The commercial property known as the NOW furniture creating is heading on the market for $7.12 million in a court-ordered sale.
This high-profile creating at 2269 Douglas St. is among a number of properties put up for sale following much more than 20 businesses inside the Traveller's Inn Group, owned by Victoria's John Asfar, went into bankruptcy last September.
Mischa Gringras of Colliers International Victoria is listing the 41,000-square-foot creating.
Zoned for commercial use, the 10-year-old creating functions 7.6-metre ceilings, a mezzanine, underground parking and passenger and freight elevators, Colliers said.
It was constructed as a high-quality store and warehouse for that Wosk Furnishings chain, after which became NOW Furnishings outlet. Asfar bought the building within the spring of 2005.
Asfar had plans to create the building a centrepiece of his unsuccessful strategy to establish a casino in downtown Victoria. The creating has not been utilized because NOW Furnishings closed in 2004, although it has served as a area for the annual Times Colonist book sale in past years.
Colliers is acting for that John Volken Foundation, which has the very first mortgage on the building, held under the name of Vancouver Island Entertainment Centre Holdings Ltd.
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