B.C.
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RE/MAX Listing Former B.C. Pen Gatehouse Building for $5M
The former B.C. Penitentiary’s repurposed gatehouse in New Westminster, B.C., has come on the market.
RE/MAX is listing the property for about $5 million. The building, which overlooks the Fraser River, is located at 319 Governors Court and has been used most recently as a pub/restaurant named the Notorious Grey Fox, and offices.
According to the listing, the 11,522-square-foot heritage building is partially leased with the upper level’s office spaces occupied. The ground-floor is home to a fully licensed pub and restaurant. Zoned for commercial use, the 1.1-acre property comprises 47,876 sf altogether.
RE/MAX says the “landmark” property offers “exceptional potential for mixed-use redevelopment, including ground-floor retail with multi-residential above.”
The building received modern upgrades in 1989, including mechanical, electrical, and full sprinkler systems. RE/MAX says the building is move-in ready and does not require any major capital expenses.
“This is a rare opportunity to secure a trophy asset with strong holding income, future upside, and undeniable character,” says the RE/MAX listing.
Once home to some of Canada’s most notorious convicts, the B.C. Pen closed in 1980 and was mostly redeveloped in subsequent years.
Pictured: The former B.C. Penitentiary’s gatehouse building in New Westminster, B.C.
Image: RE/MAX
