City Purchases 812 Wharf Street, Securing Strategic Harbour-front Property for Local Economy

A key inner harbour property will change hands on March 23, with the City of Victoria purchasing a property at 812 Wharf Street from the Province of BC.  The property houses the Tourism Victoria Visitor Centre, and four other tenant businesses, including Milestones restaurant.

The City is purchasing the property for $7.98 million and is 'self-financing' the purchase. Council will borrow the money from the City's Building and Infrastructure Reserve Fund and will repay the fund, with interest, over 22 years from revenues generated from the building.

The City and the Province will be working through the final aspects of the transaction in the coming week, ensuring a seamless transition for tenants.