A sizeable chunk of residential development land has been sold for $16 million, Frontline Real Estate reports.
The property is located in Abbotsford’s historic downtown area. The land measure 19 acres (15 acres net usable) and has potential for a mix of residential-type development such as townhomes, condos and single family. The land sold for approximately $842,105 per acre and nearly $6 million above its most recent assessed value.
The property is located at 33765 Pine St., Abbotsford.
Breakdown:
Price: $16,000,000
Lot Size: 19 acres
Price/acre: $842,105
Property Type: Land
2016 B.C. Assessment Value: $10,053,000
Date of Sale: 07/14/2017
City: Abbotsford
Province: B.C.
Name of Brokerage: Frontline Real Estate Services Ltd.
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