When GrayJohnson recommended the purchase of an unimproved vacant commercial property at 375-377 Johnston Street, Abbotsford, we identified its rezoning potential and that it was promoted below market value.
We purchased the property for $3,700,000 approx. ($4,840 psm) and then co-ordinated a major refurbishment program.
The property was subsequently leased by our leasing team for $215,000 pa. The building now consists of 4 separate commercial tenancies.
Values in the area have since increased significantly with recent sale activity in the range of $7,300 – $9,000 psm.