The Vaults - Luxury Secured Storage

[Jlude]

I found this last week (www.thevaults.ca) for the first time and wanted to check if one of the many beyond ballers have purchased one of these units(can PM me if you would like). I wanted to know if anyone has one, what your experience has been owning one, what kind of restrictions do they impose that one wouldn't expect, etc.

I'm thinking about getting in on this when they build in Winnipeg.

[spikerS]

I don't know if they want it to be known, but there is a Beyonder on here who is active that did purchase one. Last I spoke with him, he seemed to be really enjoying it.

[roopi]

Original thread when this was first discussed: https://forums.beyond.ca/threads/399...ry-Car-Storage

[BavarianBeast]

I looked into it but wasn't overly impressed with the security or build quality of the units at $350k+.

Not a very good buy from an investment standpoint either, but I guess some people don't mind pissing away their $.

[ercchry]

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I don't know if they want it to be known, but there is a Beyonder on here who is active that did purchase one. Last I spoke with him, he seemed to be really enjoying it.

He’s a pretty open book on here... I’m sure he’ll share! No stranger to commercial property ownership either

[C4S]

Great idea .. but I recall the fee (condo fee or management fee) is quite high, plus property tax etc ... so all add up *_*

[88CRX]

Have a family friend that bought one and pimped it out, its awesome!

But there are a couple key things that should be considered.

- It is a condo, therefore you have strict condo rules that you need to follow (ie: you cannot live in your unit). I'm sure there are a million rules actually.
- You truly get a 'base building' unit. No mezzanine, rough in for plumbing only, etc. It is completely bare bones. The cost to build it out like the images they provide is huge $$$$, obviously.
- They didn't accommodate for a/c.
- The costs of the units went up significantly from phase 1, to phase 2 to the final phase(s). If you're considering one get in early.

Super cool to have but can't imagine anyone would ever make money off their own unit.

[Jlude]

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I don't know if they want it to be known, but there is a Beyonder on here who is active that did purchase one. Last I spoke with him, he seemed to be really enjoying it.

Hopefully he does.

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Original thread when this was first discussed: https://forums.beyond.ca/threads/399...ry-Car-Storage

FML - I actually searched first but didn't see that at all. It wasn't even on the first page.

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I looked into it but wasn't overly impressed with the security or build quality of the units at $350k+.

Not a very good buy from an investment standpoint either, but I guess some people don't mind pissing away their $.

Interesting. I am unfortunately one of those people.

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Great idea .. but I recall the fee (condo fee or management fee) is quite high, plus property tax etc ... so all add up *_*

This is what I'm wondering, how much of a condo fee can they charge? I believe the units are metered separately, so interested to hear what the costs would be. I'm sure it would be cheaper in Winnipeg.

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Have a family friend that bought one and pimped it out, its awesome!

But there are a couple key things that should be considered.

- It is a condo, therefore you have strict condo rules that you need to follow (ie: you cannot live in your unit). I'm sure there are a million rules actually.
- You truly get a 'base building' unit. No mezzanine, rough in for plumbing only, etc. It is completely bare bones. The cost to build it out like the images they provide is huge $$$$, obviously.
- They didn't accommodate for a/c.
- The costs of the units went up significantly from phase 1, to phase 2 to the final phase(s). If you're considering one get in early.

Super cool to have but can't imagine anyone would ever make money off their own unit.

Thanks Ryan.

- I expected the strict rules and don't plan to live in the unit, might sleep there once in a while if the wife pisses me off
- Base building I expected, they make a premium like any builder for building out out for the owner.
- No A/C... that's strange.
- Good to know.

I don't expect to make money off it, but I don't expect to lose any either. I'll figure that out when I see the price per square foot.

[ercchry]

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He’s a pretty open book on here... I’m sure he’ll share! No stranger to commercial property ownership either

He’s being shy...

- this developer was very accommodating to me, add ons were done accordingly (of course you gotta pay).

- The price I paid INCLUDES: mezzanine (as far as I know the builder is only selling these with mezzanine, FYI easier for developer to get city of Calgary to sign off on cookie cutter mezzanine. If you diy it the engineering stamp, etc would cost more anyways)... it includes (per website too. But tbv yourself talking to developer, it includes 3 piece bath. Which is toilet, sink, and a stand up shower �� plastic stall in a 6x12’ accessibility bathroom. For the type A smaller units)... includes oversized forced air ceiling heater, and includes air exchanger, includes LiftMaster commerical grade jackshaft motor as other commercial bays are just hand pull chains), sprinklered. Drywall and taped mud and sanded where as other commercials would be rough rough mud if that. (Owner pay for primer and paint)

- it’s classified as commercial zoned of course but can’t really compared them operational wise to proper business bays. So buyer needs to know what they’re getting into and the description of the place if it’ll suit their needs.

- measuring only from a square footage. Got to use price per square foot (including mezz, since smaller bay). In cgy usually $200-250/sqft. Unless you spend $2 mil and up on a stand alone to get that down to $175/sqft

- development for Calgary has a 2,000 sqft clubhouse, and a dedicated wash bay-bay.

- don’t forget the materials being used compared to other garage condo developments. (Ie. springbank, Okotoks without saying names of those buildings). Are wood frame, plywood, tyvek wrap, then vinyl or stucco. The exterior walls of this is 8” concrete tilt up walls. (Commercial division between units, 2x6 steel studs, then insulated, then legal firewall 5/8” drywall each side).

- I did minimal upgrades such as plumbing, outlets, pod lights instead of flourscent bulbs, builder was fully hands on (charged me, but other real commercials would had been pay us, here are the keys, bathroom literally a pipe)

- vaults launches Kelowna site near the airport and already 70% presold (held/deposit)

- of course there’s going to be condo fees, as even with any other business retail (jugo juice strip malls), or warehouse bays, with rules and regulations. Unless buyer wants to spend 7-figures in Calgary, not much you can do.

[ercchry]

And of course... the finished product:



If you have any questions about the commercial financing you need for this sort of property, feel free to shoot me a pm

[R-Audi]

A family friend has two bays in the Dens by Callaway Park, seems to be a great looking development, not sure how they compare with the Vaults.

[ercchry]

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A family friend has two bays in the Dens by Callaway Park, seems to be a great looking development, not sure how they compare with the Vaults.

Major difference is residential developer vs commercial, and in return stick vs concrete construction. I believe some owners at the dens are already experiencing issues with building envelope as well

[HiTempguy1]

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I looked into it but wasn't overly impressed with the security or build quality of the units at $350k+.

Not a very good buy from an investment standpoint either, but I guess some people don't mind pissing away their $.

The value proposition on these makes no sense at all. $400k on top of the type of house a person considering something like this would have would usually get people into the price range to be in a nice acreage on the outskirts of town. So unless they are already living in an infill close to downtown, or in the richy rich neighbourhoods (where they probably already have the garage space to house their $200k+ cars) or in a condo downtown and they want to stay there... yea. I don't get it. Especially with the restrictions in place with it being a condo and all.

[Disoblige]

No AC probably done on purpose to discourage living in it?
If this was a storage condo in front of a race track, it would make more sense. Place to chill in between sessions, do work, etc.

[bjstare]

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The value proposition on these makes no sense at all. $400k on top of the type of house a person considering something like this would have would usually get people into the price range to be in a nice acreage on the outskirts of town. So unless they are already living in an infill close to downtown, or in the richy rich neighbourhoods (where they probably already have the garage space to house their $200k+ cars) or in a condo downtown and they want to stay there... yea. I don't get it. Especially with the restrictions in place with it being a condo and all.

Like you said, all they need are the folks in Mt Royal, and all the little secret rich ppl communities like bel-aire that only have 2-3-4 car garages. There are plenty of baller houses in calgary with limited parking to support a place like this. It sounds like you do get it, you just aren't in the target demographic haha.

[max_boost]

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He’s being shy...

Always good to play that mystery card every now and then

[TomcoPDR]

What about lowballing a small unit at that new horizon mall. You get basically an entire basement parking lot to yourself for the next 1-3 year ish, manned security around the place. Full time cleaners of the common areas.

[Disoblige]

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What about lowballing a small unit at that new horizon mall. You get basically an entire basement parking lot to yourself for the next 1-3 year ish, manned security around the place. Full time cleaners of the common areas.

As someone who is pretty newb to leasing or owning business spaces (particular where common spaces exist, like a mall), what is the typical rules in regards to a place like that? Are you not allowed to occupy the space during non-business hours? Can I loiter in my own unit? Is this why we don't see more owners staying in their stores even when the malls are closed?

[TomcoPDR]

@Disoblige correct. Sorry was being sarcastic about new horizon mall. I’m pretty sure lease, ownership, you’re still bound by community rules (bylaws of the building, or mall business model operation rules)

[bourge73]

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@Disoblige correct. Sorry was being sarcastic about new horizon mall. I’m pretty sure lease, ownership, you’re still bound by community rules (bylaws of the building, or mall business model operation rules)

There is nothing stopping you from say opening the “ Leftorium “ ?..or sell a product nobody wants and just chill ...