Luxury B.C. condo fetches $10.79M

Victoria penthouse eclipses previous $7M sale in same building

Living room rendering for a Customs House suite shows spectacular harbour views through large floor to ceiling windows. Site work for the luxury homes project is due to start this fall, with the projected completion time early 2020. (Courtesy Edelman)

A luxury condo overlooking the Fairmont Empress, B.C. legislature and the Inner Harbour was sold on Nov. 26 with the biggest price tag a condo has seen in the city.

The building, which is expected to be move-in ready for late spring 2020, features two penthouse suites. The sub-penthouse was sold last year for just shy of $7 million. At the time it was the most anyone had paid for a condo in Victoria.

“This has eclipsed it by an additional $4 million. This is by far the highest price paid for a condo [in Victoria],” said Craig Anderson, the director of marketing and sales for Magnum Projects.

READ MORE: Customs House envisions Inner Harbour luxury in Victoria

The $10.79-million penthouse suite features three bedrooms — each with an ensuite bathroom, balcony and walk-in closet — in 4,400 square feet with an additional 1,900 square-foot rooftop patio.

Of the 57 units planned for Customs House, only nine have not yet been sold. Anderson said most of the buyers are quite private, but all of them are Canadian citizens planning to make the Customs House their primary residence.

“We’ve not seen any investors in this project,” he said. “One thing I find quite interesting is everybody who’s bought into this project has a connection to Victoria, whether they went to Brentwood or they went to UVic or they had business interests in Victoria.”

Originally built in 1898, the building served as police barracks. In 1914, it was added onto before a fire in 1937 burned down a portion of it. It was rebuilt in 1951. With so many additions and changes over the decades, different floor heights made it difficult to find a new purpose for the waterfront structure.

“You couldn’t do anything with the building other than maintaining the heritage facade,” Anderson said.

The exterior wall facing the waterfront is all that remains intact, and the condos will be built within. Space for a parkade is currently being dug out.

Soon the building will have new life. Cielo Properties, Anderson’s client, is also looking to add a high-end restaurant in the first floor.

It will add “preservation for all tourists coming into the city to see it, but also very important is I believe it adds a gateway to the business district on Government Street,” Anderson said. “You can imagine it’s dusk, you’re walking up Government Street and in the window, it’s fine dining. It just sets off that entire building and it really sets a tone for the downtown core.”

READ MORE: City grants 10-year tax ‘holiday’ for luxury condo building


@KeiliBartlett
keili.bartlett@blackpress.ca

Like us on Facebook and follow us on Twitter

 

A rendering shows the finished Customs House residential/commercial project at Government and Wharf streets. Site work for the luxury homes project is due to start this fall, with the projected completion time early 2020. (Courtesy Edelman)

Just Posted

Group aims to preserve French Creek tree

Save Estuary Land Society says bald eagles used tree for nest

Farewell to Parksville Beach Festival for 2019

People’s Choice Awards tallied, organizers report another successful year

UPDATE: Nanoose Bay residents miffed as roadwork on Northwest Bay Road causing long delays

‘I sat in traffic for a half-hour and moved approximately 50 feet’

Oceanside RCMP officer makes Alexa’s Team

Munro able to stop and process 15 impaired motorists during the past year

Oceanside Generals boost arsenal for coming VIJHL season

Coach Lemmon gets a good look at players at main camp

Bodies of two missing Surrey men found near Ashcroft: RCMP

Ryan Provencher and Richard Scurr have been missing since July 17

Hearings begin as Vancouver Island mom fights for allegedly abducted daughter

Tasha Brown now in Jersey in the British Isles, fundraiser being held in Nanaimo

B.C. manhunt suspects left cellphone video before they died: family

Family member says Kam McLeod, Bryer Schmegelsky recorded final wishes

VIDEO: RCMP unveil new, state-of-the-art forensics lab in Surrey

The laboratory is expected to handle thousands of forensic services from across Canada annually

Scheer promises EI tax credit for new parents if Conservatives form government

The government currently taxes employment insurance benefits for new parents

Parksville man, 75, goes missing from north Nanaimo home

Police dog services called in to help with search

B.C. seizes 1.5M grams contraband tobacco, down from 5.75M grams the year prior

The 2019-2020 seizures were a sharp drop compared to the 2018-2019 year,

B.C. Speaker tight-lipped about aide’s legislature security tour

B.C. Liberals question Alan Mullen’s drive across Canada, U.S.

Most Read