105 replies to this topic

[Matt R.]

Auction goes live tomorrow.

Ever seen the old elevator in the basement?

https://www.ableauct...ff-958e7e7add33

[Victoria Watcher]

Rare opportunity to lease improved large-format pub/retail space in the heart of Victoria’s downtown core. The subject premises benefits from existing bar improvements and kitchen infrastructure, as well as its prime high-traffic location near the busy intersection of Yates and Blanshard. Prospective tenants can capitalize on decades of pub goodwill in the premises or reimagine the space entirely and repurpose for alternate commercial uses such as grocery, fitness, entertainment, and many others permitted by the building's CBD-1 zoning. Previous capacity of 204 seats on 5,832 SF main level and 50 seats on 2,003 SF lower level. May be leased together with 2,003 SF lower level or separately. 2024 Additional Rent estimate of $11.61/SF/YR. Hood vent, walk-ins, and sinks remain, but all other equipment and furniture shown in images has been removed.

 

$23/square feet

 

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

 

 

Edited by Victoria Watcher, 17 December 2024 - 10:46 PM.

[Victoria Watcher]

So:

 

 

$34.61 per sq. ft.  x 5832 = 201,845 / 12 months = $16,820 / mo.

[Barrister]

What is the parking like in that location?

[Victoria Watcher]

I don't think there is any specifically for the pub.  Might be a tiny bit for the liquor store, then the rest is reserved.

Edited by Victoria Watcher, 17 December 2024 - 10:57 PM.

[Matt R.]

So, 3 or 4 mil in sales? Tall order. A red barn maybe would be good, if MoY wasn’t so close.

[lanforod]

What is the parking like in that location?

 

There is tons of parking a very short stroll away.

[Barrister]

Ian, how short a stroll? one block or five? Old people like me have a different view as to what is a short stroll.

[lanforod]

I think you know how to read a map? The view street parkade is 1 block away.

[lanforod]

Maybe 1.5 if you're being pedantic.

[Barrister]

I have MD and usually I need to get my wife to help with maps. My voice reader works mostly great on text with the occasionally absolutely bizarre word here and there.

[lanforod]

Fair enough. Anyways, there are multiple public parkades and street parking available close by. This is downtown, afterall.

[Mike K.]

If viable, it would have been leased by now.

Downtown Victoria needs office workers back. Without them in the office, the downtown retail market will continue to decline. We are also over saturated with liquor establishments. They can’t hang on as it is.

[Barrister]

I wonder, based on no facts whatsoever, whether the demand for liquor premises has declined with a lot of young people apparently preferring pot? I also wonder with all the extra density and people living downtown would this not more than makeup for the decrease of office workers?

[Victoria Watcher]

Hard to say.

[Matt R.]

If viable, it would have been leased by now.

Downtown Victoria needs office workers back. Without them in the office, the downtown retail market will continue to decline. We are also over saturated with liquor establishments. They can’t hang on as it is.

I ran into a friend at the Club yesterday who runs a large catering business in Victoria, he said the office catering has absolutely dried up this year, worse than ever. No office lunches this Christmas!

[Barrister]

The restaurants seem pretty full though. 

[Mike K.]

I ran into a friend at the Club yesterday who runs a large catering business in Victoria, he said the office catering has absolutely dried up this year, worse than ever. No office lunches this Christmas!

That parallels the leases that are being terminated in the downtown core.

A client told me earlier this week a government office had been leasing a portion of their building, and has walked away rather than renew.

Workers don’t want to be downtown any more. If it’s not the social issues, it’s the cost of commuting time and money-wise.

What exactly did the planners who engineered the transportation chaos expect would happen? I shake my head every time I see another bike lane replacing a traffic lane. It’s like they’re trying to close off the city centre from everyone other than locals, and expect the rest of society to just fall neatly in line to prop up the status quo.

[magmazing]

Both the View Street Parkade and Johnson Street Parkade are a block away. There's even an alley shortcut between the Odeon and Era building straight to the Johnson Street one so you don't have to walk around. 

[Tony]

Workers want to work from home for the most part at least part time. I have family members working from home from 50% to 100%

 

A major change in work setting expectations. The ripple effects will be seen for some time to come in many different areas.

 

Like any major change there will be winners and losers.