Amid cooler market conditions in Canada, the UK-based Grosvenor Group has posted better-than-expected revenue in 2018, according to the firm’s latest earnings report.
With Canada offices situated in Calgary and Vancouver, Grosvenor develops, manages, and invests in primarily retail, office, and residential property in more than 60 cities worldwide.
The privately-owned property business saw its total Canadian return for last year more than double to 5.5%, from the 2.7% performance in 2017.
Grosvenor noted that this level – which was the firm’s third strongest Canadian performance to date – came about in spite of sluggish activity in the West Coast.
Among the company’s highlights was its Grosvenor Ambleside project in Vancouver.
“2018 saw the completion of the first phase of Grosvenor Ambleside, our landmark mixed-use development that has revitalised a beloved but underused neighbourhood in West Vancouver,” the firm’s report stated.
“As well as high-quality residences, we have created a vibrant public plaza with restaurants, shops and public art.”
Such large-scale developments in Vancouver helped boost the national housing starts trend to 206,103 units in April, the Canada Mortgage and Housing Corporation reported in its latest study.
The city’s multi-family starts went up by 3% annually, helping offset the 2% decline in starts across all housing types.
“Fifty-three per cent of these projects are located in the cities of Vancouver and Burnaby. As the reduced sales activities continued to allow listings to accumulate, developers have started to focus more on existing projects rather than new construction,” CMHC explained.
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