The lure of cashing in on pricey real estate has fuelled Chevron’s latest decision to sell another five of its gas stations in Vancouver.
On Thursday, a spokesperson confirmed the closures of five more locations, all on the west side of the city.
“The economics of the land value really is what’s driving the decision to divest,” said Adrien Byrne who oversees public affairs at the gas company.
By tomorrow, he says drivers pulling up to the pumps at Cambie and West 16th and Oak and West 41st should expect to see closed signs.
Within the next four to six weeks, Byrne says the other three will be shut down in anticipation of their sale:
- Broadway and Alma
- Cambie and West 59th
- West Fourth and MacDonald
Mid last year, the company announced it was selling three other Vancouver stations which have since closed.
One of them was located downtown on West Georgia Street. B.C. Assessment pegged its land value at $32.8 million.
Byrne says the deal was “widely reported at $72 million” and to make the same amount in profit would have taken “decades” even though it was a high traffic site.
Read more here: http://www.cbc.ca/news/canada/british-columbia/pricey-real-estate-fuels-chevron-s-decision-to-sell-5-more-vancouver-locations-1.4251459