PROJECT DESCRIPTION:
This commercial/professional real estate development is currently
under construction, and is very near completion (now completed)... the development consists of a two-storey retail/office
building comprising approximately 30,000 square feet (site
plan: medium size
pict., large size
pict.). There will
be 15,000 square feet of retail/commercial space on the ground
floor (ground floor:
medium size pict.,
large size pict.) and 15,000 square feet of office/professional space on the
second floor (second floor:
medium size pict.,
large size pict.). Access to the second floor will be provided by an
elevator, as well as convenience stairs, both located within the
lobby. Parking to be provided by way of eighty easily accessible
surface parking stalls.LOCATION:
The development is located (map) at the southwest comer of 24th
Avenue and 154th Street in the the South Surrey/White Rock
community. The property is a
highly visible location, and is
located directly across from the Peninsula Village Shopping
Centre, which is a neighborhood shopping center consisting of
approx. 168,000 square feet, and is anchored by major tenants such
as; Safeway, London Drugs, Rogers Video and B. C Liquor Store. The
Peninsula Village Shopping Centre has established itself as a
major shopping node and plays a significant role in the day-to-day
shopping activities of consumers from throughout the
South Surrey/White
Rock community.
ACCESS:
Located on the south side of 24th Avenue between 154th Street and
153A Street, the property boast's road frontage on 3 different
roads, 24 Ave. to the north, 154th Street to the east, and 153A
Street to the west. 24th Avenue also happens to be a major
east-west arterial route connecting the South Surrey/White Rock
community to several key transportation routes. The intersection
at the north-east front corner of the property (at 154th Street
and 24th Avenue) is controlled by a traffic signal, providing all
directional vehicular movement.
Easy access to 24th Ave. is conveniently provided from either
152nd Street to the west or King George Highway to the east. 152nd
Street and King George Highway are major north-south arterial
routes, providing direct access to Highway #99 and all points
north. In addition, King George Highway provides direct access
south to the US Border.
DEMOGRAPHICS:
The South Surrey/White Rock community has a population of 72,055
based upon the 2001 Census It is one of the more affluent
communities within the Lower Mainland, with the residential base
enjoying an average family income of $69,727. This trade area
grows substantially to 196,562 based upon a 20-minute drive from
the subject property. BC statistics projects that the City of
Surrey will grow 22% between 2001 and 2006, and will exceed the
population of Vancouver by 2020.
PROJECT COMPLETION:
Now completed.
LEASE RATES:
Retail/Commercial (ground floor): $28.00 psf. "triple net".
Office/Professional (2nd floor): $18.00 psf. "triple net".
FOR FURTHER INFO, CONTACT:
Richard Coulter: EMAIL:
rc@terrexgroup.com, PHONE: 604-317-3333.
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