FOR SALE PRIME COMMERCIAL PROPERTY

Transcription

1 FOR SALE PRIME COMMERCIAL PROPERTY 8440 BRIDGEPORT ROAD, RICHMOND, B.C. For further information please contact Philip Cheng Cushman & Wakefield LePage Inc. Tel: (604) ; Fax: (604) ; Cell: (604)

2 Address: Location: 8440 Bridgeport Road, Richmond Prime Gateway to Richmond corner location having access off of Bridgeport Road and also has frontage and excellent exposure off of No. 3 Road and Sea Island Way. The property is directly linked to the City of Vancouver by the Oak and Knight Street Bridges and to the Municipality of Delta and the U.S. border by Highway 99. It is also just east of the Vancouver International Airport and within minutes to Richmond Town Centre and the major amenities along No. 3 Road and Bridgeport Road. The subject property is located close to all the major amenities along No. 3 Road and Bridgeport Road in Richmond and is close to the International Airport and the amenities in South Vancouver. On the opposite side of No. 3 Road is a new retail development consisting of an 80,000 square foot RONA Home Improvement and Garden Centre and the vacant property at 3060 Number Three Road has a proposal to be developed with approximately 30,000 square feet of retail space. Some of the major shopping centres along No. 3 Road include Lansdowne Mall (Home Outfitters, Winners, Future Shop, Best Buy, Zellers and Toys R Us), Ackroyd Centre (Save On Foods), Real Canadian Superstore, Richmond Centre (Zellers, Bay, SportsChek, Sears and Famous Players), London Drugs, Canadian Tire, Yaohan Centre and Parker Place. Costco is located two blocks to the east and other nearby retailers include Office Depot, The Brick, Golf Town, Tim Hortons, Pier Imports, Michael s and La-Z-Boy Furniture Galleries. A $35 million Great Canadian Casino-Hotel- Convention Centre complex is currently nearing completion to the north at the former BridgePoint market on the Fraser River. There are several hotels located along Bridgeport Road including the Holiday Inn Express Hotel, Best Western Abercorn Inn, Sandman Hotel, Hampton Inn, Days Inn and the Travelodge. Site Area: Current Zoning: Improvements: On-site parking: Services: Approximately 44,43 square feet with approximately 20 feet of frontage along Bridgeport Road, 285 feet of frontage along No. 3 Road and 26 feet of frontage along Sea Island Way. Land Use Contract 26, the intent of which is to provide for the shopping, personal service, business entertainment and commercial needs of the community. 9,04 square foot one storey building in good condition. 5 stalls The site is fully serviced to municipal standards. Current Income: The building is currently leased to Wall Financial Corporation until January 3, 200. The building will then be leased to Floata Restaurant Group from March, 200 to February 28, 20. The lease amount is $294,000 per annum on a triple net basis for year to 5 and $36,435 per annum for year 6 to 0. Property Taxes: $42,658.8 or $4.5 p.s.f. (2006) Legal Description: Lot 90, Block 5 North, Range 6 West, Section 28, New Westminster Land District 36, Plan 564 Property Identifier: Asking Price: $5,250,000 2

3 Richmond Richmond is a culturally diverse and geographically unique community centrally located on Canada's West Coast, in Greater Vancouver, 20 minutes from Downtown Vancouver, and 25 minutes from the US border. The city of Richmond is positioned to grow in the new millennium and become a world class international city. In the near future much new growth in Richmond will result from the Canada Line, Richmond Oval and Garden City lands. These projects will be economic catalysts for further growth and change as Richmond s city centre will be re-shaped to consist of a network of vibrant high density Village Centres built around the Richmond Oval and new Canada Line skytrain stations. In particular, the surrounding retail businesses including Costco, Rona Home Improvement Centre and RiverRock Hotel and Casino and the proposed high density residential developments (Pinnacle Park Place/Suntech project and Wall Financial residential and hotel project) located close to the Bridgeport Canada Line station will support the viability of the Canada Line and the economic sustainability of the Bridgeport retail area. The continuing development of the City's downtown core, and the construction of the Canada Line Rapid Transit line and an Olympic Speed Skating Oval on time for the 200 Winter Olympic Games, ensures that Richmond's transformation is ongoing. Subject Neighbourhood The subject property has a high profile commercial location having excellent exposure along three major traffic arteries, is along the future Canada Line and will be close to the Bridgeport Canada Line station. It is felt that there is an immediate and future need for commercial space at the subject location to service the needs of the local work force and consumers as summarized below:. The residents, office workers and tourists that will reside in the proposed Pinnacle Park Place / Suntech project to consist of,693 residential units (,694,900 square feet of residential space), hotel visitors (hotel to consist of 62,000 square feet) and office towers consisting of 289,000 square feet. The total Pinnacle Park Place / Suntech project will be built in 4 phases and have a total of approximately 2,239,900 square feet of space. This project is located diagonally south of the subject property. (See rendering below) 2. The residents that will reside in the proposed 3 towers in the Wall development (approximately 332 dwelling units including two residential towers and a hotel tower) south of the subject property along Sea Island Way and Corvette Way. 3. The out-of-town tourists and business people staying at the nearby hotels including the Holiday Inn Express Hotel, Best Western Abercorn Inn, Delta Hotel, Park Hotel, Ramada Hotel, Sandman Hotel, Hampton Inn, Days Inn, Travelodge, Comfort Inn and the Radisson President Hotel. 4. The property located at 8420 Bridgeport Road just to the west of the subject property will be developed with a 60,000 square foot office building. This building is pre-leased to the People s Republic of China as a passport/visa center which will employ many workers and serve thousands of consumers. 5. The current 5,000 people per day going to the River Rock Casino in Bridgeport North. 6. The over 26,000 airport related workers and the 6.4 million travelers per year.. The Skytrain commuters to be using the future Bridgeport Canada Line station. The Canada Line has a projected daily ridership of 00,000 people, essentially guaranteeing businesses near transit stations a steady stream of customers. 8. Consumers and workers from different parts of Richmond and Vancouver that commute along No. 3 Road, Sea Island Way and Bridgeport Road. Artist Rendering of Pinnacle Park Place / Suntech project located just south of subject property 3

4 Vancouver International Airport Vancouver International Airport is one of B.C. s most important generators of employment accounting for more than 26,000 jobs and $5.2 billion in annual economic impact. Over the past nine years, the number of jobs at the airport has almost doubled, in part because of Vancouver s expanded role as a Pacific gateway to the rest of North America, and the Open Skies policy which connects Vancouver to a growing number of American destinations. According to the 2000 Impact Report there are currently over 400 businesses that operate on Sea Island. The 2000 Impact Report also brought out that the airport generates $ billion annually in wages and jobs average $44,000 per year, 26% higher than the provincial average. According to Vancouver International Airport officials the number of travelers using the airport during 2005 exceeded 6.4 million travelers marking a return to the pre-9/ air-travel numbers. The increase in number of travelers during 2005 has resulted in Richmond hotels experiencing double-digit increases in number of travelers. The Vancouver International Airport is undertaking a $.0 billion capital program to ensure YVR meets the growing demands for air travel, and continues developing the airport as a premier global gateway and economic generator for British Columbia. The program s projects are designed to accommodate the 2 million passengers projected at YVR by 200, as well as handle the newer, larger aircraft of the future. Canada Line 4 The subject property will enjoy the benefits of the future Canada Line which will link the subject location with central Richmond, the Vancouver International Airport, and Vancouver along the Cambie corridor to central Broadway, the downtown Business District and the emerging transportation hub at Waterfront Station. It is reported that the Bridgeport Canada Line station is to be located just to the north of the subject property. The subject location will greatly benefit from the daily traffic of commuters passing by the site walking to and from the Skytrain Station. The Canada Line is a significant element in the Greater Vancouver's regional transportation network providing much-needed access between dense and growing residential areas and key employment, commercial, hospital and institutional centres. The line will be 9.5 km long with 8 stations, and will improve existing rapid transit service. About 500,000 people travel daily between downtown Vancouver, central Richmond and the Vancouver International Airport along Main, Cambie, Oak and Granville streets. On a typical weekday, 288,000 vehicles and 9,000 transit riders travel back and forth. Travel time along these routes has increased by 20 to 60 percent since 988. In the next 20 years, a 35 percent increase in trips to, from and within downtown Vancouver is expected. About 26,000 people now work on Sea Island at the Airport, a number that is expected to climb to 40,000 by 202. Employment in downtown Vancouver and Richmond is expected to increase by 23 percent and 0 percent, respectively, by 202 The elevated Canada Line will run along the east edge of the subject property and there will be two columns (one situated close to Bridgeport Road and the other situated close to No. 3 Road) supporting the elevated guideway on the subject property. The subject property will have excellent visibility from the elevated Canada Line. The City of Richmond would like to see vibrant retail villages around each Canada Line station. The Olympic Oval and Canada Line will welcome the world to the City or Richmond.

5 Population With a population of over 82,500 people, Richmond is a growing dynamic urban centre with a unique mix of residential, commercial property, agricultural lands, industrial parks, waterways and natural areas. Richmond has undergone enormous change over the last several decades, with significant growth in the early 990's. Today, Richmond is a dynamic, multi-ethnic community. Much of the recent population growth has been made up of Asian immigrants. People of Chinese or South Asian ancestry now represent nearly sixty percent of Richmond residents. Newcomers have contributed significantly to the growth of the small business and retail sectors and have added to the diversity and vibrancy of the City of Richmond. The city s population of 82,500 is estimated to grow to 22,000 by 202, and most newcomers will call north Richmond and city centre their home. Employment and Industry Richmond's economy supports over 00,000 jobs in various sectors including services, retailing, tourism, technology industries, light manufacturing, airport services and aviation, agriculture, fishing and government. In recent years, Richmond has been emerging as a leading centre for high tech industries. More specifically, the subject Gateway District (West Bridgeport Planning Area) is intended to consist of large scale entertainment, institutional, retail, business park development and tourist accommodation. Recent developments include the RiverRock Casino waterfront development, Rona Home Improvements, Costco and several new hotels. All of these recent developments have created hundreds of jobs and have led to the vibrancy of the surrounding retail businesses. Future Richmond Economic Trends The major economic development in British Columbia and the Lower Mainland will be the 200 Olympic Games of which will generate about $0 billion in direct and indirect economic activities between now to 202. Much of these activities will take place in Richmond, B.C. A major economic development in Richmond is the Great Canadian Casino project that has converted the 8 acre BridgePoint Market into a Vegas style casino with fine dining, entertainment and gambling all under one roof. Since the River Rock Casino opened in late June 2004, the casino has been a driving force for business, tourism and employment for Richmond. An average of 5,000 people per day visit the casino and it s likely that the casino will continue to attract more people as a 400 seat buffet will open soon. The casino will also eventually boast the largest sports bar in a Canadian casino. A hotel is slated to open in early 2006, while several restaurants, including Chinese and Italian, as well as a waterfront seafood and steak eatery, are also in the works. The Olympic Oval is currently under construction and is located immediately east of the No. 2 Bridge along the Fraser River waterfront. The $8 million Oval project and $5.3 million public arts plan will be the catalyst for the development of a premier riverfront community and international destination that will provide a focal point for sport, recreation, wellness and community celebration. After the Games the Oval could house two hockey rinks, summer sporting events, and trade shows. 5

6 Other recent commercial developments in Richmond are as follows: Bridgeport Road:. Bridgeport and Sexsmith A 0,000 sq. ft. retail centre anchored by an 80,000 RONA No.3 Road is to be developed with a 30,000 square foot retail strip mall. 2. Airport Gateway Plaza: A 5,000 sq. ft. shopping centre anchored by Pier Import, Michaels, Golf Town, Office Depot and Tim Hortons. Completed in St. Edward s Crossing: An 80,000 sq. ft. shopping centre anchored by The Brick and La-z-Boy. Completed in Costco Expansion: Costco is adding close to 5,000 sq. ft. of floor area and is almost completed. 5. IKEA Expansion: IKEA is expanding this location from the current 00,000 sq. ft. format to a 300,000 sq. ft. store. 6. Home Depot: This shopping centre is located at the eastern end of Bridgeport Road and is directly across from IKEA and is anchored by Home Depot, Staples and Future Shop. Number 3 Road:. Aberdeen Mall: Phase opened in December 2003 and consists of 300,000 sq. ft. Part of the future Aberdeen Mall expansion is to include a Hotel. 8. Wall Financial Centre: This will be a Hotel and Residential complex to be developed by Wall Financial at the Sky Line Hotel at the corner of Number 3 Road and Sea Island Way which is diagonally across from the subject property. 9. Lansdowne Mall: This enclosed 64,000 square foot mall has added Home Outfitter and The Future Shop in Best Buy opened in late Canadian Superstore: 465 No. 3 Road just north of Alderbridge Way.. Ackroyd Centre: 8200 Ackroyd Road and No. 3 Road. Anchored by Save On Foods. 2. Richmond Centre: This 50,000 square foot enclosed mall is anchored by Zellers, Bay and Sears. 3. Richmond Civil: Recently completed Richmond Civil Complex includes the Richmond City Complex Hall, Library, Court House and the RCMP Headquarters. 4. Coppersmith Mall: Anchored by Canadian Tire. 5. Yaohan Centre: Major Chinese shopping centre. Next to T&T Super Market and the Radisson Hotel. Traffic Study and Trade Area The subject property located at 8440 Bridgeport Road in North Richmond has a strategic and high profile retail location having excellent exposure and access from No. Three Road, Sea Island Way and Bridgeport Road. Just to the east of Sexsmith Road is the new 80,000 square foot RONA Home Improvements and Garden Centre. Two blocks east of our property is the COSTCO store which according to a traffic study and license plate survey daily attracts consumers from Richmond (34.3%), Vancouver (34.%), Delta (8.5%), Out of Town visitors (.%), Surrey (5.8%), Burnaby (3.2%) and from other locations (6.4%). Ward Traffic Consultants carried out a license plate study of cars that visited the parking lots at the Costco and Home Depot both located in North Richmond. Below are the results of the breakdown of the residential locations of the consumers who shopped at these two stores in North Richmond. Trip Distribution based on License Plates * Richmond Costco Richmond Home Depot Richmond Vancouver Delta Out of Town Surrey Burnaby New Westminster North Vancouver Coquitlam Rest of Lower Mainland 34.3% 34.% 8.5%.% 5.9% 3.2%.2%.0%.0% 3.% 33.8% 29.% 0.0% 0.2% 6.4% 3.6%.3%.0%.0% 3.% * This distribution is based on Canada Post FSA s from vehicle registrations. Municipal distributions are approximate. 6

7 As illustrated in the above chart, the subject North Richmond area has a very large trade area that attracts consumers not only from Richmond but many from Vancouver, Delta and Surrey who regularly go to Richmond for their shopping needs. Richmond has become a preferred shopping destination due to having easy and close access from Vancouver from the north, Delta from the south and Surrey from the east, and has numerous shopping centres that offer a wide variety of stores along with plenty of parking. The new 80,000 square foot RONA Home Improvements and Garden Centre draws consumers from Richmond, Vancouver, Delta and Surrey. The subject Bridgeport and surrounding area to the immediate south will be the fastest growing region in Richmond over the next ten years due to the recent development of the recently built RiverRock Casino and Hotel and the current construction of the Bridgeport Canada Line station to the north which will be a major station for the Richmond Park and Ride area as well as a transfer station for those passengers going to the airport. Trade Area EO&E: The information contained herein was obtained from sources which we deem reliable and while thought to be correct cannot be guaranteed. We neither guarantee, warrant nor assume any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with the information. The recipient of the information should take such steps as the recipient may deem appropriate with respect to using the information. The information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of the Vendor.

8 Location Map

9 GREATER E EVANCOUVER R V E R REGIONAL R E L D IDISTRICT R I Howe Sound To Nanaimo, Sunshine Coast & Bowen Island 5 Horseshoe Bay Ferry Terminal B U R R A R D I N L E T N To Whistler Cypress Provincial Park 4 N.W. Marine Dr English Bay Capilano Lake WEST VANCOUVER VANCOUVER S.W. Marine Dr Blanca St Vancouver International Airport No. Road 4th Ave No. 2 Road Stanley Park Gilbert Road Taylor Way Burrard St Granville St No. 3 Road B C A D E Oak St Capilano Rd Cambie St 4 RICHMOND Steveston Hwy STEVESTON Capilano River Regional Park Burrard Inlet 8 5 Broadway F Fraser River 2 G H 9 9 A I Fraser River Lynn Creek NORTH VANCOUVER Pemberton B.C. Rail Lynn Headwaters Regional Park Lonsdale Ave Kingsway 4st Ave 49th Ave SUBJECT Hastings St Marine Way BURNABY Westminster Highway J K 3 L 2 M 0 NEW WESTMINSTERTE DELTA A Ladner Trunk Rd Lougheed Hwy Mount Seymour Provincial Park N O P Q 0 9 BELCARRA PORT MOODY Mud Bay Sunnyside Rd 2 Barnet Hwy COQUITLAM SURREY R ANMORE King George Hwy S 9 9 A T 3 Coquitlam River 4 PORT COQUITLAM Fraser Highway 9 9 A A LEGEND The North Shore Tour The Southside Tour Gardens & Culture Tour West Coast Express Skytrain Route/Stations PITT 5 MEADOWS CLOVERDALE LANGLEY TOWNSHIP LANGLEY CITY WEST COAST EXPRESS STATIONS Waterfront 2 Port Moody 3 Coquitlam Central 4 Port Coquitlam 5 Pitt Meadows 6 Maple Meadows Way Port Haney 8 Mission City MAPLE RIDGE FORT LANGLEY G REATER VANCOUVER ATTRACTIONS Buddhist Temple and Classical Garden Burnaby Heritage Village and Carousel Capilano Suspension Bridge and Park Cypress Mountain Famous Players IMAX Grouse Mountain, The Peak of Vancouver Gulf of Georgia Cannery National Historic Site Hastings Park Racecourse Maplewood Farm Mount Seymour 0 Scale 0 5 km 0 km A Pacific National Exhibition Park and Tilford Gardens Metropolis Queen Elizabeth Park and Bloedel Conservatory SewellÕs Marina U.B.C. Botanical Garden U.B.C. Museum of Anthropology VanDusen Botanical Gardens SK Y TRAIN STATIONS A Waterfront K Metrotown B Burrard L Royal Oak C Granville M Edmonds D Stadium N 22nd Street E Main Street/ O New Westminster Science World P Columbia F Broadway Q Scott Road G Nanaimo R Gateway H 29th Avenue S Surrey Central I Joyce T King George J Patterson Tourism Vancouver 999 MISSION 8 ABBOTSFORD LADNER To Nanaimo Roberts Bank Coal Port Roberts Bank To Victoria & Gulf Islands Tsawwassen Ferry Terminal TSAWWASSEN B O U N D A R Y B A Y C A N A D A / U S A B O R D E R WHITE ROCK Semiahmoo Bay 9 9 A 9 9 To Seattle B R I T I S H C O L U M B I A W A S H I N G T O N ALDERGROVE

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12 Number Three Road Bridgeport Road Sea Island Way

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