Urban Land Holdings Ltd. purchased a $1.53-million Fraser Highway. property in Aldergrove’s downtown core with their eyes set on redevelopment.
Situated at the intersection of Fraser Hwy and 271 St., the property “is a prime corner of real estate,” according to realtor Joe Varing of Abbotsford-based Varing Marketing Group, with Glenayre Realty Company Ltd., which first listed the property for sale.
“The redevelopment of this property will be a much needed change to the community and will likely lead to a flurry of other development downtown,” Varing said.
The buyers, Urban Land Holdings Ltd. — a development company comprised of individuals invested in various redevelopment projects in the Fraser Valley — purchased the nearly half-acre of land in mid-February.
The property was on the market for several months, and went down from an initial asking price of $1.7 million.
“The buyers short-term objective is to look at redevelopment options which include new infrastructure which is likely to include condominiums,” Varing added.
The potential new building could reach anywhere up to five storeys with its mixed-use designation, and has the potential for storefront commercial space, Varing explained.
“It’s gonna change the whole scape of the landscape there,” said Varing, admitting there has not been much in the way of redevelopment in the downtown core.
As it stands now, the 3536 sq. ft. building is comprised of three floors, a 241 sq. ft. balcony and six car wash areas that amount to 2664 sq. ft.
“There is a growing confidence in Aldergrove — on behalf of developers — and you can see that with this sale,” Varing concluded.
There is no set completion date for the redevelopment project on 27158 Fraser Hwy.
Jodi Steeves, the Aldergrove Business Association (ABA) President, describes a growing interest from investors for downtown real estate.
“Now is the time to buy real estate in Aldergrove,” said the president, who happens to be a local realtor.
“Aldergrove also has the Janda Group unveiling their plans for the mall in just a few weeks adding to the excitement.”
Steeves encourages the public to hold off on selling even residential property in the area, because in five years a “huge wave” of revitalization is predicted to have occured.
“Don’t sell your home yet,” Steeves emphasized.