1795 Willingdon is an exceptionally well-located office property with significant redevelopment potential, just steps from The Amazing Brentwood and Brentwood Town Centre SkyTrain station in Burnaby, B.C. Located on a 2.58-acre site, 1795 Willingdon comprises three storeys of premier office space with over 160,000 sq. ft. of NRA. The property is currently 100% leased to Provincial Health Services Authority (PHSA) and provides a value-add opportunity for income enhancement through leveraging market rental rates. In addition, the property has the potential to benefit from significant future long-term redevelopment with Brentwood’s OCP amendment, which targets up to 14.3x FSR (1.6 million sq. ft.) of mixed-use development.
Due to the strength and future development potential of this asset, CBRE successfully transacted this property to Concert’s CREC Commercial Fund LP.