A judge has ruled that the sale of a Vancouver West End assembly can proceed despite two holdout owners who believed the sale price was too low and that they were not kept informed during the sale process.
Barclay Terrace is a 36-unit concrete complex built in 1992 and located at 1075 Barclay St. in Vancouver’s West End.
Vancouver Real Estate News, Market Updates, Insider Tips, Stats, & Analysis
Of the 36 units in the building, 34 belong to two corporations, Barclay Thurlow Property Inc. (BTPI) and Shepstone Investments Inc., referred to as the majority owners. BTPI is affiliated with Westbank Corporation and Shepstone with Bosa Properties Ltd.
The units had been gradually purchased by the companies from individual owners with the goal of winding up the strata corporation and selling the property for redevelopment.
According to B.C. strata bylaws, owners can force a sale if 80 per cent agree; with 34 of the 36 units in hand, BTPI and Shepstone owned 94 per cent of the strata vote.