- What A three-lot land assembly in Surrey, B.C., has hit the market for $21m
- Why It is for sale by court order
- What next Sutton Group-Alliance has the assignment
A distressed land assembly in Surrey, B.C., has been put up for sale by court order with an asking price of $21m.
The properties, at 16620, 16648 and 16674 20th Avenue, combine for about 3 acres of land, which already are approved for an 85,000 sq ft residential development with 62 units. Sutton Group-Alliance Real Estate Services has the marketing assignment.
The property is owned by a numbered company, 1242842 B.C. L.T.D., court documents say, with Terrapin Mortgage Investment having issued a loan on the property. An initial loan amount of $12.5m was agreed upon in August 2023, but payments were not made and property taxes were not paid.
An order to sell the property was issued by the Supreme Court of British Columbia on March 13.
The land is close to the Grandview Heights Aquatic Centre and numerous restaurants. It is about 38 km southeast of downtown Vancouver and 4 km to the Peace Arch border crossing.
