Victoria, B.C. - It seems the old adage is true — one man’s junk is another’s treasure.

Vancouver developers Reliance Properties have purchased the derelict Northern Junk buildings with an eye to breathing new life into two of Victoria’s oldest buildings.

According to Reliance general manager Jon Stovell, there is no set plan for the two buildings — 1314 and 1318 Wharf St. — but the company intends to look at a lively mix for what he called the gateway to downtown Victoria.

Reliance paid $1.5 million for the two buildings and property, which were recently assessed at $1.33 million. They had been listed for sale at $1.975 million.

The buildings have a side facing the harbour where wharves once connected the warehouses to the water and were used to unload goods.

The buildings are owned by Oak Bay resident Clara Kramer, who has clashed with the city over the sites in the past. At one point Kramer applied for a demolition permit for the Janion before the city responded to protect it with a heritage designation.

Kramer also owns the Janion at 1612-1614 Store St. which Stovell said Reliance has also expressed interest.

“We love heritage buildings,” said Stovell, noting the company has a 15-year track record in Vancouver of reclaiming and bringing back to life derelict properties.

Stovell did not rule out making another bid for the Janion, which had been listed for sale at $2.48 million, but he noted it had been taken off the market while some foreshore issues were dealt with regarding an adjacent property owner.

Reliance has hired Merrick Architecture to work on plans for the site. Stovell estimates they will have some early concepts ready for public consumption in the next few months.