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SUBJECT SITE
T H E WAT E R F R O N T1371 MCKEEN AVENUE | NORTH VANCOUVER, BC
A Generational Opportunity to Acquire Over 27 Acres of Pristine Waterfront Land
2THE WATERFRONT 1371 MCKEEN AVENUE | NORTH VANCOUVER, BC
THE OFFERINGJones Lang LaSalle Real Estate Services, Inc. (“JLL”) is pleased to exclusively offer for sale The Waterfront (the “Property” or the “Offering”), located at 1371 McKeen Avenue, North Vancouver, British Columbia.
This exclusive offering represents the opportunity to acquire 100% interest in 27.53 acres of prime waterfront land, with approximately 730 feet of waterfront frontage, strategically located in North Vancouver. The Property consists of 15 large buildings and several smaller buildings that collectively occupy approximately 18 per cent of the site.
This premium site offers an attractive holding income of $2,949,870 per annum and boasts panoramic views of Downtown Vancouver, Stanley Park and the North Shore Mountains.
Unparalleled Views of Vancouver’s Skyline and North Shore Mountains
CIVIC ADDRESS 1371 McKeen Avenue, North Vancouver
LEGAL ADDRESS Lot A Block 28 District Lot 266 and of the Bed and Foreshore of Burrard Inlet Plan 17505
PID 007-275-919
SITE SIZE* 1,199,100 square feet (27.53 acres)
SITE DIMENSIONS**Irregular shape Approximately 1,578 feet in length by 730 feet in width
IMPROVEMENTS 15 large buildings and several smaller buildings occupying approximately 18% of the site
BUILDING AREA 188,324 square feet
TENANCY DETAILS
Lions Gate Marina Ltd., The Ginger Jar Enterprises Ltd., Lafarge Canada Inc., Lions Gate Mini Storage Ltd. and several month-to-month tenants
CURRENT ZONINGEmployment Zone - Industrial (EZ-I)Max Density: NAMax Height: 25 metres (82 feet)
PROPERTY TAXES (2016) $490,466.35
PROJECTED NET OPERATING INCOME $2,949,870
FINANCING Available Clear Title
LEASE SUMMARY
The property is occupied by 17 tenants. The current Vendor operates the two largest tenants, Lions Gate Marina Ltd. and Lions Gate Mini Storage Ltd., providing for flexible leaseback terms. There is an opportunity to set new lease terms at market rates with the 10 month-to-month tenants. The majority of tenants have termination and/or demolition clauses in place, with the latest demolition/termination date being December 31, 2018.
LEASEBACK
The Vendor currently owns and operates both Lions Gate Marina Ltd. and Lions Gate Mini Storage Ltd. The Vendor is prepared to provide a leaseback for both entities for two years or until December 31, 2018, subject to negotiations with prospective purchasers.
OFFER PROCESS Please Contact Advisor*Site size includes approximately 34,700 square feet of waterlot**Site dimensions subject to confirmation
4THE WATERFRONT 1371 MCKEEN AVENUE | NORTH VANCOUVER, BC
PREMIER LOCATIONThe Property is located in the vibrant Norgate / Lower Capilano neighbourhood, just minutes from Downtown Vancouver. The neighbourhood is characterized by a diversified mix of residential homes and commercial businesses, enhanced by the strong transportation networks, and close proximity to Vancouver’s Ports. The Property is located within a ten minute drive of some of Vancouver’s most popular shopping amenities, including Park Royal Shopping Centre, Capilano Mall, and Lonsdale Quay — collectively encompassing over 1.7 million square feet of retail.
ZONING / DEVELOPMENT POTENTIALThe Property is currently zoned Employment Zone – Industrial (EZ-I), permitting for a wide range of industrial uses including manufacturing, port-oriented, service, transportation, waste and recycling and warehouse uses, in addition to the conditional uses that permit residential, office and retail. The current zoning does not permit a maximum density or site coverage ratio, however the District of North Vancouver has identified the need in their Official Community Plan to increase the built square footage in North Vancouver’s Employment Lands by 33% over the next 15 years.
EXCEPTIONAL SITE ACCESSThe Property is currently accessible by Pemberton Avenue and the newly constructed Philip Avenue Overpass. The overpass was one of several recently completed transportation investment projects in the North Shore Trade Area.
Second Narrows Bridge & Trans-Canada Highway
Forbes Ave
VANCOUVER PORT
Seaspan Shipyards
Chesterfield Ave
Lonsdale Ave
Low Level Road
St. Georges Ave
3rd Street East
Canada Place
LONSDALE QUAY• Approximately 90,000 square
feet of market / retail space
VANCOUVER AIRPORT (YVR)
DOWNTOWN VANCOUVER
BURRARD INLETVancouver SeaBus
Esplanade Ave
UNIVERSITY OF BRITISH COLUMBIA (UBC)
Lions Gate Bridge
Mackay Road
Pemberton Ave
Vancouver WharvesKinder Morgan
Marine Drive
Whistler
1st Street West
STANLEY PARK
One of the Last Remaining Privately Held Waterfront Sites in Burrard Inlet
SUBJECT SITE
HARBOURSIDE WATERFRONT BY CONCERT• 700 condominium homes, 100 rental apartments• 340,000 square feet of commercial space• Located on approximately 12 acre site
NORTH SHORE AUTOMALL
CAPILANO BUSINESS PARK• 290,000 square feet office/industrial business park• Located on approximately 10 acre site
CAPILANO MALL• Approximately 400,000 square feet of
enclosed retail
The Creek Marina
Philip Ave Overpass
Residential
Retail
THE TROPHY BY PINNACLE INTERNATIONAL• 13 storeys• 108 condominium units• Scheduled for completion in 2016
5
McKeen Ave
6THE WATERFRONT 1371 MCKEEN AVENUE | NORTH VANCOUVER, BC
INVESTMENT HIGHLIGHTSOver 27 Acres of Prime Waterfront Land with 730 Feet of Waterfront Frontage
BEST-IN-CLASS LOCATIONOver 1,790,000 Square Feet of Retail Amenities Within 10 Minutes
Downtown Vancouver – 10 Minutes AwayNorth Shore Mountains – 15-25 Minutes AwayVancouver Airport (YVR) – 35 Minutes Away
A RARE OFFERINGOne of the last few remaining privately held waterfront redevelopment sites of magnitude
EXTRAORDINARY REDEVELOPMENT OPPORTUNITY
Low Site Coverage Ratio of 18%Termination / Demolition Clauses in Place
OCP Identifies Need to Densify Employment Lands
ATTRACTIVE HOLDING INCOMEProjected Net Operating Income $2,949,870
Strong Diversified Tenant Mix
937 feet
730 feet
7
The Property is located in the Norgate / Lower Capilano neighborhood of North Vancouver, benefiting from strong transportation networks, direct access to the Burrard Inlet and an abundance of nearby amenities including 1.7 million square feet of retail within a 10 minute drive. The Property benefits from excellent site access via Pemberton Avenue and the newly constructed Philip Avenue Overpass.
For further information, please contact:
Jones Lang LaSalle Real Estate Services, Inc.355 Burrard Street, 14th Floor
Vancouver, BC V6C 2G6+1 604 998 6001
Jon Ramscar1 MRICSSenior Vice President
Capital Markets+1 604 998 6031
Bruno Fiorvento2
Executive Vice PresidentIndustrial Division+1 604 998 6006
Michael Thompson2
Senior Vice PresidentIndustrial Division+1 604 998 6036
1Sales Representative2Personal Real Estate Corporation
Jones Lang LaSalle Real Estate Services, Inc.© 2016 Jones Lang LaSalle IP, Inc. All rights reserved. Information set out herein (the “Information”) has not been verified by Jones Lang LaSalle Real Estate Services, Inc., Brokerage and any and all of its real estate agents/staff, and to all other divisions of the company (collectively “JLL”). JLL does not represent, warrant or guarantee the accuracy, correctness and complete ness of the Information. Given the limitations of the investigations, inquiries and verification that JLL have undertaken, the reliability of this Information must be treated with a suitable degree of caution and neither JLL or any of their affiliates accept any liability or responsibility for the accuracy or completeness of the information contained herein and no reliance should be placed on the information contained in this document. JLL does not accept or assume any responsibility or liability, direct or consequential, for the Information or the recipient’s reliance upon the Information. The recipient of the Information should take such steps as the recipient may deem necessary to verify the Information prior to placing any reliance upon the Information. The Information may change and any property described in the Information may be withdrawn from the market at any time without notice or obligation to the recipient from JLL.
Vancouver Airport (YVR): 35 minutes
Downtown Vancouver: 10 minutes
Grouse Mountain:15 Minutes
Cypress Mountain:25 Minutes
Park Royal Shopping Centre:5 minutes
Capilano Mall:5 minutes
SUBJECT SITE
