Reported by Alyse Kotyk
IntraUrban, an industrial strata development at Laurel Street, in South Vancouver, is 100 per cent sold, giving some small businesses a chance to own their own space.
The development project offered small units in an accessible location at a low entry price point. The 167,000 square foot building is currently under construction and is one of few Vancouver developments of its kind. Construction is in progress and businesses will start to move into their units as early as June 2017.
“Ownership opportunities in Vancouver on the industrial side come along very few and far between,” said Chris MacCauley, senior vice president at CBRE Limited, the company responsible for the project’s marketing. “There’s a lot of pent up demand from local small businesses that would like to own the property for their business.”
MacCauley said all units sold out just two weeks after construction started in June.
Good location for a business hub
IntraUrban’s location is key as it’s near the Marine Drive Canada Line station, an accessible business hub. David Fawley, development manager at PC Urban – company that manages the project – said it’s important to local businesses that they own a space with a Vancouver postal code. He also said that while there are some other developments on the horizon for businesses to buy into, they tend be much larger and more expensive.
“The price point, the entry point is affordable,” Fawley said. “It’s an attractive, urban, industrial location.”
A variety of businesses are taking advantage of IntraUrban including event companies, commissaries, garment manufacturers, homebuilders and hobbyists.
“It’s really a mix. We got a lot of people who were kind of getting in more expensive areas or transitioning areas in Vancouver, mainly like the Mount Pleasant and False Creek industrial areas,” said MacCauley. “It really was a broad spectrum of businesses. They all service the Vancouver market which was really important to them.”