With a continued focus on Vancouver infill opportunities, Casey Weeks and Steve Fame recently closed a site zoned for 32,175 buildable square feet in the Dunbar neighbourhood of Vancouver’s Westside. As part of Casey and Steve’s ongoing efforts to catalogue sites throughout Vancouver, they had initially contacted the owner for the subject property while canvassing the Dunbar market in 2011. The property had been owned by the family since it was originally developed in 1937. The owner had originally expressed very little interest in selling the property as it was without debt, fully leased and profitable. Casey and Steve persevered over the next couple of years until the summer of 2013 when the owner contacted them to discuss the disposition of the property due to estate planning matters.
After presenting a marketing proposal, they were awarded an Exclusive Listing Agreement in November and took the property to market in December. They ran a highly successful “modified tender” process that resulted in a record price closing end of January 2014.
“The vendor had mixed emotions over the sale of an asset that had been in the family for four generations,” said Casey. “Ultimately, they were very pleased with the speed of the sale and the price that was attained.”
The vendor purchased the property to consolidate the block. Their plan is to hold in the near term with the goal of redeveloping it as a mixed-use residential/retail property in the next two to four years.