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Richmond city-owned mini-lot sells for 10 times assessed value

A lot consolidation in city centre passed first reading on Monday.
A development on Leslie Road will consolidate seven properties.

A sliver of land in Richmond city centre, about 2,000 square feet in size, sold for more than 10 times its assessed value as part of a land consolidation.

A numbered company, whose director is Edwin Tseng, is consolidating several lots at the corner of Hazelbridge Way and Leslie Road to build a commercial and light industrial building.

But one lot, at 8180 Leslie Rd., was owned by the City of Richmond and assessed at $56,100.

The city-owned lot was sold to the developer for $600,000.

The seven lots currently have six houses on them.

The developer's plan is to build a six-storey commercial building and a park.

The proposed building will include 6,430 square metres of light industrial space, 780 square metres of office space, 450 square metres of restaurant space and 125 square metres of commercial space.

The development proposal passed first reading at Monday’s city council meeting and will go forward to a public hearing on May 21.

- with files from Vikki Hui

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