A Vancouver property developer is planning a new light industrial complex in Langley City near Production Way and 196th Street.
Hungerford Properties announced on Thursday, Feb. 9 that it has bought 5721B Production Way, a 3.83 acre site with two older industrial buildings construction in the 1970s.
Hungerford plans to replace the existing buildings with two multi-tenant light industrial buildings, totalling about 103,000 square feet of space.
“The site offers a strategic location with exposure to one of Metro Vancouver’s tightest industrial markets,” said partner Michael Hungerford. “The current vacancy rate in GVA’s industrial market is at 0.2% and 0.0% in Langley according to Colliers’ Q4 Industrial Market Report.”
Hungerford’s announcement also noted that the site is “minutes from the future 196th Street SkyTrain extension.”
Hungerford hopes to work through getting a development permit this year, and start construction in early 2024.
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