*PRICE REDUCED* Court Ordered Sale of a 33,035 SF Multifamily Development Site

FOR SALE BY COURT ORDER

The subject assembly is well-located at the corner of Saanich Road and McKenzie Avenue. The area is within walking distance to a diverse mix of commercial amenities at the corner of Quadra Street and McKenzie Avenue. The residential makeup in the area is predominantly single-family dwellings with medium density apartment and condominium units along McKenzie Avenue. This area is popular with renters as it benefits from the favorable bus routes directly to the University of Victoria along the McKenzie corridor, and its central suburban location makes for an easy commute to Victoria’s downtown core, the Saanich Peninsula, and the Westshore.

Development Opportunity

The Subject property is identified in a primary growth area and is surrounded by recently approved and legacy multifamily properties. Saanich’s current OCP speaks to mid-rise buildings of up to 12-storeys in this location. There is a current development permit application (unapproved) for an 8-storey building which equates to a 2.9:1 FAR. 

Highlights

• Gently sloping corner site
• Desirable central location
• Close proximity to amenities
• Located at controlled intersection
• Favorable Official Community Plan designation supporting multifamily development density
• Desirable condominium or purpose-built rental location

Was $4,600,000 - Price Reduced to $4,300,000