Looking for top-notch industrial land? Avison Young believes the Lower Mainland’s new South Fraser Perimeter Road (SFPR) is the perfect location for shipping companies looking to set up shop.
Although the 40-kilometre stretch won’t be operational until 2012 or 2013, it boasts a swath of industrial land from Surrey to Delta that’s ripe for the picking.
“Now is the time to be buying property in preparation for completion of the road,” said Michael Farrell, an industrial sales and leasing specialist with commercial real estate firm Avison Young.
Farrell believes the road will spark industrial development because it links industrial parks with port operations south of the Fraser River.
The road will also provide connections to Highways 1, 91, 99, the Golden Ears Bridge and industrial areas north of the Fraser between Pitt Meadows and Maple Ridge.
Although some industrial areas such as Annacis Island are already well developed, Farrell said opportunity exists in Surrey’s Bridgeview area, as well as Tilbury and Sunbury in Delta.
Right now, the price of industrial land along the SFPR ranges from $800,000 to $1.2 million per acre, he said. Farrell believes those prices are likely to increase once the road is complete.
He added companies such as Frito-Lay Canada, Van-Kam Freightways, Vitran Express and Quik X Transportation have already moved into the area.
The City of Surrey is also offering incentives for investors with projects valued at $5 million or more. The incentives include property tax reductions, deferred development costs and reduced permit fees.
“All large national or regional or international players have identified that area as the place to distribute from,” Farrell said.