Concert Properties buys Brentwood office building for redevelopment potential

Jun 13 2022, 7:46 pm

The long-term redevelopment potential of a centrally located site within Burnaby’s Brentwood Town Centre has led to its acquisition by Concert Properties.

The developer has just acquired 1795 Willingdon Avenue, located at the northwest corner of the intersection of Willingdon Avenue and Halifax Street — immediately west of The Amazing Brentwood mall and just two short blocks from SkyTrain Brentwood Town Centre Station.

The 2.6-acre site is currently occupied by a 1983-built, three-storey commercial building with 161,000 sq ft of office space. The building is 100% leased and BC’s Provincial Health Services Authority is the anchor tenant.

“This is Concert’s first acquisition in the Brentwood neighbourhood and we’re excited to be part of this rapidly growing community as we further expand our commercial portfolio in BC,” said David Podmore, the chair, president, and CEO of Concert Properties, in a statement. The deal was worth $112.5 million.

Andrew Tong, the chief investment officer and managing director of Concert’s CREC Commercial Fund, adds: “We’re very pleased to acquire this premium office property in one of the fastest-growing areas of BC. With a long-term, stable, government tenant in PHSA, this acquisition will contribute stable returns to both our portfolio and to our pension fund and institutional investors.”

1795 Willingdon Avenue Burnaby Brentwood

1795 Willingdon Avenue, Burnaby. (Google Maps)

The City of Burnaby’s Brentwood Town Centre Development Plan identifies the site for high-density, mixed-use development with residential and commercial uses, similar to other recently built properties in the surrounding area.

Immediately to the south, on the other side of Halifax Street, the municipal government is currently in the process of contemplating the master plan of Brentwood West — various properties on the northwest corner of the prominent intersection of Lougheed Highway and Willingdon Avenue, including the Petro Canada gas station.

Brentwood West calls for over 1,400 homes and 650,000 sq ft of office, retail, and restaurant space in four towers ranging between 42 storeys and 64 storeys, with the tallest building likely exceeding the region’s current tallest of Living Shangri-La. Bosa Properties owns the northernmost parcels of Brentwood West.

If approved, Brentwood West potentially sets the precedent for the future scale and uses of the Concert Properties site.

brentwood west master plan burnaby

Brentwood West master plan, March 2022. (Chris Dikeakos Architects/Bosa Development)

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