21-storey rental tower in downtown Vancouver's West End sold for $52 million
The Harley House residential tower in downtown Vancouver’s West End has been sold for $52 million, according to a bulletin today by local real estate firm Goodman Commercial.
The 21-storey tower at 1230 Nelson Street — near the southwest corner of the intersection of Bute Street and Nelson Street, just west of Nelson Park — contains 107 rental homes.
Site of 1230 Nelson Street, Vancouver. (Google Maps)
With 95,000 sq. ft. of floor area, the unit mix is 97 one-bedroom units, eight two-bedroom units, and a pair of two-bedroom penthouses. There is also an indoor swimming pool.
The tower on the 26,000-sq-ft lot was completed in 1971, and contains 89 vehicle parking stalls mostly within three underground levels.
Harley House at 1230 Nelson Street, Vancouver. (Goodman Commercial)
The deal was finalized on March 17, 2020, however, the identity of the buyer was not disclosed.
In accordance with the city’s West End Community Plan, given the size of the property and the tower’s relatively limited footprint, there could potentially be infill development opportunities that add housing on significant portions of the property that are currently ground-level parking and an under-utilized outdoor common area.
Given the age of the building, significant reinvestment may be required within the short-to-medium term.
BC Assessment’s latest assessed value for the property is $47.786 million, with $35.664 million from the value of the land, and $12.122 million from the value of the structures.
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