New Willoughby Retail Node Takes Shape
A new high-profile mixed-use project is bringing retail opportunities to an under serviced node of Langley’s Willoughby neighbourhood.
A new high-profile mixed-use project is bringing retail opportunities to an under serviced node of Langley’s Willoughby neighbourhood. The project, Lattice2, is the final phase of the Milner Heights community by Vesta Properties. Located on the south-east corner of 208 Street and 72 Avenue, the high-profile mixed-use building is the first development in a new retail node. The new node will service local residents and provide a “much needed missing link between Willoughby Town Centre and the Willowbrook shopping district” according to George Richmond of Frontline Real Estate Services Ltd. who is managing retail sales on behalf of Vesta.
Lattice2, which is currently under construction, will bring nearly 13,000 square feet of ground floor retail strata space to 208 Street, which has been experiencing a transformation in recent years with redevelopment spreading south from Highway 1. The Township of Langley has designated the intersection of 208 Street and 72 Avenue for Neighbourhood Commercial and Apartment Mixed-Use development so Lattice2 is a “sign of things to come,” says Richmond. “Projects and commercial nodes like these are key in providing services for the growing population in Willoughby and in creating a vibrant community while increasing density, walkability, and general livability.”
The strength and attractive nature of Langley’s retail market
The immediate interest received in the retail units at Lattice2 provide insight into the strength and attractive nature of the Langley market. “Most of the immediate interest is from service businesses like health, dental and financial services as well as neighbourhood retail, like coffee shops” says Richmond “retailers have a lot of confidence in the area, they want to purchase real estate in Langley and set up shop for the long run”. Strata retail units are also hard to come by in Langley at the moment, in all of the Township there is only one other strata retail project being marketed. “The demand for retail strata units is definitely being felt,” Richmond reports, “there has been recent transactions for new shell retail space that have reached $680 per square foot which must be a new record.” The units at Lattice2 start from the low $600’s per square foot, which provides an appealing opportunity when compared to lease rates in the area Richmond confirms, “many retailers see the advantage of paying a mortgage instead of rent to build equity in their location.”
Retail Strata Units at Lattice2
Highlights:
- Rare owner-occupier retail opportunity
- A new mixed-use development by Vesta Properties
- Located in Willoughby, a vibrant & growing Langley community
- Exposure, access/egress, & pylon signage on 208 Street & 72 Avenue
- Surface & underground parking
- Small unit sizes available (690 sf – 2,651 sf)
- Sale prices starting at low $600’s per square foot
- Construction completion estimated for Spring 2019
Milner Heights by Vesta Properties is an award-winning neighbourhood of classically-inspired homes with walking paths, landscaped ponds, and protected green space. Lattice2 is the final phase of the neighbourhood and offers a variety of 1 and 2 bedroom luxury condos across 5 floors and 12,995 square feet of strata retail space at street level.
Click here for more information on the retail units available at Lattice2 .
