STEVEN TSE PERSONAL REAL ESTATE CORPORATION
  • PROPERTIES
    • FEATURED LISTINGS
    • SOLDS
  • SERVICES
    • SELLERS
    • BUYERS
  • NEWS
  • CONNECT
    • MEET STEVEN
    • CONTACT
  • RESOURCES
    • TESTIMONIALS

Pricey real estate fuels Chevron's decision to sell 5 more Vancouver locations

8/17/2017

 
Picture
​LIEN YEUNG (CBC NEWS) The lure of cashing in on pricey real estate has fuelled Chevron's latest decision to sell another five of its gas stations in Vancouver.

On Thursday, a spokesperson confirmed the closures of five more locations, all on the west side of the city.

"The economics of the land value really is what's driving the decision to divest," said Adrien Byrne who oversees public affairs at the gas company.

By tomorrow, he says drivers pulling up to the pumps at Cambie and West 16th and Oak and West 41st should expect to see closed signs.
​
Within the next four to six weeks, Byrne says the other three will be shut down in anticipation of their sale:
  • Broadway and Alma
  • Cambie and West 59th
  • West Fourth and MacDonald​
Mid last year, the company announced it was selling three other Vancouver stations which have since closed.

One of them was located downtown on West Georgia Street. B.C. Assessment pegged its land value at $32.8 million.

Byrne says the deal was "widely reported at $72 million" and to make the same amount in profit would have taken "decades" even though it was a high traffic site.

"There was the potential to develop a 350-foot tower on that location versus a one-storey gas station," he explained.

As of May, the city's last remaining gas station in downtown Vancouver, an Esso at Burrard and Davie streets was also put up for sale.

For Chevron, it's an issue unique to Vancouver at the moment, says Byrne, as the company has no plans to sell any of its locations outside the city.

What the company would consider, though, are alternatives to large gas stations, such as kiosks, but he says the city limits what it can do.
​
A spokesperson for the City of Vancouver says residents still have access to many gas stations, and it is not considering zoning changes at this time.

    Market Update

    Updates on Real Estate news happening in your city. 

    Archives

    January 2023
    November 2022
    October 2022
    September 2022
    August 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    February 2021
    January 2021
    November 2020
    October 2020
    August 2020
    July 2020
    May 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    September 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014

    Categories

    All
    Architecture
    Banking & Mortgage
    City Development
    City Events
    Home Staging
    Market Trends
    Project Presales
    Strata
    Supportive Housing
    Vancouver Heritage

  • PROPERTIES
    • FEATURED LISTINGS
    • SOLDS
  • SERVICES
    • SELLERS
    • BUYERS
  • NEWS
  • CONNECT
    • MEET STEVEN
    • CONTACT
  • RESOURCES
    • TESTIMONIALS