FOR SALE EXCITING MOUNT PLEASANT OFFICE CONVERSION OPPORTUNITY 106-112 EAST 6TH AVENUE, VANCOUVER, BC BEFORE AFTER MATTHEW MACLEAN* ASSOCIATE VICE PRESIDENT 604.640.5855 matthew.maclean@ca.cushwake.com MARK CHAMBERS* SENIOR VICE PRESIDENT 604.640.5880 mark.chambers@ca.cushwake.com CHRIS NEWTON SENIOR ASSOCIATE 604.640.5802 chris.newton@ca.cushwake.com CUSHMAN & WAKEFIELD LTD. Suite 700-700 W Georgia St PO Box 10023, Pacific Centre Vancouver, BC V7Y 1A1 604.683.3111 1.877.788.3111 www.cushmanwakefield.com
106-112 EAST 6TH AVENUE, VANCOUVER, BC Office Conversion Opportunity OPPORTUNITY Mount Pleasant is undergoing significant change, with many top organizations realizing its potential as a legitimate location for their business. Of particular note, newly enacted to local zoning will expand considerably the types of office uses, which is a major value add to an underappreciated area of the City, minutes from downtown, and uniquely close to all three rapid transit lines Millennium, Expo and Canada Lines. This two-building existing structure is located on a corner site with views to the mountains and downtown. A tremendous opportunity exists for a user or investor to add their own value to this property, through conversion and renovation to accommodate first class office users. This is a recent theme in Mount Pleasant, with numerous successful ventures achieving this unrealized value in the past year alone. GROUND LEVEL EXISTING AS-BUILT PLANS * Additional detail available (not shown here) SITE AREA 14,091 square feet Approximately 122 feet by 115 feet, corner location. BUILDINGS The corner site is improved with two conjoined buildings, offering a total of approximately 23,201 square feet (currently approx 1/3 office). The building is cinder block construction, with high ceilings throughout (approx 12 to 14 feet), and generous column spacing. The buildings lend themselves very well to an office conversion for a total potential office area of over 23,000 sf. The 2nd and 3rd floors offer exceptional views of the north shore mountains and downtown. FEATURES Heavy power Newer roof 15 parking stalls at rear, lane accessed Grade and dock loading 11 washrooms Kitchen facility SECOND LEVEL 106 EAST 6TH Main Floor 6,114 sf (currently approx 50% office/warehouse) 2nd Floor 3,313 sf (currently approx 50% office/warehouse) Total 9,427 sf 112 EAST 6TH Main Floor 6,317 sf (currently approx 33% office/warehouse) 2nd Floor 5,892 sf (currently approx 25% office/warehouse) 3rd Floor 1,565 sf (office) Total 13,774 sf
FOR SALE LOCATION AND AREA OVERVIEW Historic Mount Pleasant is home to numerous restaurants, shops and cafes that have been an attraction for local residents and destination shoppers for many years. The history of Mount Pleasant dates to 1888, when the name was applied to the area above False Creek by H.V. Edmonds, who owned much of the area at the time. With its proximity to Brewery Creek, Mount Pleasant was a natural draw for industry, and in turn rapid residential development. Main Street and East Broadway continue to develop and gentrify, with a number of commercial turnaround and mixed use residential developments in planning or nearing completion. Rize Alliance s Main/Broadway/ Kingsway project is set to dramatically progress this area, and with the hundreds of new residents in South East False Creek, the neighbourhood continues to attract growth. Today, Mount Pleasant is, in the eyes of many of its residents, a perfect mix of family oriented neighbourhood, bustling urban atmosphere, with a deep connection to the past and present commercial importance of the area. New developments continue to add residents to the area, with numerous small to medium sized projects and amenities in progress or planned, which will add to the appeal and vibrancy of Mount Pleasant for business. ZONING - MOUNT PLEASANT COMMUNITY PLAN AND POSITIVE I-1 ZONING CHANGES The property is located within Mount Pleasant planning area, and the Main 2nd to 7th sub-area. Council adopted the new Mount Pleasant Community Plan in November 2010, which details favourable redevelopment potential for this sub-area. In addition, the Community Plan indicates support for a bicycle and pedestrian pathway to the east of the Property, which would provide a modern greenway and tremendous curb appeal to the Property. SITE ZONING: I-1 A very important change is underway to the existing zoning, recently approved by City Council, to allow significantly more office uses and office density. As approved, the subject property can contemplate conversion to office use and dramatically higher rental income potential. PROPERTY TAX $50,315.66 (2012) LEGAL DESCRIPTION PID: 007-992-777 Plan VAP13925, Lot D, Block 37, District Lot 200A, Land District 36 ASKING PRICE $8,900,000 ADDITIONAL INFORMATION For detailed pricing on repositioning and market insight into new rental figures on this type of conversion, please call listing agents.
106-112 EAST 6TH AVENUE, VANCOUVER, BC Office Conversion Opportunity FOR SALE MATTHEW MACLEAN* ASSOCIATE VICE PRESIDENT 604.640.5855 matthew.maclean@ca.cushwake.com MARK CHAMBERS* SENIOR VICE PRESIDENT 604.640.5880 mark.chambers@ca.cushwake.com CHRIS NEWTON SENIOR ASSOCIATE 604.640.5802 chris.newton@ca.cushwake.com E.&O.E.: The information contained herein was obtained from sources which we deem reliable and, while thought to be correct, is not guaranteed by Cushman & Wakefield Ltd. The depiction in the included photographs of any person, entity, sign, logo or property, other than Cushman & Wakefield s (C&W) client and the property offered by C&W, is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and C&W or its client. 01/13 NO
THE ART OF REPOSITIONING EXCITING MOUNT PLEASANT OFFICE CONVERSION OPPORTUNITY 106-112 EAST 6TH AVENUE, VANCOUVER, BC Recently enacted changes to I-1 Zoning in the Mount Pleasant neighbourhood may provide a significant, new opportunity to convert existing area buildings to accommodate office uses this is a very rare Vancouver opportunity to create value and extract higher incomes and attract better quality tenants. The City of Vancouver has adopted the following changes to the I-1 Zoning in the Mount Pleasant area. The goal of the changes is to increase job space potential as a part of the City s Metro Core Jobs and Economy Land Use Plan and enhance the use of sites that were previously limited to primarily light industrial or mixed use, with densities ranging from 1.0 FSR to 3.0 FSR. SUMMARY OF CHANGES: Increase in allowable density for a variety of services, while still remaining under the 3.0 FSR density limit. A greater variety of office uses are to be permitted. The General Office categories of accountants, lawyers or notaries, real estate, insurance, advertising, travel and ticket agents will no longer be excluded. All of the categories of General Office are allowed. A bonus has been detailed: In the case where a development contains certain light industrial and/or services uses on the ground floor, an equal amount of office space can be built as a bonus in addition to the 1.0 FSR of office allowed. (Ex. 1.0 FSR identified industrial service space on the ground floor with 2.0 FSR of General Office space above.) Parking Payment-in-lieu District. 106-112 East 6th is well located, and has enough scale to take full advantage of a conversion and repositioning under the changes. The differential/upside in rental rates for office users, combined with the existing lower property taxes in the area, offer a very compelling case for a repositioning, and an opportunity for an investor to create a solid, long term income stream in Mount Pleasant. MATTHEW MACLEAN* ASSOCIATE VICE PRESIDENT 604.640.5855 matthew.maclean@ca.cushwake.com MARK CHAMBERS* SENIOR VICE PRESIDENT 604.640.5880 mark.chambers@ca.cushwake.com CHRIS NEWTON SENIOR ASSOCIATE 604.640.5802 chris.newton@ca.cushwake.com CUSHMAN & WAKEFIELD LTD. Suite 700-700 W Georgia St PO Box 10023, Pacific Centre Vancouver, BC V7Y 1A1 604.683.3111 1.877.788.3111 www.cushmanwakefield.com
106-112 EAST 6TH AVENUE, VANCOUVER, BC RENDERING AND EXAMPLE INTERIOR PLANS Counterpoint Interiors has prepared the following example interior plans, demonstrating a potential repositioning of the building into the maximum amount of office space, with the required amount of traditional use in the building. We would be pleased to discuss these plans, repositioning costing and the zoning changes in more detail.