Image: CNW Group/Oxford Properties Group Inc.
Something new is coming to Canadian real estate; a large bay multi-level industrial property.
The first-in-Canada development has been announced by Oxford Properties and will be constructed at the firm’s Riverbend Business Park in Burnaby.
The brownfield site, formerly a paperboard mill, has seen amazing transformation into a 1.35 million square foot master business park that will now be home to the innovative 700,000 sq. ft. two-level industrial unit.
Jeff Miller, Head of Industrial at Oxford Properties, says it will help address one of Vancouver’s biggest industrial market challenges – lack of available space.
"This shortage requires bold solutions and progressive approaches, and we have studied innovative industrial projects from across the globe to inform our plan to develop Canada's first multi-level property,” he said. “By doing so, we can add density to the already established Riverbend Business park, a former brownfield site, without the need to encroach on greenfield or agricultural land."
The multi-level project will feature a ground floor of 437,000 square feet with 32-foot clear heights; while the second storey, which is accessible to full size transport trailers via a heated ramp, consists of 270,000 square feet, 28-foot clear heights and a 130-foot truck court.
It will become the largest available industrial property in the Greater Vancouver Area, offering a single tenant a vast space across the two storeys, or separate tenants with the ability to split the space into multiple units.
It is planned to be completed in 2022.
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