An international commercial builder and a Canadian commercial real estate agent have allegedly sold Vancouver office space under false pretenses, a lawsuit claims.
A B.C. numbered company filed a civil claim this month against Bosa Development, Magnum Projects Ltd. and a female employee of Magnum Projects Ltd. alleging that the office space they were presold was misrepresented and bought under pressure according to Supreme Court of B.C. court documents[1]
1126310 B.C. LTD. v MAGNUM PROJECTS LTD. VLC-S-S-1711258.
Bosa Development, the developer of the commercial office building located at 320 Granville Street in Vancouver, hired Magnum Projects Ltd. as a real estate selling agent for their property.
The representative of 1126310 B.C. LTD. allegedly met with an employee of Magnum in November at their sales office and were shown a building model of an office unit that suited their needs.
They signed a contract and the buyer gave a deposit of $50, 000 to the seller for a purchase of almost $4 million dollars.
The company, after signing the contract, allegedly went to the property they had purchased and realized the office space did not meet their requirements that they were promised, according to court documents.
Now the company has filed a civil claim alleging negligent misrepresentation and fraud against the development company, Magnum and their employee.
The numbered company alleges that they felt “pressured” by the Magnum employee to sign the contract and at no time did the employee explain the contract, which was over 250 pages, according to court documents.
The Granville office space being disputed is Bosa Development’s building that made local news in November for selling out in a week for over $2000 per square foot.
Vancouver has Canada’s lowest office vacancy rate and new office space is being presold quickly for high prices.
Bosa Developments and Magnum Projects Ltd. did not respond in time for this article. The lawyers representing the plaintiff company indicate they are not able to comment on ongoing litigation.
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[Photo Credit: City of Vancouver]
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