$25 Million Surrey Property Case; Court Rules in Favor of Former Partners

A 4.3-acre property at 152 Surrey Street, purchased for $690,000 in 1996, is now worth more than $25 million and is being litigated by a dispute between three former partners.

The British Columbia Supreme Court has ruled that the original owner, Harjinder Cheema, must give up 20 percent of the land to his friends and former partners, Gurdarshan Mand and Kuldeep Gill. Justice Lauren Blake also ordered the property to be sold within 60 days to determine each party’s share of the proceeds.

The ruling came after a lengthy trial lasting 108 days and spanning 19 months. The judge said continuing joint ownership would only exacerbate the dispute and that selling the property was the best solution.

The land is currently valued at $25.5 million, according to an official appraisal, more than 37 times its original purchase price. Experts say the future use of the land is likely to be commercial and industrial.

Another meeting is scheduled to be held to determine the details of profit sharing and legal fees.

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