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Listing by David Boon William Wright Commercial Real Estate Services
$ 25,000,000
Est. payment | /mo
90,713 SqFt
$ 25,000,000
Est. payment | /mo
90,713 SqFt
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 90,713 sqft
Price per Sqft $275
MLS Listing ID 1053596
HOA Y/N No
Annual Tax Amount $359,314
Tax Year 2026
Lot Size 0.480 Acres
Acres 0.48
Property Sub-Type Mixed Use
Property Description
Exceptional investment & repositioning opportunity in downtown Victoria. +/- 85,777 SF (net leasable), 6-storey, concrete & steel building on 20,895 SF lot with approx. 170' frontage. Currently configured as office w/ ground floor retail & anchored by long-term national retail tenant. Projected cap rate of ~7% at full occupancy. Over $2M invested in CapEx since 2020 incl. 2 new elevators and rooftop HVAC units. Also includes overheight basement w/ elevator access & sprinklers. With floors 2 thru 6 entirely vacant, 706 Yates offers substantial potential for conversion to hotel or residential. ~7,500 SF of exterior terrace space possible on 3rd floor. Windows on 3 sides provide abundant natural light. Constructed as a hotel in 1913 then modernized & expanded in 1988-1991 for federal govt office use. Not heritage designated. Clean Phase I ESA available. Option to purchase as a bare trust. Motivated vendors. Comprehensive data room available w/ NDA. Contact agent for more information.
Location
Province BC
County Capital Regional District
Community Vi Downtown
Area Victoria
Zoning CBD-1
Interior
Fireplace No
Exterior
View Y/N false
Garage No
Others
Ownership Freehold
MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.”
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