BC Supreme Court approves the sale of 585 Austin Avenue
News provided by Anthem Properties Group Ltd
20 September 2017

VANCOUVER—Anthem Properties Group Ltd. is pleased to announce the acquisition of 585 Austin Avenue in Coquitlam, after the BC Supreme Court (BCSC) approved the sale of the original strata-titled townhome complex earlier this year.

This is the second strata-titled property transaction to complete since Bill 40 became law in July 2016.

"Prior to 2016, the law required 100 percent of the owners to vote to dissolve their strata," says Steve Forrest, Vice President, Acquisitions and Development at Anthem. "Bill 40 lowered that threshold to 80 percent, making it possible for the vast majority of owners to compel a sale. The process was long but it was fair, and even though we had to increase the price to match the growing market over that time, we are happy with the outcome."

Anthem has applied to the City of Coquitlam to redevelop the property. If rezoning is approved, the aging 58 unit condominium complex will be replaced by two buildings. The 23 and 28 storey concrete structures, named Wynwood Green, include 379 homes bordered by the Vancouver Golf Club and Brookmere Park and 500 metres from the Evergreen SkyTrain extension.

The project team is targeting construction to begin in the summer of 2018.

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