- What A troubled land assembly has traded for $52.5m in a court-ordered sale
- Why The owner was in default on $14.3m of debt
- What next Slated to be condominiums, the property could instead be developed as rentals
A distressed land assembly that had been approved for a residential tower in Vancouver’s upscale Cambie Corridor sold for $52.5m in a court ordered sale earlier this month, Green Street News can reveal.
The property, at 5812-5888 Cambie Street, across from Oakridge Park, was bought by an offshore buyer. The original bid to trigger the court hearing was beaten by a higher one during the process.
New Oakridge Ltd. and affiliates were ordered to sell the property to pay $14.3m of debt, according to an Aug. 1 court order. Interest on the mortgage was running at $7,700 per day as of July 24.
Conduct of sale was given to Realtech Capital Group, Peterson Investment Group and Earlston Mortgage Corp. Colliers had the marketing assignment.
Originally listed for $85m, the 31,000 sq ft plot has nearly 19,000 sq ft of space available for lease in existing buildings.
In November 2021, the land was rezoned to allow for a 33-storey residential tower with 269 units and a 12-storey office tower over a 4-storey podium. It now has a potential buildable area of 335,000 sq ft.
A source said the buyers are considering turning the project into purpose-built rentals.
The property is close to a number of residential towers under development in the neighbourhood and one of several land assemblies in the Cambie area subject to court-ordered sales.
