482 replies to this topic

[Nparker]

Ahhh, but of course.

Is that a retaining wall going in to create some privacy/deck space for the new units?

 

Edited by Nparker, 30 April 2015 - 08:16 PM.

[VicHockeyFan]

Ahhh, but of course. Is that a retaining wall going in to create some privacy/deck space for the new units?

 

Yup.

[thundergun]

I went by this former Traveller's Inn on Douglas just south of Finlayson (https://goo.gl/maps/BpqC3) the other day. They've been cleaning it up for a while and it's looking like it might be a nicer cheap motel when it's all done. Not sure if there's a thread on that project.

[VicHockeyFan]

I went by this former Traveller's Inn on Douglas just south of Finlayson (https://goo.gl/maps/BpqC3) the other day. They've been cleaning it up for a while and it's looking like it might be a nicer cheap motel when it's all done. Not sure if there's a thread on that project.

 

I think they have a deal to rent that to international students of some type.

[sdwright.vic]

Cannot find the Cspital City Centre Hotel thread. But word on the street is the shorter part with the restaurant is havimg a owners residence put on top of it.

[VicHockeyFan]

I guess he wants to "retire in place"  He's nearly in his 80's.

[VicHockeyFan]

I think this was father Asfar's building.

 

https://www.realtor....Columbia-V8R2L8

 

New German Viessman Boiler (30yr Factory Warranty). The same family has owned the building for over 32yrs (1985); and due to long Probate & Estate issues - rents are under market value for character boutique suites in Oak Bay.

 

[Citified.ca]

Victoria Fire crews on-scene at 760 Queens Avenue in March of 2016. Damaged by fire, the 87-unit residential complex north of downtown Victoria was formally closed in 2018, according to sales records that show the property for sale at $18 million.
 
Fire damaged Traveller's Inn Motel-turned-rental complex listed for sale at just below $20M
https://victoria.cit...just-below-20m/
 
A former Traveller’s Inn Motel property damaged by fire in 2016 has been listed for sale by Victoria landlord and city council candidate Robin Kimpton.
 
Priced at $18 million, the half-acre lot at 760 Queens Avenue near Bay Street contains a four-storey motel complex-turned-affordable rental building with nearly 90-suites.
 
In 2017 just under $1.5 million in permits were pulled from the City of Victoria for restoration purposes, although it is not immediately clear whether the property was fully remediated or remains in need of repairs. According to sales documents the building was “closed without any income in 2018.”
 
“With respect to development, the property is in the direct line of fire for the expansion of downtown Victoria’s downtown core,” reads the listing description represented by real-estate agent Robert Brown. “Permitted uses in this zoning include, but are not limited to: transient accommodation, multiple dwellings, and business offices or professional offices as well as retail stores.” [Full article]

[spanky123]

Unfortunately for us, we know that the City / Province will pay a premium for sites like this which hurts the taxpayer and rewards folks like Klimpton who are then encourage to let more of their properties remain derelict. 

[HiramAbiff]

It seems the famous owner of the Travellers Inn Group has resurfaced in Swaziland, South Africa.

 

Following his bankruptcy in 2009 -2012 Asfar is now posing as a Canadian Billionaire, claiming to be owed USD 2.5 billion from Canada's Sun Life - a case dismissed by the Supreme Court already.

 

So now Asfar, the Bankrupt Hotelier is opening a Bank! Maybe.........

 

https://swazibridge....e/?iywtrre=fFev

[Victoria Watcher]

$6,000,000

 

 

Presenting the Court-Ordered sale of 1258 Yates Street in Victoria, BC (the “Property”) — an exceptionally well-located 20-unit apartment building. Located blocks from Downtown Victoria, in the desirable rental neighbourhood of Fernwood, the ‘Malika Apartments’ is a 3-storey, 17,400 SF building, on 17,760 SF of land. The Property offers double exposure, with frontage on both Yates and Johnson Street, as well as 20 surface parking stalls, storage lockers and coin-op laundry. Tenants benefit from an extremely central location, steps from schools, parks, and a full range of amenities and transit options. Low vacancy rates and in-place rents that are well below market value provide investors significant income upside on tenant turnover.

 

https://www.realtor....ctoria-downtown

 

 

 

 

 

https://insolvencyin...td-receivership

 

 

 

 

Gamalo Holdings Limited and Asfars Holdings Ltd., related companies that own residential apartment buildings on Vancouver Island, British Columbia, were placed in receivership.

Gamalo Holdings, whose main asset is a building located on Yates Street in Victoria, was placed in receivership on June 28 on application by CIBC Mellon Global Securities Services, owed approximately $2.1 million.

Asfars Holdings, whose main asset is a building located on Quadra Street in Victoria, was previously placed in receivership in March 26 on application by RBC Investor Services Trust, owed approximately $11.8 million.

The companies are owned by Irene Asfar Szlanko, who has failed to comply with court orders to pay over the rental income from the properties.

 

 

 

 

 

On April 25, 2024, Fair Realty brought to the Receiver’s attention, an offer to purchase the Property plus a building owned by a related company, Gamalo Holdings Ltd., from Robin Kimpton for an aggregate purchase price of $22 million (the “Kimpton Offer”). The Kimpton Offer allocated $18 million of the purchase price to the Property, with the remaining $4 million allocated to the building owned by Gamalo Holdings Ltd. The Company did not accept the Kimpton Offer. A copy of the Kimpton Offer is attached as Appendix A.

 

https://mnpdebt.ca/-...rt-to-court.pdf

Edited by Victoria Watcher, 15 October 2024 - 11:09 AM.

[spanky123]

^ BC Housing will buy it for $12M.

[Victoria Watcher]

B.C. Housing is demolishing a former supportive housing site on the northern outskirts of downtown Victoria over what it says are site security issues.

Queens Manor at 710 Queens Ave. has been sitting empty for several months after site operator Cool Aid moved out all of its remaining residents to a purpose-built supportive housing building at 953 Balmoral last year. Nearby residents were informed by B.C. Housing that the three-storey, 36-unit building will be removed in late June.

Queens Manor had 24-hour, seven-days-a-week staffing when it was operating as a supportive housing building.

The building was previously a Traveller’s Inn, and it was purchased by the City of Victoria in 2010 for $1.9 million and converted into a 36-unit supportive housing site after the Victoria-based budget motel chain went bankrupt.

Queens Manor underwent a multi-million dollar renovation with provincial and federal funding. B.C. Housing bought the building for $2.5 million in 2013.


https://www.timescol...lished-10743640

Edited by Victoria Watcher, 01 June 2025 - 11:05 AM.

[Victoria Watcher]

Queens Manor underwent a multi-million dollar renovation with provincial and federal funding. B.C. Housing bought the building for $2.5 million in 2013.





Oh well, what’s our money after all.

[Victoria Watcher]

Even if the “multimillion dollar” renovation was only $2M that’s $55,000 per room they spent.

[aastra]

So what's the plan for the property?

[Victoria Watcher]

Demolition.

[aastra]

In perpetuity? Or just once?

[Victoria Watcher]

As many times as it takes. To slay that dragon.

[aastra]

See, on the spectrum of Government squandering public money methinks it could actually be argued that there was some sense in buying a place like this and hastily running it into the ground. It was probably already overdue for demolition even by 2010.

 

The potential squandering yet to come is where the real shock value lies.