Description

Jones Lang LaSalle Real Estate Services, Inc. (“JLL”) is pleased to present the opportunity to acquire a 100% freehold interest in 611 Agnes Street, New Westminster (the “Property” and/or the “Offering”). The Property encompasses 62,784 square feet of office and retail area, serviced by two rapid transit stations within 550 metres, and occupied by an established mix of tenants including Yorkville University and Sprott Shaw College.

The Offering provides a flexible rent roll to both investors and developers as the existing tenancy provides near-term rental upside on a mark-to-market basis (18.3% below market) and demolition clauses in-place for future redevelopment by January 2030. Current ownership has actively progressed a redevelopment application through 3rd reading with the City of New Westminster, with plans for a 323-unit mixed-use rental development encompassing 37 stories and a proposed density of 11.86x (309,371 sf of Gross Buildable Area).

Institutionally owned and managed for the past 10 years, the four-storey building is well positioned to continue to offer highly efficient and flexible office space to transit-oriented occupants with some of the lowest gross rental rates amongst its competitive set. Directly accessible to both Columbia Station (500 metre walk) and New Westminster Station (550 metre walk), the Property offers seamless access to Burnaby, Coquitlam, Surrey and Downtown Vancouver due to its attractive central Metro Vancouver location.

The Property is held in a bare trust for the purpose of Property Transfer Tax (PTT) savings.

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