Aberdeen Square, an expansion of Aberdeen Centre in Richmond, won’t open until 2013, but already 75 per cent of the 160,000 square feet in new retail and office space has been bought.
The sales occurred over a three-day period last weekend, mostly to Metro Vancouver buyers, but also buyers in mainland China and other Asian countries.
When completed, the six-level Aberdeen Square will abut the Canada Line’s Aberdeen Station, meaning shoppers and employees in the complex will not need to drive to their destination.
Unlike in most malls, the majority of occupants are buying rather than leasing spaces.
“We are open to both leasing and purchasing,” said Thomas Fung, CEO of Fairchild Property Group, the originator of the development. “I think it’s a cultural thing. In the Asian market, they have a trend to buy the property.”
Aberdeen Square will be owned and developed by Aberdeen Project Thirteen Ltd., a wholly owned subsidiary of Fairchild Property Group Ltd.
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When combined with the existing Aberdeen Centre to the east, Aberdeen Square will total 250,000 square feet, making it the largest Asian-style retail centre in North America.
Aberdeen Centre began in 1989 as a shopping mall meant to appeal to Richmond’s growing Asian population. Phase two of the development came in 2003, when the mall tripled in size. Aberdeen Square marks Phase 3 of the mall development. Ground has not yet been broken on the site.
Bing Thom has been the architect for all three stages of the development.
At a news conference Wednesday, Richmond Coun. Harold Steves recalled how the area, at Cambie and No. 3 Road, used to be the site of a funeral home. He recalled that when first approached by a developer who hoped to put a shopping mall at the location, Steves responded, “You’ll lose your shirt. There’s nothing there.”
Richmond has the highest proportion of Asians of any Canadian city, with 43.6 per cent of residents of Chinese origin, 7.9 per cent South Asian, 5.5 per cent Filipino and 1.8 per cent Japanese. Richmond’s population is projected to grow by another 50,000 in the next decade.
The new mall square will have three floors of retail and three floors of offices.
Another facet that sets Aberdeen Square apart from other retail malls is that it does not have a major anchor tenant. With the new development, the largest retail space is 6,637 square feet, with another at 6,634 square feet, hardly room for a Walmart, Sears or Safeway. At the lower end, a retail space can be as small as 144 square feet. Office spaces range from 186 to 1,401 square feet.
mandrews@vancouversun.com
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