- What A 2-acre property in South Surrey has hit the market
- Why The property is being sold by court order
- What next In-place zoning allows for a variety of uses
A development site in Surrey is on the block, and hoping to bring in bids around $16.5m, Green Street News can reveal.
The 2-acre property comprises 10 parcels at 156 Street and 16th Avenue in the Semiahmoo Town Centre neighbourhood. The site, in the city’s South Surrey section near the border of White Rock, is mostly empty.
Colliers has the marketing assignment for Burnaby-based Waterstock Properties.
Waterstock evidently ran into issues and, according to property records, now has creditors including Overland Capital and Strand Financial.
Zoning for the site allows for a variety of uses, including low-rise mixed-use and mid-rise medical mixed-use. The land is near Semiahmoo Shopping Centre, Peace Arch Hospital and just over 1km from the White Rock Pier. The U.S. border is 3km south, and downtown Vancouver is 32km northwest.
Court-ordered sales in British Columbia have been steady this year, particularly for land-assembly development sites. In April, a 3-acre distressed property in South Surrey hit the market seeking $21m. The parcel already was approved for an 85,000 sq ft residential development.
The same month, a partially built 53,000 sq ft mixed-use development in Burnaby hit the market seeking $16m. With permitting in place, municipal fees for the project already have been paid.
