Vancouver, BC, Canada – Concert is pleased to announce that it has acquired one of the largest waterfront redevelopment sites in the City of Vancouver on the Fraser River.
The 21.2-acre site is the result of two separate acquisitions, 16.4 acres at Heather Street and 4.8 acres at Ash Street, in South Vancouver. The two properties together are bounded to the north by Kent Avenue South, the Fraser River to the south, Laurel Street to the west and Cambie Street to the east.
The area, commonly referred to as the Marine Drive/Fraser Industrial Area, is in the initial stages of a significant transition and is undergoing substantial change. Opening the riverfront to the public and alternative industrial uses is now becoming feasible in this area of the city.
“Zoned industrial and located 20 minutes from downtown Vancouver, the properties provide Concert with a substantial redevelopment site in a prime location in a rising industrial market,” said Alan Whitchelo, Senior Vice President, Industrial & Commercial, Concert Properties Ltd. “A lack of supply and a strong desire from tenants seeking a Vancouver location succinctly rationalizes the redevelopment of this site to a higher and better use. Through careful planning and design these sites will ultimately provide much needed product to a very tight industrial market.”
Whitchelo added, “In addition, the new rapid transit line (Canada Line) will be in close proximity to the site with a major station to be located at the corner of Southwest Marine Drive and Cambie Street. Just minutes from the properties, this station will provide convenient access for tenant employees and additional exposure to the property.”
Other features of the properties include proximity to Oak Street, Vancouver International Airport, more than 900 feet of waterfront and several barge loading facilities on the Fraser River.
The acquisition of these two properties continues Concert’s strategy of building its commercial development portfolio and creating positive returns for the company’s shareholders.