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)

Luxury B.C. condo fetches $10.79M

Victoria penthouse eclipses previous $7M sale in same building

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

Vehicle stolen after break-in at Lake Country home

RCMP are asking the public for any information about the whereabouts of the vehicle

Traffic backed up Northbound on Highway 97

Plan an alternate route if possible

Okanagan Boys and Girls Club’s youth program receives $50,000 grant

The Home Depot Canada Foundation gave the grant to support a housing project for youth

Regional District of Central Okanagan Holiday closures

The office will be closed from Dec. 25 to Jan. 1

‘Are we going to play?’ Alberta boy with rare illness no big deal for classmates

Porter Stanley is one of 30 people in the world to be diagnosed with Beare-Stevenson syndrome, a craniofacial disorder.

Publication ban on name of girl killed in Abbotsford school lifted

Reimer’s family had supported an application by Black Press to lift ban

Family saved but pets lost in Shuswap house fire

Firefighters manage to extinguish the blaze but a cat and dog perished

B.C. securities regulator probes ‘most expansive’ alleged trading scheme in its history

Liht Cannabis Corp states it’s doing internal investigation, welcomes BC Securities Commission probe

Air passenger rights: 6 things about what the Liberals are offering

For 3- to 6-hour delays, compensation is $400. Between 6 and 9 hours, $700. Over 9 hours is $1,000

RCMP, civilian vehicles rammed in North Okanagan incident

Police attempt to stop truck near Enderby, thought to be tied to alleged Salmon Arm armed robbery

New biker gang with ties to Hells Angels crops up in Lower Mainland

The Street Reapers were formed late last year and have been seen in Fort Langley.

10-lane George Massey bridge too big, B.C. study says

Consultants say replacement tunnel cost similar to new bridge

Couple caught up in B.C. Legislature bomb plot to learn their fate

John Nuttall and Amanda Korody were arrested as part of an undercover RCMP sting on Canada Day 2013

Most Read