1 | Hungerford Properties Bullish on Industrial Development in South…

Hungerford Properties Bullish on Industrial Development in South Vancouver

Posted on April 17, 2018

Marine Drive15 Lr

Vancouver, April 17, 2018 -- Hungerford Properties has acquired two, large industrial sites in South Vancouver totaling 15.5 acres. The first, a 12.5-acre site at 86 Southeast Marine Drive, is the largest industrial acquisition in the City of Vancouver in the last 10 years in terms of square footage. Formerly owned by Walmart and previously a Dueck car dealership, the site is the biggest developable parcel of industrial land in South Vancouver and has been vacant for approximately 15 years.

A few blocks west, Hungerford has also purchased a 3-acre property at 396 Southwest Marine Drive. Currently home to KIA Vancouver car dealership, this transit-oriented redevelopment site at Yukon Street and Marine Drive is one of the few remaining sites in the area envisioned to permit retail and commercial uses to service the neighborhood’s new residential developments.

The KIA site is located across from the Marine Drive SkyTrain station and is in the heart of the new retail hub at Marine Gateway. The neighbourhood has grown by 20% in the last five years and is projected to see additional population growth of approximately 12% by 2021 and 28% by 2026. The area is amongst the fastest growing urban nodes in the city, bolstered by the Marine Gateway development and many new, multi-family, residential condo towers.

“It is exciting to be part of this rapidly changing area of the city,” says partner, Michael Hungerford. “It is not easy to find redevelopment sites of this size and exposure on transit in Vancouver. We will be working hard to transform the sites from single-use, to large-scale, mixed-use commercial developments in the coming years.”

“The completion of the transit station, as well as the highly successful residential, mixed-use hub surrounding it, has created a push for further densification in the area to service new residents, workers and visitors,” says Darren Cannon, Executive VP at Colliers. “Hungerford’s two, new strategic development sites will be able to capitalize on transit ridership numbers which are at an all-time high, and will transform the area with newer, better and denser commercial uses, ultimately bringing in more jobs, people and economic benefits to the area. We believe Hungerford’s upcoming developments in South Vancouver will set the stage for how the neighborhood will change over the next decade and beyond.”

With dramatic increases in rent in Mount Pleasant, Hungerford believes South Vancouver is the next hub for businesses seeking commercial space. “With the residential boom in the area, it’s a rapidly changing neighborhood that will offer a lot of potential for growth,” says Michael Hungerford.

Indeed, Hungerford’s acquisitions will “kickstart a commercial revitalization to complement the increased population density coming with the recent mixed-use developments in the area,” according to Matthew MacLean, Senior VP at Cushman & Wakefield. “With transit connectivity and a unique complement of large and small users and high density residential, the area is prime for Vancouver’s next creative hub, much like Mount Pleasant and the Great Northern Way Campus.”

High caliber tenants like Intel Canada, Townline Homes and the City of Vancouver have already secured larger blocks of spaces in this neighborhood. “The full spectrum of uses in this neighborhood make it a prime example of intelligent densification that all municipalities in Greater Vancouver should look to emulate,” says MacLean.

Both sites will be redeveloped in conjunction with the City of Vancouver into mixed-use, commercial and retail sites, with new employment-generating opportunities. Hungerford will be exploring all options in the coming months and will announce its redevelopment plans as they evolve.