A Vancouver property that was marketed particularly to investors and builders is up for redevelopment.

The City of Vancouver has received an application for a development permit to build five new homes at 5415 Wales Street.

The single-family home sold on December 15, 2020 for $2,480,000.

The five-bedroom and three-bath home sold after only three days on the market with an original listing price of $1,988,888.

This means that the home sold $491,112 over its asking price.

The property has a 2021 assessment of $1,769,700.

Architrix Studio filed a development permit application on behalf of the new owner.

The plan involves two duplexes, which are equivalent to four homes.

At the back will be the fifth home.

In its design rationale, Architrix Studio states that the proposed development has been “designed carefully to fit in character of the Norquay Village sub-area of the Renfrew-Collingwood neighbourhood”.

The property has an RT-11 zoning, which means that multiple homes are allowed.

The site is at the southwest corner of Wales Street and East 38^th Avenue, and kitty corner to Norquay Park.

“The development of multiple dwelling family oriented stratified units will contribute to the creation of more affordable housing ownership options for the neighbourhood in the form of gentle densification advancing the goals of the City of Vancouver with respect to housing affordability and provision of the ‘missing middle’ housing type,” Architrix Studio states.

Nowadays, half duplexes are priced at least $1 million.

An example is the half duplex at 2476 East Pender Street, which is currently on the market for $1,398,000.

The duplex on the said address was built in 2021.

The City of Vancouver is accepting public comments on the development permit application for 5415 Wales Street until August 25.