UBC buys $70M 'revenue generator' property in Surrey

The University of British Columbia is expanding its presence south of the Fraser River, with the purchase of a $70 millionproperty in Surrey, B.C., that it says will serve as a revenue generator.

In a statement Tuesday, the university said itsUBC Properties Trust has acquired a 12,500square-metre siteat the intersection of King George Boulevard and Fraser Highway, which is currently home to the Grace Hanin Community Church.

The plan is to develop the site which islocated close to the SkyTrain, Surrey Memorial Hospital and other community amenities with a combination of residential and commercial space, which UBC hopeswill generate revenue to build dedicated academic facilities.

"UBC is committed to creating welcoming spaces that advance innovation and collaboration and respond
to community and regional needs and this new site demonstrates this,"UBCpresident and vice-chancellorSanta Ono said in the statement.

The school says the new acquisition supports its strategic plan to developitsregional presence, as well as improveaccess to post-secondary education in the Fraser Valley region.

It plans to work withFraser Health, the First Nations Health Authorityand the province to train health students and medical residents in the area.

Nearly 4,300students,faculty andstaff, as well asthousands of UBC alumni, live in the Surrey area, according to the school, and every yearmore than 4,900 health students and medical residents study in the area's hospitals andprimary care clinics.

UBC said public consultation with Surrey and other Fraser Valley communities, alongside Indigenous leaders, will get underway next year.

The school did not indicate whether it hadatimeline for the development.

CBC News has contactedtheGrace Hanin Community Church for comment but has yet to hear back.