One of the oldest buildings in Abbotsford is officially open for bids beginning on Friday.
The Sumas Powerhouse, built in 1906 by the B.C. Electric Corporation, is available to the highest bidder, and the completely restored and modernized property will sell without reserve by March 28.
Located at 39623 Old Yale Road, the Powerhouse boasts 12 bedrooms, 10 bathrooms, five kitchens, four balconies, an elevator and a 1,000-bottle wine cellar.
The property spans 11,462 square feet and includes more than 2.35 acres of land.
It was last listed at $4.999 million, but the without-reserve stipulation means the market will dictate both its pricing floor and ceiling.
American company Concierge Auctions is handling the auction portion of the sale, and project sales manager Scott Pate said his company offers luxury-property sellers the chance to ease the sales process.
“Luxury property can sometimes sit on the market for a long time, and this electric station is a great example of a very unique property that is difficult to find a buyer for because there really are no comparables,” he said.
Pate arrived in Abbotsford in late-February and has been hosting open houses at the location every day.
“A project manager like me comes on site for four to six weeks and we market the property extremely hard,” he said. “We want to create a buzz for it in Abbotsford and Vancouver, but we have wide-reaching arms all over the world, and the auction process makes it more available for people in all different time zones.”
The auction process is similar to eBay, with all bids being submitted online.
Those interested in participating in the auction must sign all the terms and conditions and wire in a $100,000 refundable bidder deposit.
The winning bid has 30 days to close the sale, just like any other real estate transaction.
Pate and Concierge Auctions also partner with a local agent, and in this case are working with Sara Gilloly of Re/Max All Points Realty.
Pate said the Sumas Powerhouse, which was used for many years to house equipment for the Fraser Valley line of Vancouver’s commuter and cargo streetcar system, is an extremely unique property.
“What a legendary building this is,” he said. “I’ve heard lots of stories from many of the locals coming in. I didn’t see what it looked like before, but what an amazing finish job the seller has done. There is so much imagination put into it and the overall quality is just fantastic.”
Bidding opens on Friday at 2 p.m. For more information, visit conciergeauctions.com/auctions/39623-old-yale-road-abbotsford-british-columbia-canada.