mixed-use community

New industrial strata project on Mitchell Island

Wednesday, September 6, 2017

A new industrial strata project has been announced for 12 aces of land on Mitchell Island in Richmond, B.C.

Developer PC Urban says the project will offer small and medium businesses an opportunity to own commercial space in a prime location. It’s the first industrial strata of its kind in Richmond in seven years.

“We found the only remaining site close to Vancouver suitable for conventional strata industrial units ideal for small and medium-sized businesses,” says PC Urban principal, Brent Sawchyn.

IntraUrban Rivershore, following on the success of IntraUrban on Laurel Street, will transform the former Western Steel plant that has been vacant for several years into 265,000 sq ft of new generation efficient industrial space. Located at 11111 Twigg Place, on the border of Richmond and Vancouver, the development offers prime, centrally located strata units, each with a riverside view.

The development will feature two buildings, offering a limited number of affordable, small and medium-bay, commercial strata properties. Units will range in size from 3,640 to 12,500 sq ft with dock and grade loading available, 26’ clear ceiling heights, heavy 3-phase power, ESFR sprinklers, T5 lighting and built-in upper floor flex space.

In addition to providing much needed industrial supply, PC Urban will continue to preserve and protect two acres of fish habitat and environmentally sensitive area on the western side of the property.

“This development will transform Mitchell Island and bring new businesses and users to the Island, rejuvenating the whole area,” says JLL executive VP, Bruno Fiorvento. “There are few strata industrial opportunities close to Vancouver and almost nothing on the market. With vacancy rates less than 2 per cent for quality 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.

“The rise in lease rates over next five years in Vancouver and the surrounding areas is likely to hurt businesses,” he 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 an appreciating real estate asset.”

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