Merchant House Capital Acquires Waterfront Apartments in Sidney, BC
VICTORIA, BC, March 15, 2022 /CNW/ - Merchant House Capital Inc. ("Merchant House"), a Victoria, B.C. based real estate investment and development company has acquired The Waterfront, a mixed use 42-unit luxury apartment property above 8 retail units at 9843 Second Street in Sidney, B.C.
Merchant House Capital Announces the Acquisition of Waterfront Apartments in Sidney, BC.
Benefitting from a 7.5 acre height restriction covenant which ensures waterfront views in perpetuity, Merchant House's investment in The Waterfront signals confidence in Sidney's attraction as a highly-livable small city proximate to key island infrastructure, including BC Ferry's Schwartz Bay terminal, Victoria International Airport, and Washington Ferries terminal. Sidney continues to attract skilled employment and enterprise from across Southern Vancouver Island to its thriving manufacturing and industrial sector.
Completed in 1980 and renovated in 2011, The Waterfront was originally constructed under individual unit titles meant for sale as condominiums but has operated as an apartment building. Merchant House is pleased to assume the stewardship of this asset.
"Being island-based, we have often admired Sidney's seaside lifestyle—the beautiful town and the vibrant manufacturing across the highway," says David Fullbrook, Merchant House CEO. "The Waterfront is a pride of ownership asset for us. Its strategic location proximate to the Pier and marina, and the distinctive view protection it enjoys creates opportunities to reimagine Sidney's waterfront in the years ahead. We look forward to being a part of Sidney's future."
Merchant House is scheduled to complete the 130,000 sf heritage-designated Victoria Press Building at 2621 Douglas (Victoria, BC) this summer, in addition to commencing construction of the 128-unit Montrose-Wintergarden at the corner of Yates and Blanshard (Victoria, BC).
"We continue to focus our energy on identifying strategic locations within strong markets", says Merchant House President and COO Paul Silk. "It can be like finding a needle in a haystack, but when it happens…like The Waterfront, a property that has never sold in its 40+ year ownership history...that's special."
SOURCE Merchant House Capital