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

An 800-pound pig needs a forever home, Langley animal shelter says

‘Theodore is not destined to be somebody’s bacon’

Condominium market still ‘a lot better’ than normal in Vancouver suburbs

The Fraser Valley, east of Metro Vancouver, has long been considered a more affordable haven for first-time homebuyers.

Langley players stand out as Thunderbirds sweep three-game road trip

Hockey team ranks first in the BC Minor Midget League

PHOTOS: A sharp-dressed Christmas at Krause Berry farm for Langley family

‘I don’t feel that people dress up enough’ mom says

Langley conservative activist accused City council of human rights violations over flags

Kari Simpson will complain to the B.C. Human Rights tribunal, she said.

VIDEO: Close encounter with a whale near Canada-U.S border

Ron Gillies had his camera ready when a whale appeared Dec. 7

Judge gives Michael Cohen 3 years in prison

Judge William H. Pauley III said Cohen deserved a harsh punishment for crimes including tax evasion

Humboldt Broncos, cannabis, Fortnite: Here are Canadians’ top Google searches for 2018

When celebrities died or Canada Post went on strike, Canada turned to Google

B.C. billionaires worth 5,845 times average middle-income household

Economists argue for changes to Canadian tax system benefitting rich

5 to start your day

Row, row, row your car, down a Surrey road, White Rock to allow dogs on promenade and more

Retired B.C. teacher a YouTube Sudoku sensation

A retired Kelowna teacher has amassed quite the following online by teaching the art of solving a Sudoku puzzle.

UN chief returns as climate talks teeter closer to collapse

Predictions from international climate expert, warn that global warming is set to do irreversible environmental damage.

Trump’s willingness to intervene in Meng detention roils Canada’s justification

The International Crisis Group said Tuesday, Dec. 11 it’s aware of reports that its North East Asia senior adviser Michael Kovrig has been detained.

Scientist awarded $100K for work on Arctic contaminants that led to ban

Derek Muir has received the $100,000 Weston Family Prize for his research that showed those carcinogens were able to move into the Arctic.

Most Read