SOLD
Sarona Apartments is comprised of two adjacent lots (1471 & 1475 Fort Street) each improved with a freestanding mid-century apartment block. There are 29 rental suites comprising an estimated 19,650 sf of rentable area between the two buildings. The Property is currently under head lease with the Vancouver Island Health Authority (“VIHA”), with leases expiring in June 2025 and September 2024, respectively. Proximity to the nearby Royal Jubilee Hospital is critical to their healthcare service. Lantern Properties has recently entitled 1475 Fort Street, which was slated for redevelopment in October of 2024. All 11 units are currently vacant. The development plan is to build 32 rental homes within a new apartment block. The Property is in the historic Rockland neighborhood of Victoria, surrounded by a range of amenities, including shops, restaurants, parks, and cultural attractions. Its tranquil streets and historic charm make it a sought-after residential area in the capital region.
