[Surrey] Park Central | 6 Floors | Completed

[Whalleyboy]

http://media.buysell.com/userphotos/200789165347/982007_165517.jpg

http://www.parkcentralsurrey.com/index.html

I thought I'd make a thread for this one. If the max in guildford gets one then this one should also get one.

the site says this place will have 4 commercial stores along 104 and 3 offices on the side of the building

also hoping someone else might have more update info on how this project is going

[Kodii]

I thought I'd make a thread for this one. If the max in guildford gets one then this one should also get one.

Did you even READ the responses that thread got? :haha:

[CoryHolmes]

This is the place that's being put up over that giant gaping concrete hole in the ground on 104th, right? I can't tell you how happy I was when that eyesore started getting built up.

[geoff's two cents]

Agreed. The development is a nice density for the area. Perhaps 104th will one day be a major artery that - like Hastings or Broadway - still succeeds in maintaining a pedestrian-friendly feel.

[cc85]

i have no clue why these small developers are pushing forward with these small scale developments. Even if they start contruction within the last quarter period of their DP (with 4th reading being given out by the end of 09), they will still lose a ton of money with the inflated DCC fees relative to the cost they will receive back in income through the sale of units. Surrey is not going to reduce their DCCs this year.

[Alex Mackinnon]

I can't help but laugh just how high the mountains are supposed to look in the background of that pic.

[Whalleyboy]

all the people will see at the best in this building is hawthorn park

and 104 is set to be a major artery between surrey centre and guildford

[vanman]

Why don't developers start building rental units again?

[jlousa]

Because contray to popular beleif the RTA heavily favours renters, so not many investors are interesting in the headaches for low yeilds. And developers make money in building not in holding properties.
So pretty well you'll only see rentals come back into fashion if yeilds improve or if the current laws are modified.

[vanman]

But if the cost of construction comes way down and land prices fall as well shouldn't that be enough to make building rentals more attractive? And wouldn't it be better for a developer to have some cash flow as opposed to zero cash flow? Maybe they should get in to the business of holding properties.

[jlousa]

Developers usally hang onto the retail component of their projects as the laws governing commerical tenants are more favourable, not to mention you're less likely to have issues with commercial tenents and they tend to be longer term.

On the residential side even with significatly lower construction costs you'd have to be very lucky to obtain a 7% yeild and that's assuming full occupancy and no surprise expenses. Usally those types of yeilds are only found on older buildings and that's by avoiding major work. So why tie up alot of money for a realistic return of 3-5%?

[vanman]

I see your point Jlousa but I still think that rentals have to be attractive to somebody out there.

[jlousa]

They tend to be attractive to pension plans who have large sums of money but need to pay out a portion on a monthly basis. They own a large chuck of the commercial buildings in this country as well as some residential.

[DKaz]

Is this the first of many 6 storey wood frame buildings to come! Yuch!

[Volksboi]

Is this the first of many 6 storey wood frame buildings to come! Yuch!


This is not a wood frame building.....