Luxury condos for cars are now a thing in Richmond
80% of units in condo project for cars have already been sold.
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Would you pay $600,000 to house your car? A Canadian developer is banking on the very rich spending that kind of money for a luxury car storage building in Richmond.
It appears there are enough interested people to warrant the project – about 80 per cent of the units have already been sold, according to the Trove website. Construction is slated for completion by 2019, according to a spokesperson for the developer, Hungerford Properties.
Base units, at 1,000 sq. ft. and no added furnishings, start at $600,000 but there are also 25,000 sq. ft. units that include a mezzanine and décor themes.
The two-storey project is slated for the corner of Knight Street and Westminster Highway across from the Richmond Auto Mall. There are 45 units in total for sale and there will also be space for car-related storefronts on the ground floor, said a Hungerford Properties spokesperson.
The company is marketing the project as both an investment property as well as an exclusive community for luxury-car enthusiasts.
“TROVE is a smart real estate investment and a limited opportunity to invest in a commercial condo real estate in Vancouver,” said Michael Hungerford, partner at Hungerford Properties, in a release.
“Commercial condo investments provide excellent appreciation in value. We expect TROVE to create added value to owners by attracting a whole community of like-minded buyers with a common passion for cars.”
But the project has raised the ire of housing advocates, who point out many residents in the Lower Mainland can’t afford to buy a condo, let alone a condo for their car.
In a written response, Hungerford emphasized Trove is a commercial development in an area that is zoned for industrial use.
The City of Richmond confirmed the developer has not submitted an application for that site (13571 Sparwood Place) as of Monday.
The site is zoned for Industrial Business Park, according to a city spokesperson.