Monday, January 30, 2023

Waterfront eyesore worth $7.2m - PAK Construction

6689 Nelson Ave in West Vancouver includes two properties and a waterfront lease. Lot one is 6.63 acres surrounding the house and lot two is a 1.79 acre stretch of shoreline leading to Horseshoe Bay. They were purchased Dec 15, 1992 by PAK Construction. Price was $2.3m. PAK Construction owned a property at 690 Knockmaroon Road in British Properties which sold in Feb 2021 for $4.8m. It is was used as a business address for PAK. It was a 'knockdown' with value in the land alone.
PAK Construction owns a second spectacular vacant waterfront property at 7290 Arbutus Place in West Vancouver adjacent to Whytecliff Park. Its up for sale for $18m.

West Vancouver has no vacant home tax and municipal property taxes have been paid on time. Developers can leave vacant homes to rot for free in West Vancouver until they can be demolished after years of appreciating in value. The Nelson Avenue property was built in 1957 has an assessed value of $7.2m. Kazem Askari and Etat Askari own PAK Construction.