Merchant House Capital is expanding its business portfolio with the acquisition of Blanshard Block in the city of Victoria.
The project comprises about 18,000 sq. ft. of developed land on Blanshard St., which integrates three fully tenanted properties between Fort Street and View Street in Victoria's financial district.
Located along Victoria’s tech corridor and Fort Street retail scene, Blanshard Block is anchored by the Montrose Apartments and Monk Office.
Merchant Chief Executive David Fullbrook said that the company has no plans of altering the property as of now.
“Fundamentally, they are just really good assets in strong locations with good cash flow. We really like the buildings the way they are and we like the cash flow. We are not necessarily positioning to get into the race to develop in this current cycle,” he said in an interview with Times Colonist.
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This transaction will enable Merchant House Capital to build value through active management and longer term repositioning, Fullbrook added.
Currently, Merchant House Capital is developing the Victoria Press Building, a 300,000 sq. ft. mixed-use project in Victoria’s new Midtown neighbourhood. The company said that the project is aimed at revitalizing Midtown by creating a cultural and commercial hub of media, arts, entertainment, technology, and education.