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Case Study

The Hudson- Downtown Urban Living at it's Finest!

Victoria (Head office)
Phone: (250) 658-8060
Toll Free: 1-877-907-8060
Fax: (250) 658-8067
Regional Manager: Dale Schuss
Email: info@randallnorth.ca
485 Garbally Rd, Unit D
Victoria, BC V8T 4T3

Mailing address:
PO Box 53531
Victoria, BC V8X 5K2
Canada

Prince Rupert 
Phone: (250) 627-1414
Fax: (250) 658-8067
Regional Manager: Dale Schuss
Email:dale.schuss@randallnorth.ca

Mailing address:
P.O Box 728
607 2nd Avenue West
Prince Rupert, BC V8J 3S1

Cowichan Valley
Phone: 778 356-0021
Fax: (250) 658-8067
Regional Manager: Gloria Carvalho
Email: gloria.carvalho@randallnorth.ca

2011

THE CHALLENGE:

To rent 39 units quickly at the new heritage luxury complex “The Hudson” in a down economy with the unofficial vacancy rate above 3% and rising.

BACKGROUND:

The Hudson’s Bay Company store (the Bay) in downtown Victoria relocated from its original location on Douglas and Fisgard to the former Eaton’s store in downtown Victoria following the end of the Eaton’s brand that had been acquired by Sears Canada.

The Bay was holding off on marketing the old now vacant building as the local governments reviewed purchasing the property as a new main branch of the Greater Victoria Library.  As consensus of the local governments could not be reached, the Bay placed the building for sale and it was sold to Townline, a British Columbia developer well know for quality projects of the highest calibre.

Townline re-developed the property using as much of the existing building as possible.  The housing market at the time of the start of construction was strong however the market into 2009 and 2010 softened, which extended to the rental housing market.

The Hudson was completed in September 2010 and many purchasers had bought units for investment and were seeking to rent them out.

Randall North had the majority of the rental units at the Hudson, all units owned by non-residents.

THE RESULT

Randall North had to without delay identify the target tenant group and price the units so that tenants had value for product, and the investor owners had a sufficient return.  The building turned out to be very popular with the 25-35 age group who desired to live downtown and in a well designed “new style” heritage concept.  Randall North, with its motivated commission based staff, was eager to rent the units fast for the top dollar.

Units rented up usually within a couple of weeks and 13 of the 39 units to this date (January 2012) still have the original tenants still in place.  Nine units have been re-rented within the last two months making the average tenancy 7 months long.

Some statistics of the 39 units as at January 15, 2012:

Vacancy rate: 0%

Number of Residents: 54 or 1.38 per unit

Average Age of Tenant: 30

Units that allow pets: 4

Average Rent for 1 Bedroom: $1,300 per month

Average Rent for 2 Bedroom: $1,750 per month.

 Current ask for 1 Bedroom: $1,350.00 per month

Current ask for 2 Bedroom: $1,800.00 per month

 

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