Interest in West & North Clayton from local developers and investors has spiked over the past 12 months. In West Clayton this is driven by growing speculation that the neighbourhood’s sanitary servicing solution may finally be on the horizon – a challenge that has been holding up development and making investment in the area too risky for many developers. In North Clayton the spike in interest comes on the heels of a property owner petition to initiate a neighbourhood plan. This plan signals the beginning of many new development opportunities.
In monitoring the emerging undeveloped neighbourhoods of Clayton we map and analyze current development applications for trends and to find regions with a high concentration of active applications (outlined in green on the below map). These areas will experience the most development activity over the coming 12-18 months. The red and yellow highlighted regions represent high concentrations of residential development land sales over the past 12 months. As development often follows closely behind concentrations of land sales these regions provide insight into where to anticipate the next injection of development applications. We anticipate development to remain focused in the southern portion of West Clayton, moving north, and then finally through the North Clayton neighbourhood.
CURRENT STATE OF WEST & NORTH CLAYTON
- Has an approved Neighbourhood Concept Plan (NCP)
- Most development cannot proceed until:
– A developer or group of developers funds the construction of the future sanitary sewer, and
– All remaining Right of Ways are acquired by the City of Surrey to allow construction of the sanitary sewer
- Development should begin in the south-west portion of the plan and move north and east
- Requires an approved NCP prior to redevelopment
- A petition has been signed by neighbourhood land owners supporting and requesting an NCP
- On April 23rd, City Staff requested permission from Council to conduct the background investigation necessary for them to recommend Council initiate the NCP planning process. Council referred the request back to Staff citing concerns over too many planning priorities. With more context from Staff, Council may still support the NCP
- It can be 2 to 4 years for the completion of an NCP, if initiated by Council
WHY IT MATTERS
The value of your property is primarily driven by two factors:
- Land use designation: What can be built on the property
- Timeline to development: How long until the new homes can be built
The clarity and certainty of these factors lowers the risk for developers and investors, often allowing them to rationalize paying a higher purchase price for a property.
In West Clayton these factors have resulted in a wide range of land values particularly between the areas north and south of 74 Avenue as the timelines to development are perceived to be very different.
In North Clayton the anticipation of a new neighbourhood plan is causing land values to increase as this is the first step towards understanding development timelines and future land uses.
If you have any questions, or if there is any further information that would be helpful to you, don’t hesitate to give us a call.
In creating this report we consult City of Surrey planning staff, survey multiple land transaction reporting systems and analyze municipal development data to bring you the most relevant information. Sources: Commercial Edge, MLS, City of Surrey.