Strata Wind-up Mandates Property For Sale

Cedarbrae Estates Surrey

Summary

CIVIC ADDRESS 10232, 10238, 10244, 10250, 10256, 10264 132nd Street
Surrey, BC
CURRENT IMPROVEMENT 24 two-storey townhouses
YEAR BUILT 1982
SITE SIZE 1.54 Acres (approx.)
NET EXISTING BUILDING AREA 66,980 sq. ft. (approx.)
CURRENT ZONING RM-45 - Multiple Residential 45 Zone
OCP LAND USE Residential Low to Mid-Rise
PROJECTED FAR Up to 2.5 FAR
LIST PRICE Unpriced - Bid Process
BID DATE September 17, 2021 at 4:00 pm PDT

The Opportunity

CBRE Limited is pleased to bring to market the opportunity to acquire a large 1.54 acre residential development site centrally located within close proximity to SkyTrain and the rapidly transformed, vibrant Surrey City Centre in Surrey, British Columbia. “Cedarbrae Estates” is a 24-unit stratified townhouse complex that is prominently situated in the heart of Surrey’s rapidly developing City Centre urban hub. Surrey City Centre offers a diverse cross section of world class amenities such as rapid transit; parks & recreation; a new public library; an abundance of shops and services; the state-of-the-art Bell Performing Arts Centre and a variety of secondary/post-secondary education facilities: Simon Fraser University (SFU) and Kwantlen Polytechnic University (KPU) in one of the fastest growing municipalities in the Province!

Investment Highlights

  • Large 66,980 square foot rectangular shaped land parcel that is currently improved with six separate buildings comprised of 24 – 2-storey stratified townhomes;
  • The site is just steps to SkyTrain and the vibrant, thriving Surrey City Centre, anchored by the Civic Plaza & Hotel, new public library, Central City Shopping Mall, Bell Performing Arts Centre, SFU, KPU, West Village Energy Centre & Park and Holland Park;
  • The property is currently designated as Multiple Residential (low to mid rise) up to 2.5 FAR and permitting up to 4 – 5-storeys in the Surrey City Centre Plan;
  • Average household income within a 3-km radius of Cedarbrae Estates exceeds $84,980 per annum and is projected to increase to $98,202 in 2025;
  • Surrey’s condo market has been incredibly active throughout the early part of 2021 with some condo projects reportedly selling out over a period of a few days;
  • The redevelopment of Cedarbrae Estates would provide a developer the unique opportunity to contribute new housing options in a growing and highly desirable neighborhood close to transit and world class amenities.

BID DATE: September 17, 2021, Friday

Should you have an interest in submitting a Bid Submission, please contact Agnes Cheung at Agnes.Cheung@cbre.com for a copy of the Standard Letter of Intent (LOI) template to be used for all submissions.

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Address:
Nanaimo, BC