A historic B.C. penitentiary featuring over an acre of land has been listed for sale for less than a Vancouver mansion.
We’ve written several stories about the New Westminster penitentiary located at 319 Governors Crt.
The property has been reduced in price compared to the last listing, and is now listed for $4,500,000. To put the reduction into context, in December 2023, it was listed at $5,830,000. Last June, it was listed for $4,999,000.
The current asking price is well below the most recent assessed value of $5,127,000.
According to the listing, which suggests the property is facing foreclosure, the new owner could own a “true piece of New Westminster history.”
To be more specific, the listing says the “Landmark Building,” which was part of the penitentiary, is the piece that has been listed for sale.
While the penitentiary hasn’t operated for its original purpose in many, many years, it has been used for other reasons, including featuring a bar called the Notorious Grey Fox.
Royal Pacific Realty Corp.
The building is situated on a 47,876 sq. ft. piece of land that’s a C-2 zoned lot. Some potential uses for the future owner could include mixed-use retail or daycare at the street level with office units above.
Royal Pacific Realty Corp.
According to Royal Pacific Realty Corp, the property is generating “solid holding income” with tenants that are in place, plus the aforementioned fully-licensed restaurant, which includes 134 indoor seats and a 160-seat patio.
Royal Pacific Realty Corp.
In 1989, extensive upgrades were done at the property. Future upgrades are also possible, as the listing says that there are over 40 on-site parking stalls with potential for expansion.
“A unique investment opportunity blending historic character, stable income, and long-term upside,” the listing says, adding that private viewings are by appointment only.
The B.C. penitentiary closed permanently over 40 years ago, in May 1980.