A strata dissolution sale three years in the making has fetched an impressive $52 million in Vancouver’s West End, Macdonald Commercial reports.
The 53-unit, strata-titled residential property went through two bid processes, drawing a total of 18 offers. Offers increased by over $20 million from the first bid process to the second. The first round was conducted prior in March 2016, prior to the introduction of Bill 40. Bill 40 allows for a strata council to be dissolved with 80 per cent of members in agreement. Before Bill 40, a strata could only be dissolved for sale with 100 per cent support from owners.
The prime redevelopment site sold for approximately $875 per buildable square foot. The four-storey building is located west of Denman Street, near Stanley Park.
“[The sale price] is a substantial record for the neighbourhood and the West End, by a long shot,” said Dan Schulz, a member of Macdonald Commercial’s strata dissolution team for this sale.
The property is located at 1830 Alberni St., Vancouver.