508
agnes street
the beverley
new westminster, BC
Partnership. Performance.
investment opportunity
Opportunity to own a modern 150-Unit Purpose-Built Rental
Development in the Heart of New Westminster.
Rob Greer*, Principal
604.647.5084
[email protected]
* Robert Greer Personal Real Estate Corporation
Amanda Payne, Senior Analyst
604.646.8389
[email protected]
508
agnes street
the beverley
new westminster, BC
Property Details
Investment Opportunity
Address
508 Agnes St, New Westminster, BC
An opportunity to own an iconic brand new purpose built rental apartment
building in New Westminster, BC , hereafter referred to as “The Beverley”. The
Beverley is scheduled to complete in 2018 and will feature 150 rental units and an
abundance of top quality amenities including a family party/function room, yoga
room, adult indoor lounge, adult outdoor lounge, outdoor party area, outdoor dog
park, and an urban agriculture garden . The development team for the Beverley has
spent nearly two years perfecting this project and this is reflected in The Beverley’s
superior design and attention to detail, in fact, much of the building design is based
on ancient Masonic mathematics and geometry. The Beverley will be developed
in conjunction with the revitalization of the historic Masonic Lodge adding a rare
element of history and character to the development.
Legal Description
Lot A, Block B, Victoria Gardens New
Westminster District Plan LMP54055
PID
025-418-408
Project Type
Mixed-Use Rental Apartment Building
Entire Site Size
17,411 sf
Location
Zoning
CD to allow for multifamily and
institutional uses (Masonic Lodge)
New Westminster’s central location and extensive transportation network provide
easy access to the rest of Metro Vancouver. The Property is centrally located in the
Historic Downtown area of New Westminster, a highly sought after neighborhood by
developers. Douglas College, one of the largest public colleges in BC, and the Columbia
Sky Train Station are located less than 300m from the Property. Upon completion
the Beverley will have stunning views of the Lower Mainland and the Fraser River, it is
anticipated that any units above the 4th floor will benefit from these view corridors.
Proposed Density*
5.91 FSR (residential) up to a
maximum of 6.7 FSR (overall)
Height*
205 ft/19 storeys
Residential Breakdown
Gross Floor Area*
Type
No of
Units
Current Market Rent (2016) *Projected Market Rent (2018)
% of
Size (sf) Unit Mix $psf/month $/month
$psf/month $/month
Studio
1 unit(s)
340 sf
1%
$3.16
$1,075
$3.39
$1,154
Studio
41 unit(s)
450 sf
27%
$2.67
$1,200
$2.86
$1,288
Studio
13 unit(s)
430 sf
9%
$2.79
$1,200
$3.00
$1,288
2
Studio
13 unit(s)
410 sf
9%
$2.93
$1,200
$3.14
$1,288
8
16
1-BDRM
13 unit(s)
555 sf
9%
$2.52
$1,400
$2.71
$1,503
1-BDRM + Den
13 unit(s)
550 sf
9%
$2.55
$1,400
$2.73
$1,503
1-BDRM + Den
13 unit(s)
530 sf
9%
$2.64
$1,400
$2.84
$1,503
Bike Stalls / Storage Lockers
192 (incl. 72 residential bike/storage lockers)
1-BDRM + Den
2 unit(s)
710 sf
1%
$2.32
$1,650
$2.49
$1,771
2-BDRM + Den
26 unit(s)
770 sf
17%
$2.21
$1,700
$2.37
$1,825
Project Status
Rezoning: complete
Development Permit: approved (not yet registered)
Building Permit: submitted and have received
comments from the City
Demo Permit: Received
2-BDRM + Den
3 unit(s)
820 sf
2%
$2.13
$1,750
$2.29
$1,878
2-BDRM + Den
1 unit(s)
910 sf
1%
$2.03
$1,850
$2.18
$1,986
3-BDRM
4 unit(s)
960 sf
3%
$2.08
$2,000
$2.24
$2,147
3-BDRM
3 unit(s)
950 sf
2%
$2.11
$2,000
$2.26
$2,147
3-BDRM
1 unit(s)
1,070 sf
1%
$2.06
$2,200
$2.21
$2,361
3-BDRM
Townhome
3 unit(s)
1,040 sf
2%
$2.16
$2,250
$2.32
$2,415
150 units
86,655 sf
$2.47
$1,424
$2.65
$1,529
Residential (the remainder)
Masonic Lodge
(the air space parcel)
Total
104,206 sf
9,720 sf
113,926 sf
Parking*
Car Share
Masonic Lodge
Visitor
Residential
Total
69 (incl. 4 disabled)
95 stalls (31 compact)
*Based on DP Submission
*Applied a 3.6% growth rate, based on CMHC’s Percentage Change of Average Rent between Oct-2013
to Oct-2014
Development Description
The site is currently improved by the historic three-storey Masonic Hall constructed circa 1911. The
hall is owner-occupied by the Freemason’s. Upon redevelopment, the Masonic Hall‘s façade is to
be restored and revitalized and the existing hall will be demolished. The existing brick façade and
heritage elements will be retained in-situ in order to protect its heritage value, an important design
element of the development. Upon completion, The Beverley’s superior design and attention to detail
will set a new standard of rental living in New Westminster. The Beverley will comprise a 19 storey
purpose built rental apartment building featuring 150 rental units directly adjacent to the revitalized
Masonic Lodge. It is intended for the Masonic Lodge to be a separate air space parcel and the
residential component will be the remainder. The development of the Beverley will be managed by
National Investment Development Services Corp. and constructed by Ventana, one of Canada’s most
experienced and respected contractors. Ventana has developed a significant amount of new rental
projects, for more information you can visit Ventana’s website at www. ventanaconstruction.com.
Development
Team
Development Manager:
IDS Realty
Construction:
Ventana Construction
Project Financing:
Realtech Capital Group Inc.
Project Manager:
Innova Construction
The Masonic Lodge and the History of the Freemasons
Architect:
Perkins + Will
The first Masonic Lodge on the British Columbia mainland, Union Lodge #1201, was established in
New Westminster in 1860, and has continued to meet ever since, moving into the newly constructed
building at 508 Agnes Street in 1912. Freemasonry is the largest fraternal organization in the world,
and has operated worldwide for more than 500 years. Freemasons have contributed to the good of
the world, their country, and their communities in particular. Many of these people are well known
celebrities, others are prominent community leaders. Six Canadian Prime Ministers, dozens of Kings,
fourteen US Presidents including George Washington, Emperors, Poets including Robbie Burns,
Winston Churchill, New Westminster Mayor Henry Holbrook, and thousands more of the world’s
most admired men, have dedicated their lives to Freemasonry by making the world a better place.
Interior Design:
BYU Design
Projected Stabilized NOI
Stabilized Net Operating Income Projection
Current Market Rent (2016)
Residential Rental Revenue
$2,563,500
Pet premium – 40% of units with pets pay $40/month
$28,800
Annual Parking – 65 res stalls (excl accessible) @ $55/month
$46,800
Storage Revenue – 72 lockers @ $25 per month
$21,600
Potential Gross Revenue (PGR)
$2,660,700
Less: Residential Vacancy Allowance
1.50% of PGR
($39,911)
Effective Gross Revenue (EGR)
$17,472 /unit
$2,620,790
Less: Residential Operating Expenses % of EGR
$ per unit
Management
3.25%
$568
$85,176
Caretaker & Security
2.86%
$500
$75,000
Insurance
1.43%
$250
$37,500
Water & Sewer
1.72%
$300
$45,000
Property Taxes
9.35%
$1,633
$245,000
Licenses/Dues
0.26%
$46
$6,840
Garbage Disposal
0.43%
$75
$11,250
Repairs & Maintenance
4.01%
$700
$105,000
Heatt & Light
1.72%
$300
$45,000
Elevator
0.46%
$80
$12,000
Advertising
0.57%
$100
$15,000
Miscellaneous
0.19%
$33
$5,000
Total Res. Operating Expenses
26.24%
$4,585
$687,766
Residential Net Operating Income
$1,933,024
*Projected Market Rent (2018)
$2,751,394
$28,800
$46,800
$21,600
$2,848,594
($42,729)
$2,805,865
% of EGR
$ per unit
3.25%
$608
$91,191
2.67%
$500
$75,000
1.42%
$265
$39,784
1.60%
$300
$45,000
9.37%
$1,753
$262,958
0.24%
$46
$6,840
0.40%
$75
$11,250
3.74%
$700
$105,000
1.60%
$300
$45,000
0.43%
$80
$12,000
0.53%
$100
$15,000
0.18%
$33
$5,000
25.45%
$4,760
$714,022
$2,091,843
Landscape Architect:
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Subject Property
11
Columbia
Skytrain Station
Douglas College
10
Columbia Square Plaza
Save-On-Foods
Starbucks
RONA Home Centre
DeDutch
Boston Pizza
Chronic Tacos
Cockney King
Burger Heaven
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Str
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Anvil Centre
New Westminster
Skytrain Station
River Market
Westminster
Pier Park
Shops at New West
CIBC
Safeway
Landmark Cinema
The Spud Shack
Hub Restaurant
Starbucks
RBC Royal Bank
Tim Hortons
7
Quantum Cafe & Bistro
New West Cycle & Sports
Whiteday Wedding
The Heritage Grill
Mac’s Convenience Store
Subway
The Met Bar + Grill
Okonomi Sushi
Pharmasave
Bikram’s Yoga
Army & Navy
Lafflines Comedy Club
Scholar’s Quay Antique Mall
Image in White Wedding Gallery
Antiques & Decor
Westley Surplus
Source: Google
Development Activity
1
2
3
4
5
6
Completed in 2015: Trapp & Holbrook, 20 Storeys, 196 units.
Proposed: 34 market rental apartments
Rezone/DP in process: six storeys, 158 units
Approved: mid-rise, 28 units
Completed in 2014: Low rise multi-family, 118 units
Under construction: “Elliott Street” 18 storeys, 130 units
7
8
9
10
11
Pre-construction: Riversky & Riversky2, two concrete high-rise
towers, 502 units in total
Rezone/DP in process: 25 storeys, 250 units
Rezone/DP in process: 11 storeys, 56 units
Rezone/DP in process: 33-storeys, 304 units
Under Construction: 282 rental units
Partnership. Performance.
Avison Young
#2900-1055 W. Georgia Street
Box 11109 Royal Centre
Vancouver, BC V6E 3P3, Canada
avisonyoung.com
Rob Greer*, Principal
604.647.5084
[email protected]
* Robert Greer Personal Real Estate Corporation
Amanda Payne, Senior Analyst
604.646.8389
[email protected]
© 2015 Avison Young. All rights reserved.
E. & O.E.: The information contained herein was obtained from
sources which we deem reliable and, while thought to be
correct, is not guaranteed by Avison Young Commercial Real
Estate (B.C.) Inc.; DBA, Avison Young.