PC Urban will take its successful industrial strata concept into a fourth Metro Vancouver neighbourhood, announcing Monday it will build a 100,000-plus-square-foot development in Burnaby.
IntraUrban Brentwood will redevelop an aging 50,000-square-foot industrial / office building into small-bay, light-industrial strata on Regent Street, just east of Willingdon, in the Still Creek industrial area. It will be the first new small-bay, industrial-strata development in the Brentwood area in more than 20 years.
“We feel it’s an ingenious solution to an obsolete old property,” said Brent Sawchyn, principal at PC Urban, in a prepared statement. “This is the first industrial strata in the area in many years.
“And this Brentwood area of Burnaby is experiencing an exploding population in the next few years with the coming multi-family, mixed-use developments. Brentwood will soon be a huge residential community, much like Metrotown. And the amenities and vibrancy will be a huge benefit to the businesses that buy into the strata development.”
The project is also a response to the extremely limited and declining supply of industrial land in and around Vancouver. Vacancy rates across Metro Vancouver hover at just over two per cent – and have been steadily declining.
Burnaby strata prices have doubled
Strata prices in Burnaby have almost doubled from an average of $206 per square foot 10 years ago to more than $400 per square feet today. According to Avison Young, that is a result of supply constraints, exacerbated by the rezoning of industrial land for multi-family development, as well as steadily increasing demand.
There are currently no vacant industrial strata units available for sale in the area – new or old.
“This is one of the most convenient industrial nodes in Metro Vancouver,” said Ryan Kerr, principal with Avison Young, in the release. “With quick access to Highway 1, Lougheed Highway and walking distance to the SkyTrain, we’ve already seen huge demand for this project from businesses in the area that haven’t previously had the opportunity to purchase a high-quality strata unit.”
Intraurban Brentwood will be a collection of three buildings, offering a limited number of small-bay, commercial-strata units with design and finishings which exceed industrial standards.
Pricing starts at $425 per square foot for units ranging from 2,700 square feet. All units have grade loading, 24-foot ceiling heights, high-efficiency lighting and ESFR sprinklers and include features such as built-in, upper floor flex space.
The City of Burnaby’s Brentwood Community Plan is creating more than two million square feet of retail and office which include shopping, dining, theatres as well as numerous high-rise residential towers. Additional pressure on land values will follow, but the focus will remain on residential and retail development.
“The long-term vision for this whole region is on an upward curve,” said Sawchyn, “not unlike Marine Gateway where our first industrial strata development, IntraUrban Laurel, sold out in four months and unit prices increased 43 per cent in under a year.”
About PC Urban
PC Urban is a Vancouver-based real estate development and investment company specializing in reimagining and redeveloping commercial and residential properties with unrealized potential. Although the majority of its business is in the industrial sector, it has undertaken projects across all asset classes – including retail, office and multi-family.
Among its recent projects, PC Urban has redeveloped a heritage industrial building in Mt. Pleasant and undertaken industrial strata developments in Vancouver, Kelowna and Calgary (see PC Urban to offer industrial condos in Calgary).
The company has more than 750,000 square feet of commercial and retail under construction, plus 440 residential units, across Western Canada.