Sample Projects and Properties
Rezoning & 4-Lot Subdivision
Sample Property #1
Acquired in 2001 and rezoned in 2009, with subdivision pending. A total of 1.65 acres including a 3000 square foot house and a separate 2-bedroom cottage. Well-suited for tenants with pets. This property will provide the opportunity to either add two additional rental houses, expand the cottage into a larger house, or sell two bare lots to a builder.
Redevelopment and Renovation
This property was acquired in 2002, and is currently undergoing redevelopment and renovation. The Phase 1 construction was completed in 2010, exterior painting completed in 2011, and front landscaping to be performed in early 2012. This building now has 5,000 square feet of commercial space and 7 residential apartments, 5 of which were developed in partnership with Canada Mortgage & Housing Corporation as affordable housing for lower income individuals. Already we are looking ahead to Phase 2 to further convert commercial space into additional affordable rental apartments. Down the road this building could accommodate approximately 14 apartments, of which most will likely be affordable units.
Sample Project #2, Prior to Renovation
This is the same building before redevelopment and renovation. Due to the legally non-conforming nature of the property usage (under section 911 of the Local Government Act), we are restricted to keeping the same exterior footprint and internal structural components. It's hard to believe this is the same building, but it is! Prior to buying it, the property had sat unsold for many months due to the poor state of maintenance/management, and it being adjacent to the Trans Canada Highway. With 10,000 square feet of developed space, the cost per square foot was very low. It also came with 3.2 acres of land, with potential to put to further use down the road. One option is to work in conjunction with the Cowichan Valley Regional District to formally zone part of the land as Multi-family and in return for us to dedicate a large portion of the beautiful treed acreage at the rear as a community park.
Simple Hold & Sell
Acquired in 2001 and sold in 2009. This property consisted of 4000 sq ft of developed space on .75 of an acre. This property turned out to be an Ideal fit for an extended family, who stayed as our tenants from start to finish. Sadly the father died while he was our tenant, and the rest of the family moved their separate ways shortly thereafter. During the holding period this property doubled in value. Unfortunately the recession hit right at the time of sale, otherwise the return would have been higher. However, all things considered this was a great investment by anyone's measure, and it provided an extended family a great home for many years.
Urban Containment Boundary Shift
Why buy just one house when you can buy the whole street? This street of 4 duplexes was acquired in 2003. At that time the property was renowned for drug dealing and constant nuisance to the neighbourhood. It sat unsold for many months, largely due to it's history and poor maintenance/management. All the buildings required new roofs, windows, flooring and paint (in and out). Vacancy was a real problem until we performed the necessary updates; there is now a waiting list for prospective tenants. The property is comprised of 2.1 acres with 8 rental units in total, with a salmon bearing stream running through the back. A common area fire pit, horseshoe pit, games and seating area, help the tenants maintain a sense of community. Due to the expansion of the Urban Containment Boundary this property is now within the local township and under urban zoning rather than rural.
Land Banking
This is a serene 4.5 acres on the Cowichan River, also renowned for its great fly fishing. Acquired in 2008 as a Joint Venture Investment. This property was subsequently rezoned in 2009. The perfect spot for retirement living in a small community setting. You can see the river at the base of the big trees in the centre of the picture.
River Banking
Couldn't resist the pun! This is the beautiful Cowichan River at the same acreage.
Women's Student Residence
We acquired this house straight from the builder. Being on a busy street it did not appeal to the mass market. However the price per square foot was too good to turn down. We saw the potential for this property to fit a market niche in Victoria, for parents wanting a safe and healthy living environment for their daughters while they attend schools of higher education. Strategically located between all the campuses for the University of Victoria, Camosun College, and Royal Roads University, and adjacent to a large shopping mall and bus stops for convenient access. This is a turnkey facility, fully furnished and supplied, so that all the student has to do is bring their clothes and school supplies.
Mental Health Transition House
A rural retreat to calm the soul, with year-round stream running along the rear of the residence. Back to nature, but only a short walk to the town centre. The setting is ideal for clients of the Candian Mental Health Association as a follow-on transition to Warmland House in Duncan. This is a pilot project at this stage.
Simple Hold & Sell
This Langley property was purchased in 1993 and sold in 2005, with the same single mother tenant and four children for all this time. After 12 years she decided to move the family back to Alberta, and we decided it would be too difficult to manage this property from Victoria without her.
RV Lot
Relax on the shores of Cowichan Lake at Cowichan Lake RV Resort. Seasonal site with private dock.
Our Remotest Property
Located in the small settlement of Youbou, on the north shore of Cowichan Lake, this residence was originally exlusively for seniors but is now operated as general affordable housing. It is still home to one of the original seniors housing tenants who is going strong. This is affordable housing with a lake view!
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