INVESTMENT
Despite the COVID-19 pandemic, essential services-oriented retail, such as neighborhood shopping centres and mixed-use retail centres with convenience style format (food, liquor, drug, banks) have fared the best. Convenience-style tenanted assets located in busy retail corridors are highly sought after as investors look for stability in cash-flow backed by strong covenanted tenants. Some notable retail transactions that have closed during the pandemic include:
1. Delta Shoppers Mall – 8037 120th Street – $34,300,000
2. Volkswagen – 4575 Main Street – $23,200,000
3. Trenant Park Square – 5201 Ladner Trunk Road – $64,500,000
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The City of Vancouver staff are recommending council to permit a temporary policy of considering rezoning applications for full rental developments instead of luxury condominiums in Vancouver’s Downtown West End. The proposal includes a requirement for a minimum of 20% secured below-market rental units in-place of the social housing requirement for condominium developments, and Community Amenity Contributions (CACs) applicable to condominium developments would also not apply in this case. If approved, the changes would only apply to areas D and E shown below:
Details: https://council.vancouver.ca/20201124/documents/r5.pdf