Housing affordability is a big issue heading into this October’s City of Burnaby election.
People are struggling to find good rental accommodations. One place to look are with the many three- or four-storey apartments around the city that were built in the 1960s and ‘70s.
But many of these buildings are now on sale or have been snapped up lately, which leaves me wondering if they are next on the list to be torn down and replaced with towers.
The latest is Seton Place, a 41-suite three-storey apartment building located in the heart of the established Burnaby Heights neighbourhood, just one block south of Hastings Street and three blocks east of Boundary Road.
It is now on sale for $13 million.
Built in 1970 on a 26,474-square-foot RM3 zoned lot, the building’s suite mix comprises 8 bachelors, 30 one-bedrooms and 3 two-bedrooms. Other features include lane access at the rear, 40 secured underground parking stalls, and 32 residential storage lockers plus 9 others that have been converted into one large storage room.
The Goodman Report says the gross annual income from the property is $517,000, or $292,000 net.
This follows the sale of Bradford Manor, a 10-suite, three-storey apartment building built in the 1960s in the Capitol Hill neighbourhood on Hastings Street. The final sale price wasn’t disclosed by Goodman Commercial Inc. – which called the Bradford Manor building “iconic” - but it was selling for $3.4 million. It’s unknown if the buyer plans to continue renting out the units, or if there are larger plans to redevelop the property.
Other old buildings are selling for even more money. The Albert Heights building on Albert Street in Burnaby Heights is selling for $12.5 million and has 36 units, including four-bedroom penthouse.
The Linden Glen building in Edmonds is selling for $13.5 million and has 35 units.
The big question for the renters in these buildings is are their days numbered because the new owners have redevelopment plans?
Metrotown has seen plenty of these types of low-rise buildings get torn down over the years and replaced with highrises. The City of Burnaby does, however, have the tenancy bylaw that now ensures renters are taken care of if a building is being redeveloped.
This includes an option for displaced tenants to move back in once a new building is completed at a rent very similar to what they are paying before.
If these buyers do keep the buildings in place, the rental situation is good for them. One-bedroom units in the city go for around $1,800 while two-bedroom suites go for about $2,300.
Follow Chris Campbell on Twitter @shinebox44.
