UBC Properties Trust initiates proposal calls to developers on residential land, which will be leased for market housing. The freehold of UBC's land will never be sold; successful developers enter into a 99 year prepaid lease with the University as landlord. In strict accordance with the Board of Governors' policy, net proceeds from these leases are endowed to serve the University's academic mission.
Successful developers prepare working drawings and permit applications that are consistent with the site characteristics as determined in the Neighbourhood Plan. UBC's Campus and Community Planning is responsible for granting the necessary permits before construction commences. As the projects near completion, the developer stratifies and converts their ground lease into individual strata lots leases which are then assigned from the developer to the end purchaser. As a result, the purchaser ends up being the lessee with UBC as the landlord.
A number of developer projects have been completed at UBC to date. Below is information and links to developers whose projects are currently offering housing for purchase.
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Assignment of Lease/Tripartite Agreement
For all Market House properties purchased at UBC, a Form C Assignment of Lease must be signed by the University of BC as well as a Tripartite Agreement for every mortgage placed against the property.
There are several procedures to assist you in obtaining signatures for your Form C Assignment of Lease and Tripartite Agreement. Please make sure that all the information in your documents is correct and follow the Closing Document Procedures to ensure a judicious process.
Thank you for your assistance in following these procedures. If you have any questions, please call 604-731-3103 for assistance.