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Downtown Victoria's iconic Bank of Montreal building listed for sale at $16 million

The stately Bank of Montreal Building at the intersection of Yates and Douglas streets has been listed for sale at $16 million. The 113-year-old bank branch is one of Capital's most iconic heritage buildings.  Citified.ca

Downtown Victoria's iconic Bank of Montreal building listed for sale at $16 million
CITIFIED.CA STAFF

Downtown Victoria's iconic Bank of Montreal (BMO) building at Yates and Douglas streets is on the market to the tune of $16 million.

The 114-year-old two-storey Classical Beaux-Arts edifice was construction by renowned British-born Victoria architect Francis Rattenbury, most recognized for designing Victoria's stately Parliament Buildings and the Empress Hotel.

Completed in 1907, Rattenbury's design for what was then known as the Merchant's Bank of Canada building (prior to being acquired by the Bank of Montreal in 1922) was at the time of its construction Victoria's most expensive structure relative to its size. Historians have described its imposing presence as a symbol of the BC Capital's pre-World War I economic strength.

Subsequent additions in 1922 and 1945 increased the building's size to over 25,000 square feet, all of which are currently leased to the Bank of Montreal.

In addition to BMO's main local branch, the Oak Bay Village location along the 2200-block of Oak Bay Avenue is also listed for sale at $3.9 million. The building's 3,541 square feet are fully occupied by the bank.

Neither branch is expected to vacate its premises.

In recent months a flurry of local commercial property acquisitions saw over $130 million in real-estate change hands, including downtown Victoria's 11-storey Sussex Place office building (overlooking the intersection of Broughton Street and Douglas Street) and two office complexes at the Burnside-Gorge neighbourhood's Selkirk Waterfront community.

Office development in the Capital has surged in recent years with approximately 500,000 square feet of space currently under construction or recently completed. C

 

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