Cushman & Wakefield ULC (“C&W”) is pleased to present to the market a 100% freehold interest in Granada Court, a 60-suite multifamily asset centrally located in Victoria’s Fairfield neighbourhood at 1233 Fairfield Road, Victoria, BC (the “Property”). Granada Court boasts favourably programmed, extra large suites that appeal to a wide market segment of urban professionals, young families, retirees, and students.
The Property consists of approximately 51,000 square feet of net rentable area improved on a 49,090 square feet (1.13 acres), street-to-street lot. The Property offers multiple access points and benefits from its downtown adjacent location along with highly accessible outdoor amenities at Beacon Hill Park and necessity-based amenities in the nearby Cook Street Village. Additionally, the Property has been managed to an institutional standard with renowned property manager, Devon Properties handling all management services. Furthermore, the Property is ideally zoned for up to 1.6 FSR of density and may be bonused up to 2.5 FSR through city policies representing a medium-term exit strategy secured through underlying land. Finally, the existing rent roll demonstrates a clear path to approximately 40% mark-to-market rental growth upon tenant turnover. Significant rental growth potential on existing units and the supporting strong market fundamentals compound the investment upside which Granada Court is presenting to the market.