THE FOR SALE
BUILDING
600 COLUMBIA ST, NEW WESTMINSTER, BC INVESTMENT SUMMARY
EXCLUSIVE LANDMARK INVESTMENT OPPORTUNITY LOCATED ON-TRANSIT WITH ATTRACTIVE ZONING FOR FUTURE REDEVELOPMENT
INVESTMENT HIGHLIGHTS
ÌÌ Opportunity to acquire a landmark office building in the heart of Downtown New Westminster with attractive waterfront views
ÌÌ 100% occupied by a diversified mix of local, national and government tenants
ÌÌ Future mixed-use redevelopment potential of up to 5.2x FSR or 45,281 buildable square feet
ÌÌ Waterfront property with spectacular views located within 500 metres of two rapid transit stations and an abundance of surrounding amenities THE A 100% OCCUPIED INVESTMENT OPPORTUNITY LOCATED ON TRANSIT
BUILDING WITH ATTRACTIVE ZONING FOR FUTURE REDEVELOPMENT
Jones Lang LaSalle Real Estate Services, 30 Inc. (The “Advisor”) has been retained by MINUTES 0771750 B.C. Ltd., Inc. (The “Vendor”), on an TO DOWNTOWN exclusive basis to sell a 100% freehold interest in 600 Columbia Street, New Westminster, VANCOUVER ROYAL CITY CENTRE British Columbia (the “Property”)(“Spencer A mixed-use development with 359,000 s.f. on two levels and a recent addition of a new Walmart Building”). Super Centre (90,000 s.f.) The Property represents a rare opportunity for an investor to acquire a landmark office building centrally located on the prominent DOUGLAS COLLEGE corner of Columbia Street and Sixth Street. Home to 24,000 students, with a $9M The Property provides exceptional views COLUMBIA SQUARE PLAZA renovation and expansion underway An open-air shopping centre with 169,000 s.f. of overlooking the Fraser River to the south and newly constructed or renovated space. Includes NEW WESTMINSTER CITY HALL the North Shore Mountains to the north. The Pharmasave Drug Store, TD Bank, RONA and BC Liquor Store Spencer Building is located within walking PROVINCIAL COURT OF BC distance of two rapid transit stations and an abundance of retail and service amenities. SHOPS AT NEW WEST ANVIL CENTRE & PROPERTY SUMMARY A 1.2M s.f. mixed-use development, including retail, CONFERENCE CENTRE residential, office and light rapid transit station A 4-storey 84,000 s.f. conference centre, Ì with Merchant Square, a 137,000 s.f. LEED Ì Contract rents significantly below market Gold office building rents (-9.8%) NEW WESTMINSTER ÌÌ Historically long-term occupancy and strong retention levels THE ÌÌ Attractive C-8 zoning that permits up to RIVER MARKET A 70,000 s.f. boutique retail and shopping centre 5.2x FSR or 45,281 buildable square feet BUILDING ÌÌ Spectacular waterfront views overlooking 10 the Fraser River MINUTES COLUMBIA ÌÌ Over $268,000 of capital expenditures have TO SURREY CENTRAL been invested since 2014, including new STATION heat pumps, cooling tower, underground electrical transformer and washroom FRASER RIVER renovations
LOCATION HIGHLIGHTS ÌÌ Located within 500 metres of two rapid transit stations: New Westminster Station and Columbia Station ATTRACTIVE ZONING ÌÌ Close proximity to a number of surrounding retail amenities, including The Shops at New Westminster, the River Market, Columbia Square ÌÌ The Property is zoned C-8 which permits a density up to 5.2 FSR or 45,281 square feet of buildable density for a mixed-use development Plaza, and street front retail along Columbia Street. Excellent transit connectivity, within minutes of major arterial roads, including the Trans-Canada Highway, Pattullo Bridge and the Queensborough Connector ÌÌ Specifically attributed to this historic site, floors 4 through 6 can be used for residential use. ÌÌ Located at the geographical centre of British Columbia’s Lower Mainland, New Westminster is situated within 30 minutes of almost all ÌÌ The C-8 zoning permits a diversified mix of uses including commercial, institutional and residential uses supporting the role of Columbia municipalities Street as a historic district. ÌÌ Over $975 million in building permits have been issued in New Westminster over the past five years THE
BUILDING
Civic Address 600 Columbia Street, New Westminster
PID 001-727-567 Legal Description Lot 11 Block 5 Plan 2620 Site Area** 8,708 SF Site Dimensions** 65.97’ x 132’
Zoning C-8 Columbia Street Historic
Permitted Density 5.2 FSR
Permitted Height 70 feet
Building Size** 52,272 SF
No. of Floors 6
Occupancy 100%
Avg. Floor Size 8,000 SF
Year Completed 1906
2016 Property Taxes $101,237.20
FY1 Existing Net Operating Income (2017) $411,304
Financing Available Clear Title
Interested parties will be required to execute and submit the Vendor’s form of Confidentiality Agreement prior to receiving Offer Process detailed information about the Property. Additionally, interested parties will be informed of a specific bid date that will be communicated by the Agent at least seven (7) days in advance.
** Measurements are subject to verification by purchaser
For more information, please contact:
Jon Ramscar* MRICS Kevin Douglas* Senior Vice President Associate +1 604 998 6031 +1 604 998 6142 [email protected] [email protected] *Sales Representative
Jones Lang LaSalle Real Estate Services, Inc.
355 Burrard Street, 14th Floor Vancouver, BC V6C 2G6 +1 604 998 6001
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