Office Building Investment & Development Opportunity
The space is currently used as offices and an assembly hall. However, the space could be utilized for a variety of other purposes, which may prove more profitable. Under the C-5 zoning, permitted uses include restaurants, pubs, animal hospitals, child care centre, civic uses, retail, indoor recreation facility and many more. This is the perfect asset to cash-flow and eventually redevelop.
The 84 ft x 160 ft lot is prime for redevelopment and is currently zoned C-5 (City Centre Commercial). Under the current zoning with a 2.5 FSR, the site can be redeveloped with 33,600 buildable square feet (BSF). Furthermore, the zoning permits up to 6 storeys and 95% lot coverage.
In addition to redevelopment value, the subject site provides a savvy investor with the opportunity to lease out the large 6,374 square foot space for a rate in the neighbourhood of $12/SF base rent (as comparables demonstrated). Bring your creative ideas to maximize space and value to increase potential net operating income.
Prime Location | City centre Abbotsford
Situated in historic downtown Abbotsford, this location is conveniently located near multiple shops and amenities. The neighbourhood is highly walkable and provides an array of restaurants, retailers, schools and parks. Furthermore, the location is seamlessly tied into transit making it desirable for residents.
+ Large 13,440 SQFT development site
+ Zoned property for mixed-use
+ Build up to 2.5 FSR or 33,600 BSF
+ Potential for strong holding income
+ Rapidly growing neighbourhood
+ Presale condos selling for avg. $519 / SF in Abbotsford