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

Get local stories you won't find anywhere else right to your inbox.
Sign up here

 

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

Reported Kelowna Hells Angels member dies in Fraser Valley motorcycle crash

Michael “Speedy” Christiansen was found dead on Monday morning near Ruby Creek on Highway 7

Fatal motorcycle collision behind Highway 7 closure

Man’s body found Monday near Ruby Creek, believed to be involved in collision over weekend

Canada West Golf Championships cancelled due to COVID-19 travel restrictions

UBC, UBC-O, UFV and UVic athletes will not hit the links this year, Kelowna was set to host

Chilliwack basketball star Deanna Tuchscherer ready for Hungarian adventure

The UFV women’s basketball standout is going overseas to play pro basketball

B.C. Liberal MLA first to get signs up in Chilliwack-Kent riding

Throness says contituency office currently closed as he prepares to campaign

COVID-19: 4 more deaths, 366 new cases in B.C. since Friday

A total of 8,208 people in B.C. have tested positive for COVID-19 since January

Dozens of Canadian venues to light up red in support of entertainment workers

Local facilities among dozens across Canada to participate in Light Up Live

Vancouver Island sailor stranded in U.S. hospital after suffering massive stroke at sea

Oak Bay man was attempting to circumnavigate the world solo

Majority needed to pass COVID-19 budget, B.C. premier says

John Horgan pushes urgent care centres in first campaign stop

Public health officials urge Canadians to limit contacts again as COVID-19 cases rise

Canada has committed $1 billion to buy at least 154 million doses of vaccines from five different companies

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Vancouver Island family overwhelmed with 14 Lab puppies

Litter may be one of the biggest ever

B.C. could be without a new leader for multiple weeks after Election Day: officials

More than 20K mail-in voting packages were requested within a day of B.C. election being called

Neighbour’s quick actions save dogs and home in Chilliwack townhouse fire

Neighbour heard fire alarm and called 911 and rescued dogs from unit on fire

Most Read