The Vancouver Fraser Port Authority has acquired three new industrial-zoned properties – two in Richmond and one in Port Coquitlam – with the goal of securing land for future port growth.
The port authority said it made the purchases as a way of preserving trade-enabling industrial land. It said the Lower Mainland needs more industrial land for logistics warehouses and distribution centres, but industrial land availability is declining “at an alarming rate.”
“Our focus is on protecting what industrial land is left in the Lower Mainland because studies show the region is going to run out of trade-enabling land within the next decade,” Tom Corsie, the port authority’s vice-president of real estate.
“Our trade-enabling land strategy includes advocating for industrial land protection, acquiring industrial land to meet the needs of growing Canadian trade and maximizing the use of our existing port lands.”
The three parcels of land total over 35 acres. The properties are located at 1700 No. 6 Road in Richmond (8.5 acres), 11480-11500 River Road in Richmond (9.5 acres) and 1305 and 1375 Kingsway Avenue in Port Coquitlam (17.7 acres).