- What An office building in downtown Victoria has been listed
- Why The building is 100% occupied
- What next JLL has the marketing assignment
A fully leased office and retail building in downtown Victoria has hit the market seeking $20.8m, a price point that would mark the city’s third-largest office sale in five years, Green Street News can reveal.
International House at 850 Douglas Street comprises 65,000 sq ft of gross leasable area in a seven-storey structure. The asking price works out to about $318/sq ft. Based on net operating income of $1.6m, a buyer’s initial annual yield would be 7.8% at that valuation.
JLL has the marketing assignment for the 1968-vintage building, which has seen $1.5m in capital improvements in recent years. The vendor is a local private investor.
Campaign materials highlight the property’s diverse rent roll, which has a headlease. There is also 13,000 sf of ground-floor retail, including Cora restaurant, National Bank and the Province of British Columbia.
The building has swift access to the Bay Centre, seaplane terminal and provincial Legislature. The only two larger office trades in the provincial capital in the past five years were the sales of 1112 Fort Street and 1070 Douglas Street, which each traded in 2021 for $22m.
