Richmond city sells land for less than half its 2018 value

The City of Richmond is selling four lots in north Richmond for about $13.5 million while their total assessed value in 2018 was pegged at $28.6 million.

The city, however, has stated it will get other assets as well, as part of the sale and these will be made public after the deal is completed.

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A notice was published last week by the city about the sale of the four lots at 8911, 8931, 8951 and 8991 Patterson Rd. by Garden City Road to Coastone Investments Ltd.

The lots add up to 5,739 square metres, but 830 square metres is being shaved off along Garden City Road for an asphalt pathway, a sidewalk and greenspace, according to the city. This reduces the entire parcel by about 14 per cent.

When asked about the discrepancy between the sale price and the assessed value, city spokesperson Ted Townsend reiterated the fact the city will get additional assets as part of the deal. He also noted the assessed value doesn’t necessarily reflect the market value of the land.

Regarding the sale, Townsend said the city couldn’t comment on the specifics “as ongoing land transactions remain confidential until fully complete.”

“We can’t disclose details of land negotiations and transactions in process in order to protect the city, and taxpayers’, financial interest,” he explained in an email.  

According to provincial records, Coastone Investment Ltd. was incorporated on May 1, 2018.

And according to BC Registry, Peter She is the director of Coastone.

The 2017 assessed value for the four lots in the Capstan area totalled $17,033,000.

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© Richmond News

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