831 12th Street, New Westminster, BC, Canada
Original Opportunity: 2 Apartments | 1-2 Retail Store Fronts
Apartments Over Prime Retail Close To New Westminster City Centre
The retail/mixed-use building consists of ground floor street-facing retail with two frontages, currently housing a Mexican restaurant, with 2 apartments above and to the back, both of which are currently fully tenanted.
Resting on a parcel of 4,012 sq ft there is also good potential to assemble the site with the neighbours for redevelopment in the future. Meanwhile, there is a good hold income in the interim, in a sought after and gentrifying region of the City. The property is currently zoned as C-2 but designated in the OCP as RM Residential which allows moderate-sized multiple-unit residential buildings. If DP guidelines are met, there could be potential for a five or six storey low rise building.
Additionally, the residential and the commercial rents are considerably under market giving an investor potential for a higher return within the near future.
- Feature 1: City Centre
- Feature 2: 1-2 Retail Store Fronts
- Feature 3: 2 Apartments | 1x1 bed and 1x2 bed
- Description: New Westminster is the former capital of British Columbia and famous for its heritage buildings, waterfront area, various festivals and Queens Park. Located on the north bank of the Fraser River, it’s bordered by Burnaby to the north and west, and Coquitlam to the northeast. Surrey is southwest of New Westminster on the other side of the river, and Vancouver is about 20 km or a half-hour drive to the west. New Westminster is fairly well-served by public transportation. The New Westminster and Columbia Street SkyTrain Stations are close to the waterfront, and in the summer the Q to Q Ferry runs between the Queensborough and Quayside neighbourhoods. The Uptown district is the city’s main “downtown” area. Columbia Street is also a popular commercial area with stores and older heritage buildings.
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This Investment Property style property.
Properties Qty: 2
Ari Gelmon is an Associate Vice President and commercial real estate broker with London Pacific. His expertise lies within development land and investment properties including multi-family opportunities with latent value. Raised in Vancouver, Ari brings a unique perspective to buyers and sellers within the Vancouver core; his ability to understand the economic nuances and development direction within the context of regional planning and policy supports his approach to real estate investment and provides his clients with informed and market-sensitive advice. Ari’s enthusiasm for real estate is matched by his desire and commitment to provide the best in service to his clientele.
Ari’s entrepreneurship brings innovation and new ideas to his business objectives and makes him a great support to his Jewish community where he is a Committee Member for the annual Chutzpah Festival.
Alexander Lougheed is a recent addition to the London Pacific team and brings more than six years of commercial real estate market knowledge, with specific experience in commercial transaction data and analysis, city planning policies and development land processes. Alexander also holds an honors degree in Urban Development from the University of Western Ontario where his studies focused on financial feasibility of development projects, valuation of income-producing real estate properties, urban and regional planning policies, and business administration. In his current role, Alexander partners with Jerry H. Lee *PREC in the origination, marketing, and administration of development land and commercial real estate investment transactions ranging in size and complexity throughout Metro Vancouver.
In office, it is Alexander’s experience and robust market knowledge in combination with his drive and work ethic that supports the success of his London Pacific team. Out of office, Alexander is an avid outdoor enthusiast who enjoys ski or golf road trips, and culinary-inspired adventures throughout beautiful British Columbia and abroad.
Blair Stewart specializes in development land and investment properties and brings a wealth of Commercial Real Estate knowledge to the London Pacific Team. Blair’s previous work at Wesgroup Properties and with Great West Life as a national real estate advisor provided him with key industry experience in major markets including Metro Vancouver. Blair’s success stems from his desire to provide the best in client service; working with integrity, creativity and attention to detail to drive results for his clients. In addition to receiving a Diploma of Technology from BCIT’s Marketing Management program with a specialization in professional real estate, Blair also holds a Bachelor of Arts degree from Monmouth College, Illinois, where he majored in Business Economics.
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As an Executive Vice President at London Pacific, Ben Williams specializes in development, assemblies and investment sales and is a leader in the dynamic Land industry of Metro Vancouver.
Ben’s insight on market trends, municipal processes and development requirements plays a crucial role in his ability to deliver impactful marketing solutions and to negotiate multifaceted development contracts. Dedicated to ensuring his clients’ success with over a decade in Commercial Real Estate experience, Ben takes a professional approach to every mandate, offering personal attention to detail through transparent and consistent communication with clients. Ben is experienced in a range of sophisticated acquisitions and dispositions which aid in his ability to successfully navigate the complex and ever-changing market. Ben is a graduate of BCIT’s School of Business and Commercial Real Estate and is an active liaison committee member with the Urban Development Institute (UDI).
Along with his brokerage career, Ben also plays a key role in the strategic growth of London Pacific and enjoys quality time with his family.
Since entering the real estate industry, Dean’s focus has been on the sales and acquisitions of multi-family development sites through the land assembly process. His success stems from his ability to generate and nurture relationships with homeowners and developer clients alike. Dean has a reputation for providing exceptional customer service which, together with his knowledge of the land assembly process, champions his clients through the complexities of real estate development transactions from agency to successful completion.
Dean is an avid golfer and spearheads the annual Urban Development Institute’s golf tournament as London Pacific’s team captain.
Daniel is an exemplary commercial real estate broker and Associate Vice President. Being highly skilled in negotiations and possessing a compassionate understanding of people, he endeavours towards a win-win solution for any business deal. With a background in Finance and his knowledge in Commercial Real Estate, Daniel has extensive experience working side-by-side with clients, striving towards profitability and financial success in every transaction. While in Retail Brokerage, Daniel worked as the Designated Agent for multiple National retailers, working on first-to-market rollouts, growth and expansion mandates, market feasibility studies, and contract negotiations. With London Pacific, Daniel excels in multi-family designated assemblies, whether it be Townhome, Wood-Frame Apartment, or High-Rise sites.
Though he always considers himself on-call, when Daniel is not focused on work, he can be found spending time with his wife and two small children or enjoying the great outdoors.
Grant Gardner earned his designation as Senior Vice President with London Pacific with his phenomenal track record for consolidating and selling high calibre multi-family development sites over the last decade. With recognition from Business Vancouver Magazine (BIV) twice for having one of the top 100 commercial real estate transactions in Metro Vancouver and with over $300M in transactional sales volume to date, Grant continues to demonstrate his ability to negotiate and close complex commercial real estate transactions.
Grant’s drive to perform for his clients is paralleled by his drive to seek excellence in his day-to-day life. With focus on training for a half Iron Man in 2022, his spare time finds him exploring new roads on his bike and the open waters in his wetsuit.
As a Senior Associate at London Pacific, Isaac Foord specializes in development land and investment properties. His background in finance and sales paired with his interest in market trends and statistics allows Isaac to ensure that his clients are informed and up to date with current market conditions resulting in greater financial outcomes. Since joining London Pacific in 2017, Isaac’s primary focus has been growing the team’s land brokerage presence in the Fraser Valley. With a highly professional and transparent approach to the assembly and acquisition process, Isaac’s past, and present clients each testify to his loyalty and track record for success in his commercial real estate endeavours.
Born and raised in the Lower Mainland, Isaac values fully immersing himself in the communities in which he specializes. By consistently visiting areas of significant development, he maintains a concrete knowledge of local developments and real estate activity.
Isaac currently resides in Tsawwassen with his wife and spends much of his free time with his dogs exploring the outdoors, studying financial markets & trends, volunteering with his church, and engaging in rigorous physical activity to challenge himself in all aspects of life.
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Jerry H. Lee *PREC is a Associate Vice President and commercial broker specializing in Land Assembly, Project Sales, and Investment Properties. Selling over $325M in real estate assets since 2016, Jerry’s clients trust his experience and ability to identify new real estate opportunities ahead of the curve. Jerry takes pride in providing the best in client services and communication with the provision of detailed market analysis, clear valuations, and precise strategies to enable his clients to achieve their real estate goals. Jerry’s network and strong relationships with numerous real estate development firms and local investors along with his command of English, Cantonese, and Mandarin connects Sellers with reputable Buyers.
Jerry likes to give back by volunteering with JABC as a business mentor for high school students. When not able to travel, he studies and trades in new tech including crypto currency and NFTs. Always looking to the future, Jerry is currently researching the potential for Web3 blockchain technology within the Real Estate industry.
Keath Williams founded and has been Managing Broker of London Pacific Property Agents since 1986. Prior to London Pacific, Keath was Manager of Vancouver Commercial at Canada Trust for Canada. An Urban Land Economics graduate from UBC, Keath is an active member of the REBGV, UDI, REIBC. Specializing in listing and selling development sites, Keath has completed hundreds of assemblies and site acquisitions of development projects in Greater Vancouver offering valuable insights to help owners and clients navigate optimal solutions and strategies for greatest financial outcomes.
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Mike joined London Pacific as a Senior Commercial Real Estate Broker in 2019 and was distinguished as an Associate Vice President in 2021. Mike’s achievement has stemmed from his specialization in Multifamily and development land sales throughout Metro Vancouver but with a particular focus on the North Shore and Squamish. Originally from England, Mike’s Real Estate career began internationally as a residential real estate broker and branch manager whilst living in South Africa. Later, Mike would transition from brokerage to housing development and gain firsthand experience in crunching land economics and buildable cost of construction. This would segue to establishment in the Vancouver Market where he leveraged his amassed skill set with a large international brokerage and landed the rank of top producer consistently for over 4 years.
Mike accredits his success in real estate to his dedication and commitment to exemplary customer service. This integrity, in combination with his entrepreneurial spirit and experience in Marketing and Business Management is why Mike Guinan-Browne was the #1 top producer at London Pacific in 2020.
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Since joining London Pacific in 2013, Thomas’s trajectory to Vice President is one of consistency. As a top producing commercial real estate broker, he has facilitated some of the largest and complex land assemblies in company history. In 2016, Thomas co-sold three of the top 100 real estate transactions throughout Metro Vancouver and subsequently garnered recognition in the industry as a leading land and investment broker. His talent for development land sales is reinforced by his extensive background in appraising development land, investment, and commercial/residential properties.
Thomas holds a Diploma in Commercial Real Estate from BCIT, a Degree in Commerce from Royal Roads University and a Post-Graduate Certificate in Real Property Valuation from UBC. Now retired, Thomas held the distinguished AACI, P.App. designation granted by the Appraisal Institute of Canada and held in the highest regard.