Duet 2511 Spruce St 38 Unit Apartment Building $25,073,069 USD ($659,818 USD/Unit) Vancouver, BC V6H 2P8

Cushman & Wakefield ULC (“C&W”) is pleased to present for sale on behalf of MNP Ltd. (the “Monitor”) a 100% freehold interest in 2511 Spruce Street, Vancouver, BC (the “Property” or “Project”). The Property is entitled for 38 condo units across 45,723 square feet of gross buildable area including 8,183 square feet of complementary commercial area. Construction of the Project is approximately 75% complete with all framing and formwork poured for nine of ten storeys. Additionally, there is potential cost savings through the acquisition of interior finishings inventory on-site and in storage. The Project presents a unique turnkey development proposition with the highest-risk component of construction completed. Nearly 50% of the Project’s hard costs including 85% of all concrete work has been completed along with 85% of all soft costs. The Project is an ideal opportunity for self-performing construction and development groups seeking an acquisition on an adjusted cost base and a compressed completion timeline.
The Property is being offered for sale by C&W through a CCAA sale on behalf of the court appointed Monitor. All interested parties should contact the listing agents for access to the data room and further due diligence items upon execution of a non-disclosure agreement.