• Vancouver

Cushman & Wakefield Lists Rare and Unique Crosstown Space

Beatty Feature Collage

BUILDING HISTORY

Constructed in 1906, the Property was built by a subsidiary of the Canadian Pacific Railway company to be used for dry good storage in support of the city’s emergent role as a maritime import-export hub. Five Fifty Beatty (as it was rebranded) became one of the first conversions from industrial space to loft office and residential in Vancouver, and was completed in 1981 by the late visionary architect/developer Robert MacIntyre. The high level of reconstruction of 550 Beatty St. can be put into perspective by the fact that the per square foot hard costs of the reconstruction were roughly double the cost of building a new concrete high rise building at the time. (A detailed description of construction is available.)

THE OPPORTUNITY

For the past 15 years Bardel Entertainment has called these 11,464 sq. ft. of loft offices home, of which one contiguous floor contains 9,069 of useable sq. ft. The tenant has successfully grown to over 600 employees, and as a result the Beatty Street space is available for the fi rst time in many years. These brick and beam loft offices have 16 foot ceilings and three foot thick granite walls between adjacent buildings. Electrical power has been upgraded to a three phase service with 24 watts of useable power per square foot of space, and there is 24/7 multi zone HVAC including dedicated server room cooling.

Located steps from the SkyTrain station, walking distance to numerous restaurants, adjacent parking lots for cars, and with storage for bicycles, this property accommodates the needs of an efficient business while appealing to employees and clients alike.

Though the space is ideal for owner/users, investors will also see value in the increasing rental rates and low vacancies of the Crosstown market. With the flexibility to demise and the quality of construction, this is an ideal, stable long term investment with very little risk.

The strata unit entitlement includes a 20% interest in the covered parking lot directly across Beatty Street.

LOCATION

Nestled in between the hustle and bustle of downtown, Yaletown, the historical character of Gastown, and the colourful grit of Chinatown is where Crosstown is making a name for itself as Vancouver’s up-and coming niche neighbourhood. This area of Vancouver is a mix of influences from its bigger neighbours, yet still has a distinct flavour of its own. The most influential neighbours that helped to shift the spot light on this area of town, and more specifically on the 500 block of Beatty Street, have been the Chambar Belgian restaurant, the Dirty Apron Café, the office users at the Sun Tower and the SkyTrain only steps away. With the full renovations of 564 Beatty Street by Reliance Properties, this micro-hood will continue to grow in popularity with office tenants.

CONTACT

Matthew MacLean
Personal Real Estate Corporation
Vice President
604.640.5855
matthew.maclean@ca.cushwake.com

Boe Iravani
Associate Vice President
604.640.5837
boe.iravani@ca.cushwake.com

Alexander Cairns
Office Leasing
604.608.5913
alexander.cairns@ca.cushwake.com

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