For Sale
$9,700,000

2 Acre Willoughby Apartment Site

7160 202B Street & 20290 72 Avenue
Willoughby, LANGLEY

2.0 ACRES | Residential Land
BACK ON THE MARKET

The Opportunity

2 Acre Willoughby Apartment Site

This offering presents an opportunity to acquire a 2.0 acre apartment development site in Central Gordon Estate, the next Willoughby neighbourhood to solve a number of servicing challenges and become developable. This has resulted in an increase in land acquisitions over the last eighteen months and a flood of new development applications. The Willoughby area continues to be one of the most robust residential markets in the Fraser Valley, with stable HPI Index Benchmark prices, rapid absorption rates, strong population growth and persistent demand for multi-family homes.

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Summary

Property
Attributes

Land Size

2.0 acres

7160 202B Street

1 acre

20290 72 Avenue

1 acre

Price

Sale Price

$9,700,000

Property Tax (combined)

$14,111.36

Location

7160 202B Street & 20290 72 Avenue
LANGLEY, Willoughby

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Property
Features

The Apartment designation in the Central Gordon Neighbourhood Plan permits the development of apartments up to 60 units per acre at a maximum height of 4 storeys. Theoretical total yield on the subject property is 120 units. The site geometry and flat topography should provide an opportunity to maximize yield. The site is easily serviceable with all major services at the site or nearby.

The subject properties are each improved with a detached single family home, rentable for holding income until development.

About The
Location

The subject site is located in the heart of Willoughby, just east of 200 Street, providing efficient access across the Township of Langley and the rest of the Lower Mainland via nearby Highway 1. All major amenities, including groceries, transit, banking, restaurants, parks and fitness are within a 5-10 minute drive. A neighbourhood commercial node exists 2 blocks west at the intersection of 72 Avenue and 200 Street and a future commercial node is slated just 5 blocks east at the intersection of 72 Avenue and 208 Street. The Willowbrook Shopping District, which offers countless amenities, is located 4 minutes to the south.

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