Lee & Associates Vancouver is pleased to present the opportunity to acquire 701 Kingsway, Vancouver, BC (the “Property”), a C-2 zoned retail strip mall located in the heart of Vancouver’s Mount Pleasant neighbourhood. The Property offers an exceptional development opportunity with spectacular views of the North Shore mountains and great exposure fronting Kingsway and Fraser Street. Stable holding income allows potential developers to minimize overall carrying costs.
Mount Pleasant is known as one of Vancouver’s trendiest neighborhoods, which has consistently enjoyed a residential vacancy rate near 0.5% and rapidly appreciating rental rates. Residents flock to Mount Pleasant for its diverse community, with an abundance of character and authenticity.
The Property is situated on the northeast corner of Kingsway and Fraser Street, the core of East Vancouver’s most desirable neighbourhood, which is appropriately named “Fraserhood”. Over the course of the past few years, some of the City’s most notable restaurants and bars have opened up in the neighbourhood, making this area a destination spot for Vancouver dining enthusiasts and tourists alike. Notable amenities to the immediate area include, Matchstick Coffee Roasters, Osteria Savio Volpe, Crowbar Restaurant, Earnest Ice Cream, Bells and Whistles, and Los Cuervos Taqueria & Cantina.
- High exposure location on the corner of two main arterial thoroughfares provides potential for increased density
- Further opportunity to rezone under the Rental 100 Program to achieve higher density
- Favorable C-2 zoning allowing for a mixed-use development up to 2.5 FSR (base density)
- 17,978 SF site with additional density potential
- Site enjoys several street frontages maximizing development potential and site massing
- All short term leases with demolition clauses in place
- Phase 1 and 2 environmental reports available
- Below market retail rental rates; upside on potential lease renewal
- Potential views of the North Shore mountains
- Capitalize on unprecedented demand for housing in Vancouver’s trendy Mount Pleasant neighbourhood
- Highly sought-after surrounding amenities
- Holding income in place
- Potential assembly of neighbouring RT-5 lots