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PC Urban’s Newest Industrial Strata Development Will Transform Mitchell Island into Business Hub

Vancouver developer, PC Urban, is launching a new, light industrial development on Mitchell Island that will transform a former heavy-industrial site into industrial strata properties for the city's small- and medium-sized businesses. With industrial supply continuing to sit at historic lows in Metro Vancouver, and with a minimal supply of commercial strata available...

As land values rise, Rivershore provides an option to own strata space

Vancouver developer, PC Urban, is launching a new, light industrial development on Mitchell Island that will transform a former heavy-industrial site into industrial strata properties for the city’s small- and medium-sized businesses. With industrial supply continuing to sit at historic lows in Metro Vancouver, and with a minimal supply of commercial strata available in the city, the development on Mitchell Island will be welcome news for the city’s businesses looking to buy their own business space.

 This is the first light industrial strata opportunity in the Richmond area in seven years and the largest strata project ever in the city, according to Bruno Fiorvento, Executive VP with the brokerage house, JLL. “With a 260,000-square-foot building, each unit will have views of the Fraser River and will cost dramatically less than a residential condo.”

 Last year, IntraUrban Laurel launched as the first commercial strata development near Cambie and Marine. The development sold out before construction commenced, indicating the high demand for this kind of space. Tenants such as Breka Bakery, Commissary Connect, various contractors and others will soon be moving in.

The new project, called IntraUrban Rivershore, is located on site of the former Western Steel plant. The site has undergone extensive remediation and, in addition to providing much-needed industrial supply, this project will continue to preserve and protect two acres of fish habitat and an environmentally sensitive area on the western side of the property.

 “We found the only remaining site close to Vancouver suitable for conventional strata industrial units that is ideal for small- and medium-sized businesses,” says PC Urban Principal, Brent Sawchyn. “We are thrilled to be able to bring a high-quality architectural design for efficient and effective places of business in this dynamic, riverside community.”

 Rivershore, in addition to providing a much needed industrial strata supply, highlights the commitment to redevelop what have traditionally been heavy industrial sites into new business hubs. In Mount Pleasant, the company has restored an industrial heritage building, which was once an electrical manufacturing plant, into the new head office for Saje Health and Wellness. Next month, plans will be announced to transform another heavy industrial site in Mount Pleasant into a high-tech office space.

 “This development will transform Mitchell Island and bring new businesses and users to the Island, rejuvenating the whole area,” says Fiorvento. “There are few strata industrial opportunities close to Vancouver and almost nothing on the market. With vacancy rates approaching 1% for industrial lease or sale product, this is a rare, almost impossible opportunity and may be one of the last projects like this you’ll see close to Vancouver.”

 Over the past four years, industrial strata property has increased in value by 42 per cent, according to Fiorvento, who adds this is a unique opportunity for businesses that recognize the value of building equity over leasing. “The rise in lease rates over the next five years in Vancouver and the surrounding areas is likely to be detrimental to businesses,” Fiorvento says. “New industrial strata product is coveted by a growing number of businesses that recognize owning your own strata unit is better value with increasing land values and appreciating real-estate assets.”

Created by BCBusiness in partnership with PC Urban