Industrial Property in New Westminster’s Queensborough Neighborhood | $2.07M Transaction
Successful Sale of Industrial Property in New Westminster's Queensborough Neighborhood
Case Study: Achieving a Strategic Transaction for 326 Stanley Street
On October 29, 2020, our team successfully facilitated the sale of an industrial property located at 326 Stanley Street, New Westminster, for $2,075,000. The transaction was completed efficiently, aligning with the client’s objectives and market expectations.
Transaction Details
- Property Address: 326 Stanley Street, New Westminster, BC
- Sale Price: $2,075,000
- Sale Date: October 29, 2020
- Property Type: Industrial property with redevelopment potential
- Site Size: 21,780 SF (0.5 acres)
- Zoning: M-1 Light Industrial
Property Overview
The property comprises a single-story house of approximately 1,036 SF, utilized by the owner as an office, and a 1,500 SF covered storage/workshop area at the rear. Strategically located in the geographic center of Metro Vancouver, it offers quick access to Highway 91, Annacis Business Park, the US border, Vancouver International Airport, and downtown container terminals. The Official Community Plan (OCP) supports future medium-density residential development, enhancing its appeal to investors.
Challenges and Solutions
The primary challenge was to highlight the property’s potential for future redevelopment while emphasizing its current industrial utility. Our team conducted a comprehensive market analysis to identify and target potential buyers interested in both immediate industrial use and long-term residential development opportunities.
Market Strategy
We implemented a targeted marketing campaign focusing on investors and developers seeking properties with dual utility. High-quality marketing materials were prepared to showcase the property’s features and strategic location. Our approach emphasized the property’s redevelopment potential as outlined in the OCP, attracting significant interest from qualified buyers.
Conclusion
The property was sold for $2,075,000, reflecting its market value and future development prospects. The transaction was completed efficiently, meeting the client’s expectations and timelines.
Testimonial
"We were navigating uncharted waters with this purchase, but Sam’s steady hand, professional approach, and honest and straightforward style took a very complex sale and navigated it through to completion. Well done!"
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