A big market has emerged for old apartment buildings in Burnaby, with buyers plunking down millions of dollars for them.
The latest is the sale of Bradford Manor, a 10-suite, three-storey apartment building built in the 1960s in the Capitol Hill neighbourhood on Hastings Street.
The final sale price wasn’t disclosed by Goodman Commercial Inc. – which called the Bradford Manor building “iconic” - but it was selling for $3.4 million. It’s unknown if the buyer plans to continue renting out the units, or if there are larger plans to redevelop the property.
Other old buildings are selling for even more money. The Albert Heights building on Albert Street in Burnaby Heights is selling for $12.5 million and has 36 units, including four-bedroom penthouse.
The Linden Glen building in Edmonds is selling for $13.5 million and has 35 units.
The big question for the renters in these buildings is are their days numbered because the new owners have redevelopment plans?
Metrotown has seen plenty of these types of low-rise buildings get torn down over the years and replaced with highrises. The City of Burnaby does, however, have the tenancy bylaw that now ensures renters are taken care of if a building is being redeveloped.
This includes an option for displaced tenants to move back in once a new building is completed at a rent very similar to what they are paying before.
If these buyers do keep the buildings in place, the rental situation is good for them. One-bedroom units in the city go for around $1,800 while two-bedroom suites go for about $2,300.
Follow Chris Campbell on Twitter @shinebox44.
