Office Building For Sale - Colliers Canada
St. Andrew’s Square
CONTACT US Blansha
rd Stree
treet
t
Office Building For Sale
The Atrium
Fort S
GRANT EVANS* 250 414 8373 [email protected]
TRISTAN SPARK 250 414 8391 [email protected]
Quadra COLLIERS INTERNATIONAL 1175 Douglas Street, Suite 1110 Victoria, BC V8W 2E1 250 388 6454 www.collierscanada.com/Victoria
Street
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914 Yates Street Victoria, BC
This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2017. All rights reserved. This communication is not intended to cause or induce breach of an existing listing agreement. Colliers Macaulay Nicolls Brokerage Inc. (Vancouver). *Personal Real Estate Corporation. GT 01/17
GRANT EVANS* 250 414 8373 [email protected]
HIGHLIGHTS
TRISTAN SPARK 250 414 8391 [email protected]
>> Tenancies include the Federal Government and Province of British Columbia
COLLIERS INTERNATIONAL 1175 Douglas Street, Suite 1110 Victoria, BC V8W 2E1 250 388 6454 www.collierscanada.com/victroria
>> Potential for redevelopment into a mixed-use project up to a 5.5:1 FSR
>> Two storey building, improved in 2008 including seismic upgrades and elevator >> R-11 zoning permits a variety of commercial uses >> Over $4.7 million spent on the building since 2007 on exterior and interior improvements
FOR SALE > 914 Yates Street Victoria, BC
OPPORTUNITY
TENANCY
The subject property is located in the Harris Green Neighbourhood of downtown Victoria on the north side of the 900 block of Yates Street, close to the intersection of Quadra Street and Yates Street. The Harris Green neighbourhood features some of Victoria’s highest density residential development with excellent shopping and amenities in the immediate area. The Market on Yates, Victoria’s only downtown grocery store, is located directly across Yates Street along with Harris Green Shopping Centre anchored by London Drugs.
The two tenancies occupying the building are the Province of British Columbia who lease the entire second floor (13,441 sq.ft.) and the Federal Government who lease (8,888 sq.ft.) of the main floor. There are two additional vacant unimproved units on the main floor of 3,572 SF and 645 SF.
IMPROVEMENTS
ASSESSED VALUE (2017)
The site is improved with a two storey building that occupies the entire site, with partial basement. The current building was constructed in 1952-53 and benefits from comprehensive interior and exterior renovation’s in 2002 and 2008 which included a seismic upgrade and installation of an elevator. The current owner, who purchased the property in 2002, undertook +/$2.7 million in exterior and interior building upgrades in 2007/2008. In addition, both the Province of B.C. and the Federal Government spent +/- $1.0 million each on tenant improvements.
PROPERTY DETAILS
>> $6,367,000
PROPERTY TAXES (2016) >> $119,547
NET OPERATING INCOME
Civic Address:
914 Yates Street, Victoria, BC
Legal Address
Lots 819 & 820, Victoria City, (2 legal lots) PIDs: 004-863-780 and 004-863-798
Site Area (according to BCAA records)
14,761 SF
Site Description
The subject property is predominantly square in shape with dimensions of +/- 120 feet along Yates Street and a property depth of +/- 123 feet.
Zoning
R-11 (Central Area Residential District) permitting a wide range of commercial uses including, but not limited to: business and professional offices, retail, restaurants, multiple dwellings. OCP permits up to 5.5:1 FSR.
Services
Full municipal services are provided to the property and include storm and sanitary sewers, hydro on above-ground utility poles, telephone, gas, fiber and cable.
DEVELOPMENT POTENTIAL The location and size of the site lends its self to a potential redevelopment in the future. The Official Community Plan supports a 5.5:1 FSR for a mixed use development (+/-81,000 sq.ft.) upon a rezoning of the property. Downtown Core Area Plan policy suggests a height of 50m (17 residential storeys), but the density and height limits are guidelines and any application for redevelopment would be reviewed against current policy and design guidelines.
>> Current NOI: $372,619 >> Potential NOI:
$455,108 (100% Leased)
*The potential NOI accounts for the lease up of the two main floor vacancies at a base rent of $10.00 per SF.
ENVIRONMENTAL North West Environmental Group Ltd. undertook a Stage 1 Site Investigation for the current owner in November 2002. The report concluded “no indication of a fuel tank on site, and with no reported indication of site use that would indicate a level of risk of soil or groundwater contamination that would indicate further investigation.” Furthermore, the current owner undertook an extensive asbestos removal program when the building was vacant at the time of purchase.
BUILDING AREAS
FINANCING >> Treat as clear title.
PRICE >> Seven Million Four Hundred and Ninety Thousand Dollars ($7,490,000) Detailed Confidential Information Memorandum (CIM) is available to qualified purchasers upon receipt of a signed Confidentiality Agreement (CA)
Area
Size (SF)
Second Floor
13,441
First Floor
13,381
Basement
2,464
Total
29,286
FOR SALE > 914 Yates Street Victoria, BC
OPPORTUNITY
TENANCY
The subject property is located in the Harris Green Neighbourhood of downtown Victoria on the north side of the 900 block of Yates Street, close to the intersection of Quadra Street and Yates Street. The Harris Green neighbourhood features some of Victoria’s highest density residential development with excellent shopping and amenities in the immediate area. The Market on Yates, Victoria’s only downtown grocery store, is located directly across Yates Street along with Harris Green Shopping Centre anchored by London Drugs.
The two tenancies occupying the building are the Province of British Columbia who lease the entire second floor (13,441 sq.ft.) and the Federal Government who lease (8,888 sq.ft.) of the main floor. There are two additional vacant unimproved units on the main floor of 3,572 SF and 645 SF.
IMPROVEMENTS
ASSESSED VALUE (2017)
The site is improved with a two storey building that occupies the entire site, with partial basement. The current building was constructed in 1952-53 and benefits from comprehensive interior and exterior renovation’s in 2002 and 2008 which included a seismic upgrade and installation of an elevator. The current owner, who purchased the property in 2002, undertook +/$2.7 million in exterior and interior building upgrades in 2007/2008. In addition, both the Province of B.C. and the Federal Government spent +/- $1.0 million each on tenant improvements.
PROPERTY DETAILS
>> $6,367,000
PROPERTY TAXES (2016) >> $119,547
NET OPERATING INCOME
Civic Address:
914 Yates Street, Victoria, BC
Legal Address
Lots 819 & 820, Victoria City, (2 legal lots) PIDs: 004-863-780 and 004-863-798
Site Area (according to BCAA records)
14,761 SF
Site Description
The subject property is predominantly square in shape with dimensions of +/- 120 feet along Yates Street and a property depth of +/- 123 feet.
Zoning
R-11 (Central Area Residential District) permitting a wide range of commercial uses including, but not limited to: business and professional offices, retail, restaurants, multiple dwellings. OCP permits up to 5.5:1 FSR.
Services
Full municipal services are provided to the property and include storm and sanitary sewers, hydro on above-ground utility poles, telephone, gas, fiber and cable.
DEVELOPMENT POTENTIAL The location and size of the site lends its self to a potential redevelopment in the future. The Official Community Plan supports a 5.5:1 FSR for a mixed use development (+/-81,000 sq.ft.) upon a rezoning of the property. Downtown Core Area Plan policy suggests a height of 50m (17 residential storeys), but the density and height limits are guidelines and any application for redevelopment would be reviewed against current policy and design guidelines.
>> Current NOI: $372,619 >> Potential NOI:
$455,108 (100% Leased)
*The potential NOI accounts for the lease up of the two main floor vacancies at a base rent of $10.00 per SF.
ENVIRONMENTAL North West Environmental Group Ltd. undertook a Stage 1 Site Investigation for the current owner in November 2002. The report concluded “no indication of a fuel tank on site, and with no reported indication of site use that would indicate a level of risk of soil or groundwater contamination that would indicate further investigation.” Furthermore, the current owner undertook an extensive asbestos removal program when the building was vacant at the time of purchase.
BUILDING AREAS
FINANCING >> Treat as clear title.
PRICE >> Seven Million Four Hundred and Ninety Thousand Dollars ($7,490,000) Detailed Confidential Information Memorandum (CIM) is available to qualified purchasers upon receipt of a signed Confidentiality Agreement (CA)
Area
Size (SF)
Second Floor
13,441
First Floor
13,381
Basement
2,464
Total
29,286
St. Andrew’s Square
CONTACT US Blansha
rd Stree
treet
t
Office Building For Sale
The Atrium
Fort S
GRANT EVANS* 250 414 8373 [email protected]
TRISTAN SPARK 250 414 8391 [email protected]
Quadra COLLIERS INTERNATIONAL 1175 Douglas Street, Suite 1110 Victoria, BC V8W 2E1 250 388 6454 www.collierscanada.com/Victoria
Street
t n Stree Johnso
Yates S tre
View S
treet
et
914 Yates Street Victoria, BC
This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2017. All rights reserved. This communication is not intended to cause or induce breach of an existing listing agreement. Colliers Macaulay Nicolls Brokerage Inc. (Vancouver). *Personal Real Estate Corporation. GT 01/17
GRANT EVANS* 250 414 8373 [email protected]
HIGHLIGHTS
TRISTAN SPARK 250 414 8391 [email protected]
>> Tenancies include the Federal Government and Province of British Columbia
COLLIERS INTERNATIONAL 1175 Douglas Street, Suite 1110 Victoria, BC V8W 2E1 250 388 6454 www.collierscanada.com/victroria
>> Potential for redevelopment into a mixed-use project up to a 5.5:1 FSR
>> Two storey building, improved in 2008 including seismic upgrades and elevator >> R-11 zoning permits a variety of commercial uses >> Over $4.7 million spent on the building since 2007 on exterior and interior improvements
CONTACT US Blansha
rd Stree
treet
t
Office Building For Sale
The Atrium
Fort S
GRANT EVANS* 250 414 8373 [email protected]
TRISTAN SPARK 250 414 8391 [email protected]
Quadra COLLIERS INTERNATIONAL 1175 Douglas Street, Suite 1110 Victoria, BC V8W 2E1 250 388 6454 www.collierscanada.com/Victoria
Street
t n Stree Johnso
Yates S tre
View S
treet
et
914 Yates Street Victoria, BC
This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2017. All rights reserved. This communication is not intended to cause or induce breach of an existing listing agreement. Colliers Macaulay Nicolls Brokerage Inc. (Vancouver). *Personal Real Estate Corporation. GT 01/17
GRANT EVANS* 250 414 8373 [email protected]
HIGHLIGHTS
TRISTAN SPARK 250 414 8391 [email protected]
>> Tenancies include the Federal Government and Province of British Columbia
COLLIERS INTERNATIONAL 1175 Douglas Street, Suite 1110 Victoria, BC V8W 2E1 250 388 6454 www.collierscanada.com/victroria
>> Potential for redevelopment into a mixed-use project up to a 5.5:1 FSR
>> Two storey building, improved in 2008 including seismic upgrades and elevator >> R-11 zoning permits a variety of commercial uses >> Over $4.7 million spent on the building since 2007 on exterior and interior improvements
FOR SALE > 914 Yates Street Victoria, BC
OPPORTUNITY
TENANCY
The subject property is located in the Harris Green Neighbourhood of downtown Victoria on the north side of the 900 block of Yates Street, close to the intersection of Quadra Street and Yates Street. The Harris Green neighbourhood features some of Victoria’s highest density residential development with excellent shopping and amenities in the immediate area. The Market on Yates, Victoria’s only downtown grocery store, is located directly across Yates Street along with Harris Green Shopping Centre anchored by London Drugs.
The two tenancies occupying the building are the Province of British Columbia who lease the entire second floor (13,441 sq.ft.) and the Federal Government who lease (8,888 sq.ft.) of the main floor. There are two additional vacant unimproved units on the main floor of 3,572 SF and 645 SF.
IMPROVEMENTS
ASSESSED VALUE (2017)
The site is improved with a two storey building that occupies the entire site, with partial basement. The current building was constructed in 1952-53 and benefits from comprehensive interior and exterior renovation’s in 2002 and 2008 which included a seismic upgrade and installation of an elevator. The current owner, who purchased the property in 2002, undertook +/$2.7 million in exterior and interior building upgrades in 2007/2008. In addition, both the Province of B.C. and the Federal Government spent +/- $1.0 million each on tenant improvements.
PROPERTY DETAILS
>> $6,367,000
PROPERTY TAXES (2016) >> $119,547
NET OPERATING INCOME
Civic Address:
914 Yates Street, Victoria, BC
Legal Address
Lots 819 & 820, Victoria City, (2 legal lots) PIDs: 004-863-780 and 004-863-798
Site Area (according to BCAA records)
14,761 SF
Site Description
The subject property is predominantly square in shape with dimensions of +/- 120 feet along Yates Street and a property depth of +/- 123 feet.
Zoning
R-11 (Central Area Residential District) permitting a wide range of commercial uses including, but not limited to: business and professional offices, retail, restaurants, multiple dwellings. OCP permits up to 5.5:1 FSR.
Services
Full municipal services are provided to the property and include storm and sanitary sewers, hydro on above-ground utility poles, telephone, gas, fiber and cable.
DEVELOPMENT POTENTIAL The location and size of the site lends its self to a potential redevelopment in the future. The Official Community Plan supports a 5.5:1 FSR for a mixed use development (+/-81,000 sq.ft.) upon a rezoning of the property. Downtown Core Area Plan policy suggests a height of 50m (17 residential storeys), but the density and height limits are guidelines and any application for redevelopment would be reviewed against current policy and design guidelines.
>> Current NOI: $372,619 >> Potential NOI:
$455,108 (100% Leased)
*The potential NOI accounts for the lease up of the two main floor vacancies at a base rent of $10.00 per SF.
ENVIRONMENTAL North West Environmental Group Ltd. undertook a Stage 1 Site Investigation for the current owner in November 2002. The report concluded “no indication of a fuel tank on site, and with no reported indication of site use that would indicate a level of risk of soil or groundwater contamination that would indicate further investigation.” Furthermore, the current owner undertook an extensive asbestos removal program when the building was vacant at the time of purchase.
BUILDING AREAS
FINANCING >> Treat as clear title.
PRICE >> Seven Million Four Hundred and Ninety Thousand Dollars ($7,490,000) Detailed Confidential Information Memorandum (CIM) is available to qualified purchasers upon receipt of a signed Confidentiality Agreement (CA)
Area
Size (SF)
Second Floor
13,441
First Floor
13,381
Basement
2,464
Total
29,286
FOR SALE > 914 Yates Street Victoria, BC
OPPORTUNITY
TENANCY
The subject property is located in the Harris Green Neighbourhood of downtown Victoria on the north side of the 900 block of Yates Street, close to the intersection of Quadra Street and Yates Street. The Harris Green neighbourhood features some of Victoria’s highest density residential development with excellent shopping and amenities in the immediate area. The Market on Yates, Victoria’s only downtown grocery store, is located directly across Yates Street along with Harris Green Shopping Centre anchored by London Drugs.
The two tenancies occupying the building are the Province of British Columbia who lease the entire second floor (13,441 sq.ft.) and the Federal Government who lease (8,888 sq.ft.) of the main floor. There are two additional vacant unimproved units on the main floor of 3,572 SF and 645 SF.
IMPROVEMENTS
ASSESSED VALUE (2017)
The site is improved with a two storey building that occupies the entire site, with partial basement. The current building was constructed in 1952-53 and benefits from comprehensive interior and exterior renovation’s in 2002 and 2008 which included a seismic upgrade and installation of an elevator. The current owner, who purchased the property in 2002, undertook +/$2.7 million in exterior and interior building upgrades in 2007/2008. In addition, both the Province of B.C. and the Federal Government spent +/- $1.0 million each on tenant improvements.
PROPERTY DETAILS
>> $6,367,000
PROPERTY TAXES (2016) >> $119,547
NET OPERATING INCOME
Civic Address:
914 Yates Street, Victoria, BC
Legal Address
Lots 819 & 820, Victoria City, (2 legal lots) PIDs: 004-863-780 and 004-863-798
Site Area (according to BCAA records)
14,761 SF
Site Description
The subject property is predominantly square in shape with dimensions of +/- 120 feet along Yates Street and a property depth of +/- 123 feet.
Zoning
R-11 (Central Area Residential District) permitting a wide range of commercial uses including, but not limited to: business and professional offices, retail, restaurants, multiple dwellings. OCP permits up to 5.5:1 FSR.
Services
Full municipal services are provided to the property and include storm and sanitary sewers, hydro on above-ground utility poles, telephone, gas, fiber and cable.
DEVELOPMENT POTENTIAL The location and size of the site lends its self to a potential redevelopment in the future. The Official Community Plan supports a 5.5:1 FSR for a mixed use development (+/-81,000 sq.ft.) upon a rezoning of the property. Downtown Core Area Plan policy suggests a height of 50m (17 residential storeys), but the density and height limits are guidelines and any application for redevelopment would be reviewed against current policy and design guidelines.
>> Current NOI: $372,619 >> Potential NOI:
$455,108 (100% Leased)
*The potential NOI accounts for the lease up of the two main floor vacancies at a base rent of $10.00 per SF.
ENVIRONMENTAL North West Environmental Group Ltd. undertook a Stage 1 Site Investigation for the current owner in November 2002. The report concluded “no indication of a fuel tank on site, and with no reported indication of site use that would indicate a level of risk of soil or groundwater contamination that would indicate further investigation.” Furthermore, the current owner undertook an extensive asbestos removal program when the building was vacant at the time of purchase.
BUILDING AREAS
FINANCING >> Treat as clear title.
PRICE >> Seven Million Four Hundred and Ninety Thousand Dollars ($7,490,000) Detailed Confidential Information Memorandum (CIM) is available to qualified purchasers upon receipt of a signed Confidentiality Agreement (CA)
Area
Size (SF)
Second Floor
13,441
First Floor
13,381
Basement
2,464
Total
29,286
St. Andrew’s Square
CONTACT US Blansha
rd Stree
treet
t
Office Building For Sale
The Atrium
Fort S
GRANT EVANS* 250 414 8373 [email protected]
TRISTAN SPARK 250 414 8391 [email protected]
Quadra COLLIERS INTERNATIONAL 1175 Douglas Street, Suite 1110 Victoria, BC V8W 2E1 250 388 6454 www.collierscanada.com/Victoria
Street
t n Stree Johnso
Yates S tre
View S
treet
et
914 Yates Street Victoria, BC
This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2017. All rights reserved. This communication is not intended to cause or induce breach of an existing listing agreement. Colliers Macaulay Nicolls Brokerage Inc. (Vancouver). *Personal Real Estate Corporation. GT 01/17
GRANT EVANS* 250 414 8373 [email protected]
HIGHLIGHTS
TRISTAN SPARK 250 414 8391 [email protected]
>> Tenancies include the Federal Government and Province of British Columbia
COLLIERS INTERNATIONAL 1175 Douglas Street, Suite 1110 Victoria, BC V8W 2E1 250 388 6454 www.collierscanada.com/victroria
>> Potential for redevelopment into a mixed-use project up to a 5.5:1 FSR
>> Two storey building, improved in 2008 including seismic upgrades and elevator >> R-11 zoning permits a variety of commercial uses >> Over $4.7 million spent on the building since 2007 on exterior and interior improvements
