Victoria Row, the West End’s historic but ageing housing development, is now being demolished, according to the West End Development Corporation.

The landowner announced in October that it had exhausted all avenues in trying to find investment or a developer for the dilapidated buildings.

In a statement issued this evening, Wedco said it had “reluctantly” begun their removal. The statement continues:

“Wedco has done everything they can to save the buildings; they have approached organisations like Habitat for Humanity, the National Trust and even the Naval Dockyards Society in the United Kingdom. No group has been able or willing to assist with any financial support, and although in principle Wedco agrees with the preservation groups, they simply do not have the funds available.

“Recently completed surveys indicate it would take approximately $11m to renovate Victoria Row, which would mean that the interest alone on the renovation for each unit would be $2,500 per month which far exceeds any rental return they may be able to earn.

“It is not easy to say ‘let’s demolish a building’, and Wedco are doing this reluctantly.

“Wedco has spent millions of dollars recently on renovating and restoring properties throughout the Royal Naval Dockyard and the West End, but this particular project is simply, and regrettably, not financially viable.

“Wedco has met with different groups and offered to let Victoria Row go for free, on the condition that it was renovated according to codes. It was simply not financially viable and had it been, Wedco would have renovated it themselves.”