Interested in buying a mall? Well, you’re going to have to pony up some big bucks to do so.
Not only do the recent B.C. Assessment property notices for 2017 offer up the value of residential properties, they also give a glimpse of the value of large commercial and industrial properties and some landmarks around the city.
The three addresses that make up Metropolis at Metrotown, 4700, 4750 and 4800 Kingsway, are worth $675 million, $89 million and $521 million respectively, for a total of roughly $1.28 billion. Last year, the combined properties were worth about $1.11 billion.
Based on assessments, the Metrotown mall is the most valuable of the three big shopping centres in Burnaby.
Brentwood Town Centre, located at 4567 Lougheed Hwy., has an assessed value of $235 million, which proved to be a big increase from the $150 million in 2016.
Lougheed Town Centre isn’t too far behind with an assessed value of $218 million, which was also a fairly large increase from the $167 million last year.
Both malls are currently going through major redevelopments.
While most homeowners saw the value of their homes increase by 30 to 50 per cent, B.C. Assessment noted commercial and industrial properties close to Vancouver will typically see increases in the 15 to 40 per cent range.
“Commercial properties being purchased for eventual redevelopment will often exceed these ranges,” the assessment authority said.
Some of the bigger industrial properties also saw increases in assessed value for 2017.
The old Shell refinery and current distribution centre at 6511 Hastings St. in North Burnaby was assessed at $62 million, compared to $48 million the previous year.
The property home to Kinder Morgan’s tank farm at 2365 Underhill Ave. came in at $56 million, an increase from $43 million in 2016.
If you’re interested in higher learning, the value of SFU’s campus as a whole is not available, but BCIT’s campus is, and it’s worth $9.5 million.
In the arts, the Shadbolt Centre property at 6450 Deer Lake Ave. is worth $1.83 million, but several properties also in the area range in assessed value from $2 to $9 million.
The assessed values of city hall, parks and the hospital are not available, but there are assessments for Burnaby’s two city-owned golf courses.
Burnaby Mountain Golf Course, located at 7600 Halifax St., is worth $11.5 million and was virtually unchanged from 2016.
Riverway Golf Course, at 9001 Bill Fox Way, was assessed at $55.5 million this year, which is almost $7 million more than its value in 2016.
If $55 million sounds like a lot for the assessed value of a golf course, a short drive across the border in Vancouver, Fraserview Golf Course was assessed at $766 million for 2017.
