The Victoria Foundation shows support for downtown by securing long-term office space

A challenge for many charitable organizations is securing appropriate, long-term space. This has certainly been a challenge for the Victoria Foundation over the years.

To create certainty around long-term space needs for the Foundation and in a time many organizations are moving out of the downtown core, the Victoria Foundation Board of Directors decided to purchase the building it currently operates from. The address for the Foundation remains the same at Suite 200 – 703 Broughton Street, and the legal building address is 933 Douglas Street.

There are four key reasons the Foundation made the decision to purchase the building:

1. Making more space for community gathering: There is a desire for more affordable space for community groups to meet and collaborate. There have been increasing requests for the Foundation to build off our coordination role in the community to help address root causes of the issues we are facing, and having increased space for meeting and gathering will be key to this work. Having this space in the future will allow us to further this goal.?Timing of the space being available will be dependent on planning and costs.
2. Demonstrating a commitment to the downtown core: During a time of challenges for our downtown core the Foundation felt it was important to demonstrate our commitment to the area. The Foundation wants to be a positive part of the solution and hopes it will lead to further local investment in change for the area.
3. Stability for the Victoria Foundation: Having stable space has been a challenge for the Foundation. There are increasing expectations from the community for the Foundation to deliver on our purpose, and having stable space will allow the organization to focus on the community rather than our own needs such as leases and potentially moving. With the building being for sale there was a risk of a new buyer asking the Foundation to move, which would have meant a substantial cost. Given the current market for commercial buildings, the professional advice gathered by the Foundation indicated it was a good time to purchase.
4. Using our assets for a local investment: The assets under administration at the Victoria Foundation are meant to create a return which are then distributed in the community and across the country depending on the donor’s interests. The Foundation has a diversified portfolio and is invested globally to create certainty for donors and organizations relying on the returns. With the limited interest in commercial properties in the downtown area it is an advantageous time for a buyer, and the opportunity is key. The Foundation focuses on responsible investments, and the purchase of the building highlights our commitment to our local community.

The building was purchased through the Foundation’s investments portfolio as an internal loan to the Foundation’s operations. The Foundation operating fund will pay back the principal along with interest over time to its investment accounts. This loan structure is in alignment with Foundation practices within our investment portfolio.

For transparency, the purchase is included as a subsequent event note in our 2024 audited financial statements. Based on professional advice and assessments, the Foundation purchased the building for $7.55 million.

The Foundation has also partnered with Devon Properties as a property manager to support the daily operations of the building. The cost for property managers was included in the previous lease agreement as a tenant. There is one tenant in the building – Island Savings, a division of First West Credit Union.

The purchase will allow the Foundation to focus on its purpose of creating a sense of belonging for all rather than going through the time-consuming, recurring, and expensive process of finding new space and moving.

The Foundation is excited to take this step and be a positive force in the downtown core of Victoria.

If you have further questions, please contact the Foundation at 250-381-5532 or email info@victoriafoundation.bc.ca.