A development site in Vancouver’s south Cambie area is being sold for much less than its appraised value, according to a published report.

A B.C. numbered company has agreed to purchase the site for $25.8 million through a court-monitored process under the Companies’ Creditor Protection Act, according to the report. BC Assessment has valued the property at $36.3 million.

The deal is part of a sell-off of debt-laden Coromandel Properties, which filed for bankruptcy protection in February 2023. The company is $700 million in debt and its properties have been foreclosed and put up for sale.

The site is located at 7510 Cambie Street on the corner of 59th Avenue, just south of Langara Golf Course, and contains a low-rise commercial building and single-family home as well as a surface parking lot. The building and house are vacant and account for just $10,000 of the assessed value.

In 2022, Vancouver planners conditionally approved an application to develop two six-storey, mixed-used buildings that would include 90 dwelling units and street-level retail spaces, according to the Shape Your City website. Vancouver-based Yamamoto Architecture submitted the development application.

But, a year later, mortgage holders Jin-Ocean Mortgage Investment Corporation, based in Richmond, B.C., and Lévis, Que.-headquartered Desjardins Financial Security Life Assurance Company launched foreclosure proceedings, according to the report.

Colliers listed the property as part of the court proceedings. The listing team included Hart Buck, Simon Lim, Jennifer Darling, Jessica Hathaway, and James Lang. who have since found a buyer and filed an application to the Supreme Court for approval. 

The Supreme Court of B.C. will review the transaction on Thursday. Pending court approval, the deal is expected to close in June, says the report.

Image: Colliers