATE CORPORATION

1-888-829-7205

SPACES FOR LEASE

Over 20' ceilings .

Retail/Office/Warehouse (Strata)

........................................................

On ½ ac, Courtenay ..............was on 6.5 ac Campbell

River



Salt Spring Island, BC - SEABREEZE INNE $ 3,500,000

28-30 Units - Depending on Owner Usage 10% cap*Newly Refurbished Standard & Kitchenette Rooms *Proven Profitability

*Irreplacable Zoning. *Immediate Cash FLow *Attractive Owner/Manager Suite

Jan Macpherson RE/MAX Salt Spring Call for BROCHURE DIRECT: 1-250-537-9894 www.saltspringguide.com

Call the

marketing your franchise?

1-800-661-6988 • (604) 669-8500 • westerninvestor.com


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

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

From: Rose Country Fund, Vancouver, and Oil Sands Realty, Fort McMurray. Agent Reginald Hetu reports the following trans-action:Deal: Rose Country has purchased a 15,600-square-foot, R3-zoned development site on Main Street, Fort McMurray, from a private vendor. Rose Garden plans a 21-unit execu-tive condominium project. Price: $1.5 mil-lion.

From: Shindico Realty Inc. , Winnipeg. Shindico agent John Pearson reports the following sale:Deal: 42,714-square-foot office building, Portage Avenue, Winnipeg. Includes 60-stall parking lot on Wall Street. Price: $4.23 mil-lion.

From: Re/Max Advantage, Whitecourt, Alberta. Re/Max agent Leo Zelinski reports the following sales:

Deal: 74-room Howard Johnson full-service hotel, Whitecourt, under a judicial sale to a Vancouver buyer. Price: $1.65 million. Deal: 20,000-square-foot warehouse build-ing in Whitecourt, fully leased, on 10.7 acres. Price: $3.4 million.

From: Frontline Real Estate Services ,Surrey. Frontline agents Garth White and Jordan MacDonald report the following sale:Deal: Two commercial buildings totalling 28,000 square feet on 134A Avenue, Surrey. Price: $3.25 million.

From: NAI Commercial (Calgary) Ltd. NAI vendor agent Jim Courtenay with Strategic Realty Services Inc. agent Murray Bauerand Sutton-Group-Canwest agent Chris Tarves report the following sale: Deal: 14,887-square-foot building on a 1.21-acre site on 32nd Street NE, Calgary. Price: $2.59 million. From: DTZ Barnicke, Vancouver. DTZ agent Conor Finucane reports the follow-ing sales: Deal: 8,500-square-foot building, zoned

light industrial/office, on West 8th Avenue, Vancouver. Sold to Aeon Stone & Tile. Price: $2.66 million.Deal: 9,076-square-foot office/warehouse building on 9,052-square-foot lot, West 5th Avenue, Vancouver. Sold to Digitel Film Group. Price: $3.54 million.

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

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

Two commercial buildings on 134A Street, Surrey, sold for $3.25 million.

8,500-square-foot light-industrial/office building, West 8th Avenue, Vancouver, sold for $2.66 million.

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9,076-square-foot industrial/office build-ing, West 5th Avenue, Vancouver, sold for $3.54 million.

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Duncan BC30 mins from Greater Victoria

32 sites 5 acres +/-Net $145,000 Price: $2.4M

Great location.

F O R S A L E

Contact owner at email:

[email protected]

Mobile Home Park GAS STATION For Sale in Nanaimo BC

$725,000 plus inventory

250.668.3324

[email protected]

NANAIMO | VANCOUVER ISLANDDEVELOPMENT AND INVESTMENT OPPORTUNITIES

DEVELOPMENT OPPORTUNITY WITH OCEAN AND CITY VIEWS Upscale development in the Univer-sity area for 10 residential lots and 26 luxury townhomes. This development project has all the necessary plans, reports and approvals in place. Devel-opment Permit for construction can commence within a short period of time. CALL DARWIN

NEW!! BARSBY ON THE MILLSTONEA great development opportunity for a well designed 58 unit Condominium Project on 1.14 acres of land on the Millstone River. Located within the no DCC zone of the City of Nanaimo, this project offers an immediate connection to the E&N trail as well as the miles of seawall on the Harbour only 3 blocks away. Development Permit ready. ASK-ING 1.55 M, CALL DARWIN

MULTI – USE DEVELOPMENT SITE One of the remaining development sites within the main service corridor of the Chase River neighbourhood – South Nanaimo. With approx. 4.3 acres of usable lands and excellent access di-rectly off Hwy 19A via traffic light. This site has excellent potential for a wide use of mixed Commercial-Residential developments. 2.8M, CALL DARWIN

EXCELLENT REDEVELOPMENT PROPERTY W/ EXISITNG MOTELEnjoy the existing holding income from the current motel complex while planning a new 6 storey commercial/residential mixed use complex. Great location near Hospital Node where de-mand exceeds supply for strata medical offices. Excellent exposure to Highway 19A and great access from rear of prop-erty with easy design for underground parking. 1.5M CALL DARWIN

VANCOUVER ISLANDS LEADER

to completion

BUSINESS OPPORTUNITY AT THE RESORT BEACH CLUB – PARKSVILLE B.C. “Perfectly Positioned Spa” in the New-est 4 Star Hotel Resort in Parksville B.C. A turnkey operation, elegantly designed treatment room, the latest equipment and spa line products, topped off with an unbelievable LEASE. CALL BILL SOREG for Details.

C O M I N G S O O NRental Investment Homes for the avid investor. (Secondary suites may be non conforming)

METRO VANCOUVER INDUSTRIAL BUILDING CLOSE TO CITY CENTRELocated in close proximity to down-town Vancouver and Commercial Drive. Older industrial building on 5,808 sq. ft. of land. Building fully occupies site. Grade level loading door, separate entrance door. Two offices, one half bathroom, great for a storage facility. Priced @ $727,000. CALL ROB

Information brochure available.

C O M M E R C I A L HARBOUR REALTY LTD

Darwin Mahlum

Robert Borden

250.760.1066

STEPHEN GRANTPERSONAL REAL ESTATE CORP

ADVANCE REALTY

www.StephenGrant.bc.caTOLL FREE 1-888-286-1932

Campbell River, B.C.998 sq. ft. lease space located in building with other service professionals. $12/sq. ft.Renovation allowance to be negotiated. MLS 327750

Lease space from 1000 – 1500 sq. ft for $10/sq. ft.. Great location with plenty of parking. MLS 323082

1 acre development site, zoned for up to 36 units. Ocean and mountain views from upper fl oors. $499,000 MLS 326909

11.9 acre development site with ocean & mountain views from the upper cleared portion. Some previous work for servicing and subdivision PLA has been done. $1,499,000 MLS 326908

0.31 acre lot with zoning for a multiplex and up to 10 residential units. DCC credit available, commercial rezoning possible. $199,800 MLS 322495

1 acre site with outstanding ocean views. Zoning allows up to 15M heights and ability to build over 90,000 sq.ft. commercial or residential. Existing revenue $6000/month. $899,800 MLS 319513

1 acre property with 1080 sq.ft. rancher. RM-1 medium density zoning with probability for up to 22 units. City services and reasonable off site costs. $359,800 MLS 326979

B & B PARKSVILLE, B.C.

B&B or self-contained Furnished Vacation suite. Lower part of a large home. Upper level 2000 sq ft, lower level 1500 sq ft. Family area contains 4 bedrooms, suite has two bedrooms. Furnishings in suite high quality, & has washer and dryer. At seaside. Upper level has fantastic view.. $779,000 BY OWNER

Photos available. 250 937 9678

or [email protected]

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A24 www.westerninvestor.com MARCH 2012 WESTERN INVESTOR

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

Toll Free at 1-888-707-3577

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

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

Toll Free at 1-800-830-7175

RE/MAX SABREREALTY GROUP

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

RE/MAX LITTLE OAK REALTY2630 Bourquin Crescent West,

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

Toll Free at 1-800-668-8661COMMERCIAL

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

www.bobplowright.com

FOR LEASE IN CHILLIWACK

Near Courthouse/City Centre Space available 1091 to 1665 sq ft

Lease from $10-$12/sq ft

Commercial Retail/Office On Site Parking - Zoned CSM 2 Units (1,472 & 2,671 sq. ft.)

Lease $9-$10/

sq ft

Office and/or retail space Up to 4,450 sq. ft. Full HVAC 9 private offices, reception etc.

Lease $9/sq ft

FOR SALE IN CHILLIWACK

High Visibility, on busy main road From 746 sq. ft. to 2,697sq. ft. On site parking

Lease From

$8/sq ft

.29 Acre lot zoned CSI Commercial on bottom floor Residential on top floor Fully leased ± 3,798 sq. ft.

building

INVESTMENT PROPERTY

SALE $598,800

14.35 Acres of land Includes 6 Bdrm Home +

70 x 80 Barn Also available w/separate

title 7.5 acre land

CHWK ACREAGE - 2 TITLES

SALE - FARM: $795,000 LAND: $419,000

HIGH PROFILE RETAIL

Level land in high traffic area Easy access with turning lane.31 acres Value in land, house is livable

SALE $324,900

FORECLOSURE PROPERTY

2 kitchens, 2 washrooms, 2 reception areas, 15 offices, 7000 sf hangar with 2 x 2.5 ton hoists etc. Can be leased separately.

AIRPORT HANGAR W/OFFICE

SALE $850,000 or LEASE FROM $6/s. f.

Good street exposure Plenty of City Parking Renovated in 2007 11,293 sq. ft. lot

SALE $695,000

BUSINESS FOR SALE

Mixed use 3,250 sq. ft. 3 bdrm residential suite 4 Bays, in floor radiant

heat and individual meters

LIVE/WORK OPPORTUNITY

SALE $689,900

Liquor Store & Pub, on 1 acre of land Located on busy road Price includes: business,

land, equipment and building

BUSINESS & PROPERTY

SALE $599,900

Sandwich Tree Franchise Easily run by couple or

family This business makes

money

2,843 sq. ft. 4 Bdrm Home 1 Acre Industrial Property Zoned CD14 - Outside

Storage

LIVE/WORK PROPERTY

SALE $579,900

23,756 sq. ft. lot located on corner intersection Partially finished building Develop and realize profit

SALE $690,000

16 SUITE MULTI FAMILY DEVELOPMENT SITE Offered at CAP RATE of 5.69% Comprised of 2 separate titles .78 acres Future Development Site In City’s Official Community Plan 28 to 54 units per acre, 4 storey residential

SALE $1,295,000

Perfect for new or small investors Currently leased by the BC Liquor Control Board as a liquor store since 1996 Located in downtown Agassiz Easy to own, easy to manage

IDEAL INVESTMENT PROPERTY

SALE $519,900

Lease From

$12/sq ft

Lease From

$6/sq ft

Lots of city parking close by 2 Office spaces upstairs Located in busy downtown area

Retail 2,270 sq. ft. on 1st floor Excellent exposure on busy road Plenty of on-site parking

LIVE/WORK OPPORTUNITY

SALE $59,900

RAY YENKANA CCIM, ABR

[email protected]

www.rayyenkana.com (listing details)Follow me on Twitter @rayyenkanaRE/MAX LITTLE OAK REALTY

THERE ARE DIFFERENT TYPES OF INVESTORS,

DISCOVER THEIR INVESTMENT STRATEGIES,

AND YOUR TYPETHE SPENDER, THE SAVER,

THE INTELLIGENT INVESTOR…EMAIL ME FOR THE FULL ARTICLE AND

TO DISCOVER YOUR TYPE.

$1.1 Million.

$159,000.

DEVELOPMENT SITESBURNABY Rare opportunity to buy, subdivide and develop 2 downhill Cul-De-Sac residential lots in Montecito area of Burnaby! 11,000 sq. ft. lots will take 4700 sq. ft. houses. For Developer/Builder only. $650,000 CLS # V4029426 – Call or email David

DAVID KEARNEY [email protected] Free: 1-888-942-0606RE/MAX S ABRE REALTY

COMMERCIAL BUYER/TENANT REPRESENTATION

Have you done a proper Lease vs. Buy Analysis? A CCIM provides more resources than other Realtors can! Have your Commercial Professional source your requirements: Properties, Bylaw Compliance, Investment Analysis, Negotiations. Call or email David! YOUR AGENT works for YOU!

INDUSTRIAL WAREHOUSES/OFFICESCOQUITLAM #100 42 Fawcett Rd.M-1 Industrial unit 5080 sq. ft. 1580 warehouse with 2 grade doors, 3500 sq. ft. finished office/showroom$775,000 CLS#V4027558 Call or email David!

SOLD

IN CONTRACT

RE/MAX 2000

DAVE ABBOTT 1-888-296-8060 [email protected]

Excellent value! Offered at $960,000 Call or email [email protected] for additional pictures.

RE/MAX TREELANDCALL ROY MUFFORD 604-533-3491

SPECTACULAR VIEW 36.4 ACRE PROPERTY – ABBOTSFORD

$2,188,000

768 ACRE 5 TITLE CATTLE RANCH AND PLAYGROUND

61.85 ACRES - FRASER VALLEY

Great buy at $2,400,000

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

OFFICE FOR SALE Langley, BC

KEITH SETTER 604-533-3491

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

RE/MAX TREELAND

RETAIL LEASE SPACE Two retail storefronts of approximately 975 sq ft each: take one or both. Prime retail exposure in a high traffic corridor on the border of Coquit lam and PoCo. $18 .00 S f . C l o s e to Coqu i t l am Cen t r e . Cls # v4029643 – Call or email David

Western Investor March 2012 Section A

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