West End block sells for twice what it did two years ago

April 7, 2016 11:46 pm

the vancouver sun

VANCOUVER — Two adjacent properties taking up a prime, full city block on Alberni between Nicola and Broughton streets in the West End have been sold for almost twice what they went for less than two years ago.

Alberni Street Nominee Ltd., which paid $83.4 million for the buildings at 1444 Alberni and 740 Nicola in March 2014, is under contract to sell them (which means the deal hasn’t been finalized), said local developer Bruno Wall, who is a partner in the company along with Peter Wall and others.

Wall declined to reveal the price and buyer.

The deal is estimated by real estate industry sources to be in the range of $160 million. The buyers are Hong Kong-based Asia Standard International Group Ltd. and Landa Global Properties, a relatively new, Vancouver-based developer headed by 27-year-old Kevin Cheung and Scott Wang, 31.

West End block sells for twice what it did two years ago

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