TSX:REI.UN - Post by User
Comment by
incomedreamer11on Jan 30, 2024 11:03pm
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Post# 35854120
RE:RioCan sells Surrey's Strawberry Hill Shopping Centre: $155M
RE:RioCan sells Surrey's Strawberry Hill Shopping Centre: $155MNot good deal ,sold 20% below assesment land value
According to BC Assessment, as of July 2023, the two parcels that make up the mall carry a combined assessed value of about $187 million, with approximately $186 million coming from the land value and just over $1 million from the value of the structures. This includes the land Scottsdale bus exchange sits on, which is part of mall property.
Over the years, RioCan previously indicated to the City of Surrey, on several occasions, its interest in redeveloping the mall, which was a strategy that reached the initial planning phases but required more comprehensive planning, including site rezoning.
However, the full development potential of the north side of the mall — closest to the bus exchange — is currently challenged by BC Hydro’s west-east high-powered transmission lines crossing above the surface parking lot next to Home Depot. These utilities may have to be relocated to optimize the site’s redevelopment potential.