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V1488
Uses: rental, commercial
Address: 1488 Cook Street
Municipality: Victoria
Region: Downtown Victoria
Storeys: 13
V1488 is a 13-storey purpose-built rental tower with ground floor commercial space in downtown Victoria's Harr... (view full profile)
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[Downtown Victoria] "V1488" | 1075 Pandora/1488 Cook Street | Built - completed in 2018

Rental Commercial

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678 replies to this topic

#561 G-Man

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Posted 22 December 2017 - 09:54 PM

Cool picture!

Visit my blog at: https://www.sidewalkingvictoria.com 

 

It has a whole new look!

 


#562 VicHockeyFan

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Posted 02 January 2018 - 02:28 PM

The oil-canning of the steel siding on this is pretty severe in some bits.


Edited by VicHockeyFan, 02 January 2018 - 02:29 PM.

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#563 Nparker

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Posted 02 January 2018 - 02:30 PM

The oil-canning of the steel siding on this is pretty severe in some bits.

Hopefully, this is not an indication of the overall quality of construction on this project.



#564 tjv

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Posted 04 January 2018 - 03:17 PM

I understand this project will be done at the end of the month.

 

I am curious if anyone knows what the rents are, what is included (eg heat, hot water, etc), parking rates, etc?  I am looking at building a purpose built rental with ground floor retail somewhere in the core and just trying to figure out my return on investment



#565 sdwright.vic

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Posted 04 January 2018 - 04:08 PM

Floor plans seem to show water heaters in every suite

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#566 tjv

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Posted 07 January 2018 - 03:41 PM

so rents for a 1 bedroom are $1600 per month and up ($1600 for a Unit D, 550 sf, on the 2nd floor).  Nothing is included, heating, hot water are all at your expense.  Parking is $100/month

 

Not sure what an upper end unit goes for



#567 sdwright.vic

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Posted 07 January 2018 - 04:48 PM

Ya... no.
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#568 Mike K.

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Posted 07 January 2018 - 04:56 PM

Just wait until the new stock of condos purchased as rental investments hit the market.

With mortgage rates on the rise, the stress test requiring a higher down payment, higher taxes in the form of the sewage treatment plant and the ever increasing municipal costs, studios will be renting for that amount come mid-2019.

That’s no joke. The lack of housing supply in this region has only one effect and we’re seeing it now.

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#569 Nparker

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Posted 07 January 2018 - 05:03 PM

so rents for a 1 bedroom are $1600 per month and up...

So monthly revenue for the building is at least $200,000.



#570 tjv

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Posted 07 January 2018 - 08:46 PM

Just crunching the numbers and those rents are realistic to cover costs.

 

1.  it will be interesting to see how quickly the building rents

2.  how many renovictions we will see in the older housing stock soon.  Kick out the tenant, rip out the carpet,  new kitchen and bath cabinets, appliances, and fixtures, new flooring, paint, a few new doors and then re rent for for 60 to 100% more.  Nothing much the existing tenants can do.



#571 Mike K.

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Posted 07 January 2018 - 08:50 PM

I'm not sure if a minor cosmetic job qualifies as a renoviction done by the rules. The examples we have seen of landlords doing this in the CoV on a large scale (i.e. landlords of 20-30-40-unit buildings) undertook significant work with the buildings off limits to tenants for many months.


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#572 tjv

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Posted 07 January 2018 - 09:15 PM

^How is gutting the unit down to nothing, leaving the drywall and rebuilding not considered major renos? In my opinion if someone can't live there during the renos then its major

 

And if its not one unit, fine, its the entire building - everyone out for months



#573 Mike K.

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Posted 07 January 2018 - 09:32 PM

Fixtures, cabinets and flooring is not a rebuild.

Have you not seen what these projects entail in your journeys? They’re like a full-on construction zone. Some buildings even require extreme measures, especially when you’re dealing with housing stock from the asbestos era.

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#574 tjv

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Posted 07 January 2018 - 10:13 PM

^yes I have.  as for asbestos if you don't touch the material there is no special procedures.  While it can be in everything there are a few exceptions.  Typically I see it in the vinyl flooring, kitchen mastic and drywall in residential units.

 

I would like to see someone stay there with no toilet, bathroom, shower, kitchen, etc hence a full on construction zone.  If I did it I wouldn't be opening the walls, redoing the plumbing or electrical, etc there is no need

 

A prime example of what I am suggesting was done at View Towers, only a few of the units were damaged by water and even less by fire, but they still kicked out 100 units give or take.  I saw that rebuild first hand and in general terms it is the type of rebuild I am talking about just basic stuff I have listed a few posts up

 

Is there a legal definition of a "major rebuild"?  I would like to know for the purposes of kicking out a tenant



#575 Mike K.

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Posted 07 January 2018 - 10:26 PM

A prime example of what I am suggesting was done at View Towers, only a few of the units were damaged by water and even less by fire, but they still kicked out 100 units give or take.  I saw that rebuild first hand and in general terms it is the type of rebuild I am talking about just basic stuff I have listed a few posts up


It was quite an extensive job. I'm not sure who told you only a few units were damaged.


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#576 tjv

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Posted 08 January 2018 - 10:16 AM

^I saw the damage first hand



#577 mike1981

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Posted 22 January 2018 - 09:58 PM

so rents for a 1 bedroom are $1600 per month and up ($1600 for a Unit D, 550 sf, on the 2nd floor).  Nothing is included, heating, hot water are all at your expense.  Parking is $100/month

 

Not sure what an upper end unit goes for

 

There's not that big of a private sector in this city. People don' make great wages. Who is going to live there and pay that? 'tThis isn't Toronto, we don't have all the head offices. Victoria lost all it's lumber, fishing and ship building industry. Then more recently most of it's tourism industry thanks to the US's Patrot act. Government workers don;t make a lot.



#578 jonny

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Posted 23 January 2018 - 02:43 PM

Oh, here we go. The ol' "who is even going to even live there" argument. If you and your immediate circle can't afford a certain lifestyle, obviously nobody can. 

 

We are all aware the local economy is booming and that there is a shortage of good quality rental housing, right?

 

 

Public sector workers paid 10.6% more than private sector average: Fraser Institute

 

http://www.cbc.ca/ne...alary-1.3887133

 

 

I bet this place is full within the first two months of occupancy. 


Edited by jonny, 23 January 2018 - 02:43 PM.


#579 VicHockeyFan

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Posted 23 January 2018 - 03:14 PM

 Then more recently most of it's tourism industry thanks to the US's Patrot act. Government workers don;t make a lot.

 

Huh?


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#580 Mike K.

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Posted 23 January 2018 - 03:27 PM

Wasn't it Tourism Victoria that just recently said we've reached "peak tourism," it's just that busy for the industry?


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