A former New West penitentiary has been relisted for sale after a pretty significant price drop.
We’ve reported on 319 Governors Court several times now, and in December 2023, the property was listed for $5,830,000.
Now, in a relisting earlier this week, the price has decreased by nearly $1 million, and the former New West penitentiary is now listed for $4,999,000. BC Assessment values the property at $5,027,000, with a significant portion of that ($3,150,000) attributed to the land.
On that front, there’s a massive amount of land available, totalling 47,876 sq. ft. The listing offers some interesting details about the potential future of the property.
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Re/Max City Realty
“Own a piece of local history with the iconic ‘Landmark Building,’ formerly the B.C. Penitentiary,” Re/Max City Realty’s listing states.
It adds that the property offers exceptional potential for future mixed-use redevelopment and provides a couple of examples of what buyers can do with the space.
Re/Max City Realty
Some of the potential options include ground-floor retail or daycare, along with residential space, which would need to be verified by the City of New Westminster.
Re/Max City Realty
The building hasn’t gone unused. It’s currently tenanted and a fully licensed restaurant, the Notorious Grey Fox Taps & Patio, operates within it on the lower level. The upper level has also been leased.
Re/Max City Realty
“Modern upgrades completed in 1989 include mechanical, electrical, and full sprinkler systems — move-in ready with no major capital expenses required,” the listing notes.
The property features 40 on-site parking stalls, with room for potential expansion.
“This is a rare opportunity to secure a trophy asset with strong holding income, future upside, and undeniable character. A true gem for investors or visionary developers,” Re/Max says.
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