Just a few years after making the high-profile purchase, Vancouver-based real estate developer Keltic Development has been quietly gauging market interest for the Brighouse West Business Park in Richmond, STOREYS has learned.
The Brighouse West Business Park is a 27-acre property comprised of 5900 No. 2 Road, 6191 Westminster Highway, 6311 Westminster Highway, 6751 Westminster Highway, and 6651 Elmbridge Way, which BC Assessment values at $72,172,000, $36,974,000, $55,186,000, $55,041,400, and $55,697,000, for a total of $275,070,400.
In December 2021, Keltic Development announced that they had acquired the property for $300,000,000, and the parcels are now all beneficially owned under 1319188 BC Ltd.
The vendor was QuadReal Property Group, the real estate arm of the British Columbia Investment Management Corporation, and QuadReal also provided acquisition financing — i.e. a vendor take-back mortgage — to Keltic, according to a 2021-2022 QuadReal report.
Recently, however, Keltic has been gauging market interest in the property, according to several industry sources STOREYS has spoken to, who add that the property has not been officially listed.
5900 No. 2 Road in Richmond, in May 2023. / Google Maps
It is unclear why Keltic has floated the idea of selling the property. For the site, Keltic has been developing a master-planned community called River Garden that would create "a seamless transition between the Fraser River and Olympic Oval in to the surrounding communities," according to the company's corporate website.
City of Richmond records indicate that a rezoning application has previously been submitted, with the proposal comprised of 1,833 residential units, 118,402 sq. ft of retail space, and 334,758 sq. ft of office space.
Reached for comment, Keltic Development confirmed that they have been gauging buyer interest in the site, but added that they may also hold on to the property.
''We are weighing both options including continue developing it, or sell it if the value is right or good," said CEO Rachel Lei in a statement provided to STOREYS. "No definite decision has been made yet."
Asked about their vendor take-back mortgage, QuadReal declined to comment.
Keltic Development
Keltic Development was founded in 2016 by Weiguo Li and Anna Wang, an immigrant couple from China, where Li founded Beijing Oriental Yuhong Waterproofing Technology and Beijing GeoEnviron Engineering & Technology. Li serves as Chairman of both companies, while Wang serves as the director of Keltic Development.
In a LinkedIn post this January, Keltic laid out its strategic plan for the next five years.
"At Keltic, our vision for the next five years focuses on expanding our portfolio with a balanced approach. We will continue to prioritize mixed-use residential developments while increasing our industrial and IPP (Income-Producing Properties) portfolio to 20%. Our geographic focus will remain in the Lower Mainland, with additional opportunities being explored in Alberta and in the Southern United States."
"To fuel this growth, we will actively engage with third-party equity partners, pursue land joint ventures, and explore GP-LP structures and REITs to enhance our capital strategy," the company added. "Beyond our development projects, we will expand our service offerings by providing project management services to external clients, further solidifying our market presence."
After completing Paramount — a mixed-use complex at 6388 No. 3 Road — in Richmond in 2022, Keltic currently has several other large projects in its pipeline, particularly in Burnaby, where it has also made several high-profile acquisitions in recent years.
After acquiring the REVS Bowling site at 5502 Lougheed Highway in 2023 for $94 million, Keltic recently unveiled its development plans for the site, with three high-rise towers planned. The project is up for a first and second reading on February 25.
In 2022, Keltic also acquired 4444-4488 Kingsway from Bosa Properties for $145 million, where it is also planning two high-rise towers.
It is also in the process of constructing the 30-storey O2 Metrotown condo tower at 6620 Sussex Avenue, which is expected to complete construction in 2026.
