Re-thinking the Shopping Centre Format
Colliers International SVP Cecilia Tse knew she had an interesting concept on her hands the moment it was introduced. In a handful of shopping centres across the country--Aberdeen Square in Richmond being one of them--owners-developers are offering tenants an opportunity to buy their space, a fusion of purchased retail space next to big-box tenants. (It's a commercial real estate fairy tale.) In the case of Aberdeen, Cecilia tells us that investors from mainland China purchased the majority of the retail condo units offered for sale in Aberdeen Square. Aberdeen Square is a new 160k SF, multi-level retail and office extension of the Aberdeen Centre.
"It's the only commercial building in Richmond connected to the Canada Line," Cecilia says. "This adds value [to the purchase]." Aberdeen is six levels--three retail, three office. Over 300 units, most averaging around 400 SF per unit, sold out quickly, averaging around $400K per unit. "Most of the owners bought more than one unit," Cecilia says. Like with residential condos, owners set up a corporation and pay management fees used for the maintenance of the building and common areas. Cecilia, who specializes in investment properties brokerage, worked with the developer, Fairchild Group.
