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FOR SALE 5932 PATTERSON AVE BURNABY, BC PARKCREST 5932 PATTERSON AVENUE, BURNABY, BC SITE AREA 1.26 ACRES (54,966 Sq

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FOR SALE 5932 PATTERSON AVE BURNABY, BC PARKCREST 5932 PATTERSON AVENUE, BURNABY, BC SITE AREA 1.26 ACRES (54,966 Sq Opportunity to acquire a High Density Residential Site, just steps from SkyTrain, Central Park & an abundance of amenities in the heart of Metrotown! DOWNTOWN VANCOUVER EXPO LINE KINGSWAY CENTRAL PARK PATTERSON STATION FOR SALE 5932 PATTERSON AVE BURNABY, BC PARKCREST 5932 PATTERSON AVENUE, BURNABY, BC SITE AREA 1.26 ACRES (54,966 Sq. ft.) CURRENT ZONING CD (RM4) OCP DESIGNATION HIGH DENSITY RESIDENTIAL - RM5s PROJECTED FAR UP TO 5.0 FAR LIST PRICE BID PROCESS THE PROPERTY IS A STRATA WIND-UP OF 95 STRATA UNITS PATTERSON STATION Subject Property Looking South METROPOLIS AT DEER LAKE PARK METROTOWN CRYSTAL MALL 01 The Offering 03 Submission Guidelines On behalf of the owners of the Strata Corporation The Vendor has adopted an unpriced, modified bid process. NWS1245 (collectively the “Vendor”), CBRE Limited Interested parties are invited to submit an offer in the form (CBRE) (the “Agent”) is pleased to offer for sale 5932 of a Letter of Intent (which will be provided upon request) Patterson Avenue, Burnaby, BC (the “Property”). that addresses the requirements below: Covering a large 54,966 Sq. Ft. Site (approximately), 1. Purchase Price and confirmation of the deposits payable existing improvements include a 9-storey condominium for the Property; building comprised of 95 stratified units. The site is 2. Name of the prospective Purchaser(s) and contact information; well located in the heart of Metrotown near Metropolis 3. Terms and conditions of closing; at Metrotown Mall and just steps from Central Park, 4. Schedule of timing and events to complete Closing; and SkyTrain, Highway 1, and is in close proximity to 5. Confirmation that the Property is being purchased on numerous shopping and recreational amenities. an “as-is” basis. PATTERSON STATION 02 The Offering Process 04 Bid Submission Date The Vendor is a strata corporation. Any offer to purchase To be announced following the full marketing process. all 95 strata lots and common property comprising CENTRAL PARK Strata Plan NWS1245 is subject to the provisions of the Strata Property Act. All prospective purchasers will be advised of an offer submission date after an initial marketing period. METROPOLIS AT PROPERTY SUMMARY METROTOWN Crystal mall ADDRESS 5932 Patterson Avenue, Burnaby, BC Metrotown STATION YEAR BUILT 1980 CURRENT 9 Storeys | 95 Stratified Units IMPROVEMENTS 1.26 Acres (Approx)* SITE SIZE 54,966 Sq. Ft. (Approx)* NET EXISTING 80,738 SF (Approx)** BUILDING AREA CURRENT CD (RM4) ZONING OCP LAND USE RM5s - High Density Residential PATTERSON STATION DESIGNATION PROJECTED FAR Up to 5.0 FAR LIST PRICE BID PROCESS *All measurements are approximate & subject to verification by the Purchaser **Based on Strata Plan PROPERTY PROFILE OCP & ZONING DEVELOPMENT POTENTIAL The offering provides an exceptional opportunity to Adopted by Council in July 2017, the Metrotown Downtown acquire a large-scale redevelopment site, currently Plan is a consolidation of the individual Metrotown 120.00’ improved with a 9-storey condo complex consisting of Neighbourhood Plans and acts as a comprehensive guide for 95 stratified condo units. The property sits on a sizable the future growth and development of the area. The plan aims 1.26 acre (54,966 SF) corner site which benefits from to establish Metrotown as a Downtown core for Burnaby, being adjacent to Central Park, across the street from enabled by increased land use and development while 217.98’ Patterson SkyTrain station, and just a short walk to continuously supported by social, recreation, entertainment Metropolis at Metrotown, Metro Vancouver’s largest and cultural amenities. enclosed shopping centre. 112.50’ Under the Metrotown Downtown Plan, the property is 347.58’ The area surrounding the Property comprises a mix of designated as High Density Residential (RM5s), high-rise low to mid-rise apartment buildings and high-rise towers. residential buildings with ground-oriented residential, The redevelopment of the Property with new high-rise permitting a maximum density of 5.0 FAR with no building condominium units, consistent with the development height restrictions. Of the 5.0 FAR, 3.4 is base density and 1.6 policies outlined in the Metrotown Downtown Plan, is optional bonus density, which is purchased from the City would enhance and significantly contribute to the current of Burnaby. 115.25’ 239.99’ limited housing options in Metro Vancouver. Should a developer pursue the maximum density of 5.0 Located just a stones throw away from both FAR, this will result in upwards of 274,829 SF of total gross *All measurements are approximate & subject to verification Central Park and Patterson Skytrain station, by the Purchaser Parkcrest provides a truly unique opportunity buildable area available for redevelopment of the property. to develop a distinctive high-rise in a highly Prospective Purchasers are encouraged to consult with the planning department METROTOWN to discuss their individual development concepts and confirm their development sought-after location within Metrotown. Source: City of Burnaby OCP, Metrotown Downtown Plan 2017, City of Burnaby GENERAL LAND USE “ Zoning Bylaw “ LOCATION HIGHLIGHTS The Metrotown condo market has seen significant escalations in value over the past several years, becoming a consistent choice of investor buyers and owner-occupiers alike. The property is located on the corner of Patterson Avenue The property is conveniently located adjacent to Central and Central Boulevard, just a few blocks west of Metropolis Park, providing an abundance of recreational opportunities at Metrotown mall. The Metrotown Neighbourhood is including: walking and biking trails, an outdoor running track, rapidly changing with new forms of housing and new swimming pool, tennis courts, Pitch & Putt golf, sporting amenities and services being constantly added to the area, events at Swangard Stadium, as well as hiking trails at the with the aim of establishing Metrotown as the Downtown nearby Deer Lake Park. The property’s location also provides core for Burnaby. excellent opportunities to enjoy arts, culture and a multitude of community activities at various recreation facilities nearby, Residents of the area enjoy easy access to a number of including Bonsor Recreation Complex, Shadbolt Centre for amenities along Kingsway, and over 450+ shops and services the Arts, and the Burnaby Public Library. British Columbia at Metropolis at Metrotown Mall: including Superstore, Institute of Technology (BCIT) is also just a short 7 minute Hudson’s Bay, Winners/Home Sense, Shoppers Drug Mart, drive away. The property is highly accessible by car, with T&T Supermarket, Cineplex Theatre, and the new Walmart major transportation linkages such as Kingsway, Boundary Supercentre. The property is also within walking distance Road, Willingdon Avenue, and Imperial Street surrounding of Crystal Mall and the grocery-anchored Old Orchard the property and allowing for quick and easy access across Shopping Center, providing access to an additional cross- Metro Vancouver. section of restaurants, grocery stores, and services, including Save-on Foods, BC Liquor Store, and Starbucks. Metrotown is a transportation hub that is primarily served by two SkyTrain stations (Patterson station and Metrotown station) and numerous bus routes and bus exchanges. The property is just steps from the Expo Line at Patterson Skytrain Station, providing direct access to Downtown Vancouver and CONNECTIVITY other nearby municipalities. ACROSS THE STREET FROM PATTERSON LOCATED NEAR A MAJOR TRANSIT EASY CONNECTION TO KINGSWAY SKYTRAIN STATION, CONNECTING ROUTE PROVIDING ACCESS TO MOST AND BOUNDARY ROAD (2 MINUTES) OWNERS TO DOWNTOWN VANCOUVER IN METRO VANCOUVER MUNICIPALITIES AND HIGHWAY 1 (10 MINUTES) UNDER 20 MINUTES VIA THE EXPO LINE 142,397 152,186 39.9 $85,718 $95,691 58.3% Estimated Projected Median Household Household Owned Population (2018) Population (2023) Age Income (2018) Income (2023) Dwellings Within 3 Km of the Property 3 BLOCKS FROM CRYSTAL MALL ART, CULTURE & RECREATION STONES THROW FROM PATTERSON VERY EXCELLENT BIKERS WALKABLE TRANSIT PARADISE Most Errands Can Transit is Some Hills, 89 be Accomplished 89 Convenient For Excellent Bike on Foot Most Trips 90 Lanes ADJACENT TO CENTRAL 450+ SHOPS AND SERVICES WITHIN WALKING Finally an Offering that Provides Developers with Everything They’re Looking For! ✓ High Density Development in one of the strongest residential condo markets in BC ✓ Walking distance to parks & recreation and 450+ shops & services at Metropolis At Metrotown ✓ Conveniently located adjacent to Central Park and directly across from Patterson SkyTrain ✓ Future high-rise condo site with potential for exceptional unobstructed views CONTACT LANCE COULSON PERSONAL REAL ESTATE CORPORATION Executive Vice President Strata Wind-Up & Property Sales 604 662 5141 [email protected] STRATA WIND-UP & PROPERTY SALES MITCH CRAMP Vice President Strata Wind-Up & Property Sales 778 372 1943 [email protected] CBRE Limited | 1021 West Hastings Street | Suite 2500 | Vancouver, BC | V6E 0C3 This disclaimer shall apply to CBRE Limited, Real Estate Brokerage, and to all other divisions of the Corporation; to include all employees and independent contractors (“CBRE”). The information set out herein, including, without limitation, any projections, images, opinions, assumptions and estimates obtained from third parties (the “Information”) has not been verified by CBRE, and CBRE does not represent, warrant or guarantee the accuracy, correctness and completeness of the Information.
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