"Crown jewel" heritage Vancouver rental building listed for $23M

"Crown jewel" heritage Vancouver rental housing building listed for $23 million

Beaconsfield at 884 Bute Street, Vancouver. (Goodman Commercial)

The heritage brick building fronting the east side of the Bute Street Pedestrian Walkway in downtown Vancouver’s West End neighbourhood is up for sale.

A new listing by local real estate firm Goodman Commercial provides The Beaconsfield building at 884 Bute Street with an asking price of $23 million.

This is the 1910-built, five-storey building on the 8,646 sq ft lot at the southeast corner of the intersection of Haro Street and Bute Street, which is just footsteps south of Robson Street.

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It contains 38 secured purpose-built rental homes across 28,170 sq ft of net rentable area, giving the listing an average price per unit of $605,263.

Goodman Commercial describes the property as “exceptionally well-maintained.”

Under the City of Vancouver’s Heritage Register, it is a protected Class A heritage building, which is the highest evaluation category.

Site of Beaconsfield at 884 Bute Street, Vancouver. (Google Maps)

Beaconsfield at 884 Bute Street, Vancouver. (Goodman Commercial)

According to the Vancouver Heritage Foundation, The Beaconsfield, designed by architect John Smith Davidson Taylor, is one of many apartment blocks in the West End that adopted a layout of a deep entrance courtyard — similar to Manhattan’s typology in the early 1900s — to provide light and air to all suites while maximizing floor area.

Furthermore, it was one of the first largest apartment blocks to be built in the West End, which introduced a new type of urban lifestyle and higher density.

This building’s Bute Street facade is particularly distinct for its large verandahs — covered outdoor hallway/porch — and twin Arts and Craft wooden balconies, each in a four-storey bay with separate entrances.

“It features many of the original architectural details including hardwood and tile flooring, over height ceilings, stained glass windows, large bay windows, and a beautiful brick façade. Many suites have large weather-protected balconies, fireplaces and claw-foot tubs,” adds Goodman Commercial’s listing.

beaconsfield 884 bute street vancouver 1910s

Circa. 1910s condition: Beaconsfield at 884 Bute Street, Vancouver. (City of Vancouver Archives)

beaconsfield 884 bute street vancouver 1974

1974 condition: Beaconsfield at 884 Bute Street, Vancouver. (City of Vancouver Archives)

beaconsfield 884 bute street vancouver 1985

1985 condition: Beaconsfield at 884 Bute Street, Vancouver. (City of Vancouver Archives)

beaconsfield 884 bute street vancouver 1980s

Late 1980s condition: Beaconsfield at 884 Bute Street, Vancouver. (City of Vancouver Archives)

The building also features an elevator, bike storage, surface parking, and three sets of shared washers and dryers.

Some of the more recent renovations include improvements to its pipes and electrical systems, and the installation of fire-suppression sprinklers throughout the building, including inside the units.

The existing unit size mix is two one-bedroom units (average size of 493 sq ft), eight two-bedroom units (average size of 616 sq ft), 26 two-bedroom units with a den (average size of 789 sq ft), and two three-bedroom units with a den (average size of 870 sq ft).

According to Goodman Commercial, the average monthly rent for these rental homes is $1,300 for a one-bedroom unit, $2,193 for a two-bedroom unit, $2,319 for a two-bedroom unit with a den, and $2,893 for a three-bedroom unit with a den.

The building’s gross rental income is $1.044 million per year, based on 100% occupancy. After accounting for $336,000 in operating expenses, the annual net operating income from rental revenue is about $700,000.

Beaconsfield at 884 Bute Street, Vancouver. (Goodman Commercial)

As of July 2023, according to BC Assessment, The Beaconsfield has an assessed value of $22.4 million, including $6.74 million for the land and $15.7 million for the structure. This is down from the July 2022 assessed value of $27.5 million, including $6.74 million for the land and $20.75 million for the structure. The property reached a peak assessed value of $27.5 million in 2022 — a gradual increase over the years from just under $10.9 million in 2014.

According to the City of Vancouver, this segment of Bute Street was identified in 1980 as having the most north-south pedestrian traffic in the West End through a traffic calming process. By 1982, a road widening plan for Bute Street for vehicles was cancelled, and permanent vehicle traffic reduction strategies went in place, based on the public support for more mini-parks and traffic diverters. This resulted in the pedestrian-only segment of Bute Street between Haro Street and Stovold Laneway, which is also known for its very prominent water feature.

The strong heritage architectural character of The Beaconsfield also seemingly inspired the faux heritage architectural designs of the comparatively newer residential properties of the 1987-built, four-storey building of 1230 Haro Street immediately to the east (on the opposite side of the Bute Street Pedestrian Walkway) and the 1994-built, seven-storey building of 888 Bute Street immediately to the south.

Over the decades, The Beaconsfield has been prominently featured in a number of Hollywood film and television productions.

Beaconsfield at 884 Bute Street, Vancouver, within the Bute Street Pedestrian Walkway. (Google Maps)

Beaconsfield at 884 Bute Street, Vancouver. (Goodman Commercial)

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