- What A 46-unit strata building has been listed for sale in the Metrotown area
- Why The property is valued at $58m, or $1.26m per unit
- What next Zoning allows for a high-density residential project on the property
A strata property in Burnaby valued at $58m is being shopped as a potential redevelopment play.
The 1990-vintage building comprises 46 two-bedroom units at 4951 Sanders Street, in the city’s Metrotown area. The estimated valuation translates to $1.26m per unit. RE/MAX Real Estate Services has the marketing assignment.
The sales campaign is touting that zoning regulations could allow the 1.3-acre property to be redeveloped into a high-density residential project with a floor space ratio of up to 5.9. It also notes that a buyer could generate income from the existing building while creating a redevelopment strategy.
The property is just north of the Metropolis at Metrotown mall and the adjacent SkyTrain station. Downtown Vancouver is 12 km northwest.
