Vancouver actual property: Oakridge teardown listed for $10.5M

A modest, four-bedroom, two-and-a-half-bathroom home on Vancouver’s west side is currently listed for sale for more than $10 million, but prospective buyers aren’t allowed to take a look inside.

“No showing of property at seller’s request as it is being sold for land value only,” reads the listing for 448 W. 41st Ave. 

It’s being pitched as a “prime and fantastic development/holding property” in Vancouver’s rapidly developing Oakridge neighbourhood, which is designated as a “municipal town centre” in the city’s Cambie Corridor Plan. 

The centrepiece of the “town centre” is the massive and ongoing redevelopment of Oakridge mall, which is just a block away from the listed property.

Numerous other redevelopment projects are also in progress in the area, including on either side of the property in question.

Any buyer looking to redevelop the home would need to first get the land rezoned, as the city’s zoning map shows it and numerous other properties in the area are still zoned R-1, meaning the only thing that can be built on them without approval from Vancouver City Council is a single-family detached home. 

The city’s rezoning policy for the property, however, indicates that council will consider changing the zoning to allow a tower of up to 18 storeys on the 680-square-metre (7,300-square-foot) site. 

That redevelopment potential is the likely reason for the sky-high asking price. CTV News has reached out to the listing agent for more information on the property and will update this story if a response is received.

For its part, BC Assessment values the home at $2,724,400, well below the $10.5-million asking price. 

The vast majority of the property’s assessed value comes from the land. The existing building on the site is assessed at just $34,400.