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Cloverdale Town Centre Commercial Market Update 2020

The adoption of the Cloverdale Town Centre Plan and the following announcement of the new hospital have all eyes on Cloverdale. An increase in interest from developers, investors and business owners has been observed in recent months but we have yet to see property values skyrocket.

Cloverdale Town Centre Plan

The Cloverdale Town Centre Plan was adopted in November 2019, after five years of work and engagement with residents, businesses, and other stakeholders. The goal of this plan is the continued development of a compact, vibrant, and sustainable town centre. The plan includes a new land use plan, seen below, which identifies what can be built on each property in the future. The new plan includes an extended heritage character area as well as increased density, achieved through a variety of land use designations, which will help encourage:

  • new and varied housing supply
  • opportunities for local businesses
  • the creation of jobs
  • reduced car dependency and sustainable transportation systems
Cloverdale Town Centre land use map (excerpt from the City of Surrey's Cloverdale Town Centre Plan, adopted November 18, 2019)
Cloverdale Town Centre land use map (excerpt from the City of Surrey's Cloverdale Town Centre Plan, adopted November 18, 2019)

These goals are apparent in the variety of land use designations seen in the new land use plan. The mix of home types will encourage a variety of new residents plus opportunities for employment and businesses in a variety of industries, from retail to industrial.

Land uses such as low rise mixed-use, low-rise residential and townhouse are focused closer to the downtown core to encourage new homes to be built within walking distance of the shops and services located there. These new developments will bring a boost to businesses in the area and increase the desirability of the neighbourhood for new businesses to relocate to Cloverdale.

CLOVERDALE DEVELOPMENT HIGHLIGHTS

A new land use plan can often bring a development boom to an area and, along with it, huge increases in property values. Cloverdale will likely see a more gradual redevelopment, especially in the downtown core. This is because most of the properties there are too small to be redeveloped alone and will require multiple neighbouring properties to be redeveloped together. As most of the properties are owned independently, this means multiple property owners will have to agree to sell to the same developer or builder.

That being said, a few developers have already taken advantage of the new plan to get in on the ground floor of this evolving neighbourhood. The below developments serve as examples of the type of development we can expect to see in the area:

Trail Appliances Addition
17395 56 Avenue (Highway 10)

  • Office and child care centre
  • Total size: 19,000 sf
  • Addition to the recently completed 32,000 sf Trail Appliance showroom
  • Application in review

5-storey Apartment Building
17722 58 Avenue

  • 5-storey apartment building
  • 196 units (144 condos and 52 secured market rental)
  • 9 lots assembled for development
  • Application in review

Park Ridge Homes office
17565 58 Avenue (at Highway 15)

  • 2-storey office building
  • Total size: 12,000 sf on 25,727 sf lot
  • Built by Park Ridge Homes
  • Construction recently completed

project spotlight: cloverdale hospital

New Surrey Hospital to be built in Cloverdale

In December 2019 it was announced that a new hospital will be built in Cloverdale. The site is located just off Highway 10 on 180th Street, adjacent to the Kwantlen Polytechnic campus (see map below). The new hospital is in the early “concept plan” stage but when it was announced the provincial government was hopeful that shovels could break ground by the end of 2021. It is unclear yet what impact the COVID-19 pandemic could have on this timeline.

Not withstanding the timeline, the hospital announcement, in combination with the new plan adoption, bolsters confidence that Cloverdale will see substantial population, job and business growth. Hospitals bring supporting medical services and amenities which bring jobs and residents. A hospital will also increase the need, and argument, for better public transport and infrastructure in the area.

QUESTIONS?

If you have any questions regarding commercial real estate or development in Cloverdale please don’t hesitate to contact me.

OWN A PROPERTY IN CLOVERDALE?

If you own a property in Cloverdale and are considering selling, we recommend you:

Talk to your neighbours

If your property is on the smaller side (under 0.75 acres/33,000 sf), knowing if your neighbours would be open to selling will inform if your property has redevelopment potential or not. A real estate expert will also be able to assist you with this process if you prefer.

Talk to an expert

Understanding the unique characteristics and hurdles that impact your property is key to understanding its value. An expert will be able to help you identify the highest value for your property. At Frontline Real Estate Services, we run multiple valuation processes to find the “highest and best use” for a property. This assures a property is priced accurately, marketed to the appropriate potential buyer groups, and, ultimately, achieves the highest sale price

 

Sources: City of Surrey, Commercial Edge, Park Ridge Homes, 

Rebecca MacLeod

Personal Real Estate Corporation

Commercial Sales & Leasing
Office & Retail
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