Quote:
Originally Posted by whatnext
Did I miss reading about this here somewhere? The Haunted Mansion at W. King Edward and Cambie is for sale for a scary $26 million:
Vancouver “haunted house” rezoned for six storeys on Cambie Street back on market for $26 million
by Carlito Pablo on December 5th, 2021
A Vancouver property with a spooky reputation has returned to the market in search of a new owner.
This comes less than a year after city council on March 9, 2021 approved a rezoning application for a six-storey rental building at the 4118-4138 Cambie Street site.
The asking price for the prime location across King Edward Station of Canada Line is $26 million.
Pennyfarthing Properties Grayson North Ltd. acquired 4118 Cambie Street, which has a reputed haunted house, and the adjoining 4138 Cambie Street site between 2017 and 2018.
The development company paid a total of $16,150,000 for the two properties.
At the asking price of $26 million, Pennyfarthing is looking at a 60.9 percent gross profit.
That’s $9,850,000 for its investment three to four years ago....
https://www.straight.com/news/vancouver-...bie-street-back-on-market-for-26-million
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The write-up is a bit misleading, as they've had the holding / financing costs of the two sites since 2017, and the design and rezoning costs, so the profit, if they make one, (as the site hasn't sold yet), will be quite a bit less than the 'gross profit'.
In addition to various condo projects, they have two other rental projects on Ash Street. I wonder if they'll sell those off as well.