Victoria, BC– The Capital Regional District (CRD) has completed the sale of a warehouse property at 808 Viewfield Road in Esquimalt. The two warehouse properties located at 808 and 836 Viewfield Road were originally purchased by the CRD in 2014 for $17 million. The purchase and sale agreement for 808 Viewfield for $11.25 million is between the CRD and Spinnakers Brew Pub. The warehouse is currently occupied by Spinnakers Brew Pub, the Mustard Seed Street Church and the Flying Squirrel Trampoline Park. The Mustard Seed recently announced that it has reached an agreement to purchase their space with the support of the Province and Victoria Foundation. The Flying Squirrel Trampoline Park will remain a tenant under the new ownership.
“The sale of one of the two properties is good news for taxpayers as the proceeds will be used to pay down the short term loan on the original purchase with an overall positive return expected when the second property sells,” said CRD Board Chair Colin Plant. “Any positive return on the investment will be credited to the Core Area Wastewater Treatment Project participants.”
The buildings have been rented by the CRD to several tenants since the acquisition and have generated revenue in excess of the carrying costs. Some renovations were undertaken to create a multi-tenanted building at 808 Viewfield and these costs have been recovered through lease revenue.
The other property at 836 Viewfield is of similar size and remains under the ownership of the CRD. This building is tenanted by Driftwood Brewery and other short-term tenants and remains listed for sale and for lease.
Proud to be recognized as one of BC’s Top Employers and Canada’s Greenest Employers, the CRD delivers regional, sub-regional and local services to 13 municipalities and three electoral areas on southern Vancouver Island and the Gulf Islands. Governed by a 24-member Board of Directors, the CRD works collaboratively with First Nations and all levels of government to enable sustainable growth, foster community well-being, and develop cost-effective infrastructure while continuing to provide core services to residents throughout the region. Visit us online at www.crd.bc.ca.
For media inquiries, please contact:
Andy Orr, Senior Manager
CRD Corporate Communications