Fund:
Churchill V Real Estate Limited Partnership, Churchill VI Real Estate Limited Partnership
Property Description
The Churchill Building is an extensively updated heritage building (circa 1908) offering a triple “A” location in the heart of downtown Victoria, BC. The property is comprised of three separate buildings (709 – 725 Yates) that form a contiguous parcel on the south side of Yates Street, mid-block between Douglas and Blanchard Streets. Churchill acquired the property in 2008 and retrofitted building with complete seismic upgrading, new passenger elevator, new domestic hot water boiler, new double pane windows, new rooftop HVAC units and completely new plumbing. The properties consist of 40 high-end, loft style rental apartments over 26,019 SF of high visibility retail space. The residential units were designed by Studio One Architecture and Churchill worked closely with renowned heritage consultant Don Luxton throughout the project. The property is within walking distance to both the Government Street shopping district and The Bay Centre which is the largest enclosed shopping mall in Victoria. The property was acquired for $5,590,000 in July 2008 and divested for $15,202,915 in May 2012. Participating funds in this property were: Churchill V Real Estate Limited Partnership (50%) and Churchill VI Real Estate Limited Partnership (50%).
