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

Pair of setbacks for junior B Isles

After back-to-back wins gave the Kerry Park Islanders a little momentum in… Continue reading

Two additional features for Chemainus Public Market unveiled

Old-fashioned ice cream parlour and arcade big part of the plans

VIDEO: Talented pair hit the Osborne Bay stage Oct. 25

Lindsay Elzinga and Jaimey Hamilton play Crofton together

Chris Wilkinson column: The goodness of people

It started the first Tuesday morning in September.

VIDEO: Is the stethoscope dying? High-tech options pose threat

World-renowned cardiologist believes the device is just a pair of ‘rubber tubes’

85-year-old woman perishes in house fire in Cumberland Wednesday

Police and fire personnel were called to the scene of a fire… Continue reading

‘Cartoony’ mushrooms popping up across Vancouver Island are highly poisonous

Fly Agaric mushrooms can cause hallucinations, gastrointestinal pain and death

Beers on the job, smacking crotches: 10 police misconduct probes in B.C.

Recent report by the Office of the Police Complaint Commissioner highlights a number of investigations

Seizure of cannabis edibles, including mac-and-cheese, prompt warning from B.C. RCMP

Potato chips, cheesecake and candy infused with cannabis also seized back in August

B.C. parents sue city and province in 12-year-old daughter’s drowning at lake

Beverly Park drowned at Rotary Lake in Dawson Creek in August 2016

Island mom warning others as suspicious powder found in mail

“I was very uneasy … it could be coffee whitener or it could be something else in the bag.”

VIDEO: Chill with polar bears through an Arctic live cam

Cam reopens just ahead of Polar Bear Week

Most Read