Posts Tagged ‘Western Investor’

Western Investor: Retail Revival

May 15th, 2008

Dermot Mack and Andrew Petrozzi
May 2008
Western Investor

Vancouver street-front retail space may become the darling of commercial real estate this year due to authoritarian mall owners and a change in traffic flows. 

Increasingly, major mall space in Metro Vancouver is in fewer hands, allowing the owners to dictate rates and tenancy requirements that have some tenants chaffing. 

Oakridge Centre, Metropolis in Burnaby and Guildford Shopping Centre in Surrey, for instance, are all owned by Caisse de dépôt et placement du Québec, which runs them through subsidiary Ivanhoe Cambridge. A separate Caisse subsidiary, SITQ, owns Bentall Centre in downtown Vancouver. 

The Ontario Teachers Fund, through Cadillac Fairview Corp. Ltd, owns the other major shopping malls in the Metro region, Pacific Centre downtown and Richmond Centre in Richmond. 

“If the same person that owns Oakridge [Centre] owns [Metropolis at] Metrotown and the same person that owns Metrotown owns Guildford [Shopping Centre], they can decide, ‘You will not open up in any of our malls,’” said Thomas Skidmore, CEO, chairman and president of Glentel Inc. 

Skidmore’s company owns 101 WirelessWave stores and 60 stores branded either Telephone Booth or La Cabine Telephonique at malls across Canada. It also operates 63 Wireless Etc. kiosks within Costco stores. “I would love to open up 10 stores in the Greater Vancouver area, if I could get malls to allow Telephone Booth to come in and give competition to other cellular dealers,” Skidmore said.


Western Investor: Royal Ascent

January 15th, 2008

A view of downtown New Westminster and the Quay from the Fraser River: 17 construction projects are now underway in the core, mostly residential. LEFT: Heritage preservation is a cornerstone of New Westminster’s official community plan.

REGIONAL ROUNDUP – New Westminster has a whole new plan and a lot of fans as it continues a major makeover 

Dermot Mack
Western Investor
January 2008 

When residential development consultant Jennifer Podmore was asked recently where she saw the best real estate investment for 2008, the managing partner of MPC Intelligence didn’t hesitate.

“New Westminster,” she said, “is a fantastic market.” 

As Podmore explained, the Royal City has lower new condominium prices than Surrey, Skytrain links to Vancouver, and an aggressive downtown renewal strategy that has drawn a rush of developers. She estimates 2,000 new condominiums will be built in the city over the next two years, yet “you can still buy resale condominiums for under $200,000.” 

Podmore, who herself has purchased a home in New West, is among a growing number of fans of the first capital city of the British Columbia as it prepares for a new century. 

On December 1 the city unveiled its new official community plan, which provided meat to the bones of a redevelopment plan that civic planners and politicians have chewed on for years. 

Details remain elusive, but the city clearly has a vision to concentrate highdensity residential development, and it does give a nod to encouraging light industrial and commercial development.