- What Allure Ventures has floated the commercial space at The Grand on King George
- Why The customizable office units range from 722 sq ft to 16,000 sq ft
- What next Colliers has the assignment
A block of new office condominiums in Surrey, B.C., is on the market, and units could fetch as much as $16m each, Green Street News can reveal.
The condos, ranging from 722 sq ft to 16,000 sq ft, total 54,000 sq ft on five floors of The Grand on King George. Full-floor amalgamations are asking $16m, and the smallest units are seeking $758,000.
Colliers has the assignment on behalf of Allure Ventures Inc. The 46-storey mixed-use tower, at 10750 135A Street, also has 341 residential units. The office units have 11 foot ceilings, and there are 120 common parking stalls.
In Surrey’s City Centre, The Grand on King George is 100 m from King George Boulevard, 1.5 km from the South Fraser Perimeter Road and 2 km from the Fraser Highway. Central City mall, Gateway Centre and King George SkyTrain stations are nearby. Surrey is 22 km from downtown Vancouver.
The office vacancy rate in Surrey was 4.0% in Q3, according to Colliers, below the suburban Vancouver average of 6.7%. The weighted average asking gross rent stood at $43.55, on par with the regional average of $42.78. Over 457,000 sq ft of space is under construction in the node.
Allure Ventures is the real estate development arm of Crystal Consulting Group of Cos. Gurpreet “Garry” Sangha is chief executive of both entities.
