West End strata dissolution sale fetches $52M

The sale represents a substantial record price for the neighbourhood, according to Macdonald realtor Dan Schulz

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. 

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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. 

Breakdown: 

Price: $52,000,000
No. of Units: 53
Price/Unit: $981,132
Lot Size: 21,615 SF 
Property Type: Multi-family 
Zoning: RM-5B
City: Vancouver 
Province: B.C.  
Name of Brokerage: Macdonald Commercial Real Estate Services Ltd.

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