1249 Rockland Ave, Victoria

About this property

The Laurels presents a rare opportunity to acquire one of Rockland’s most distinctive landmark properties, a 16-suite heritage apartment building situated on an approximately 32,746 sq. ft. corner site in one of Victoria’s most established and desirable neighbourhoods. Built circa 1889–90 as a residence for Robert and Mary Ward, the Queen Anne mansion later served as two schools before being converted to apartments in the late 1950s and expanded to 16 suites in 1965. Today, the property offers five bachelor, seven one-bedroom and four two-bedroom suites, together with shared laundry, storage and on-site parking. High ceilings, decorative millwork, hardwood floors, fireplaces and a grand central staircase preserve much of the character and craftsmanship of the original residence, with suites ranging from impressive main-level rooms to unique upper-level layouts. The Laurels has historically enjoyed near-full occupancy, reflecting strong rental demand in this highly sought-after location. Residents benefit from proximity to downtown Victoria, Cook Street Village, Government House, the Art Gallery of Greater Victoria, parks, shopping and neighbourhood amenities. The expansive lawn fronting Rockland Avenue also provides potential future upside. Following positive preliminary discussions with the City, the owner has submitted a subdivision application exploring the creation of one or two smaller building lots while retaining The Laurels and substantial on-site parking. Any subdivision or future construction is subject to required approvals. A great opportunity to acquire an established income-producing asset with enduring architectural character, strong rental appeal, long-term upside and an unbeatable Rockland location. (id:66811)

Rent roll (estimated)