VANCOUVER (NEWS 1130) – As if the price of gas wasn’t enough, it could soon become a little bit harder to find a place to fill up the car in Vancouver and Burnaby as four Esso stations go up for sale.
Collier’s International has listed the “high-profile redevelopment sites” including corner lots at Arbutus Street and West 16th Avenue, Granville and West 41st Avenue, and Oak Street and 49th Avenue in the Vancouver Westside as well as North Road and Austin Road in the Lougheed Town Centre of Burnaby.
The property descriptions all boast about the locations’ close proximity to amenities such as restaurants and transit, and detail possible future housing development for condos and apartments.
The asking prices have not been listed, however the property values for each location are estimated between $10 million and $22 million.
The continued sell off of gas stations in Metro Vancouver doesn’t come as a surprise to Tony Quattrin with the real estate company CBRE, as property values continue to rise.
“Some of these petrolium companies are just looking at the underlying value of the real estate and going ‘I just can’t pump enough gas to make sense of keeping this land,'” he said. “It’s so valuable given the zoning that’s gone on and you can build pretty nice condominiums on some of these key sites in great locations so it just doesn’t make sense for the companies to hold onto them to sell gas. It’s pure economics.”
Vancouver currently has 67 gas station business licenses, down from 75 five years ago. The city’s last downtown gas station is currently for sale.
Five other Esso gas stations were previously put on the market including 1205 Burrard Street, 1790 West 4th Avenue, 1398 West Broadway, 1795 West Broadway, and 2747 Mountain Highway.
Colliers declined to comment on the sales.