Redevelopment site in the heart of Saanich sells for just under $20 million
Andrew Duffy
Western Investor
Saanich has identified the area surrounding the site as its municipal core
Cloverdale Avenue in Saanich. GOOGLE STREET VIEW
A prime site in the heart of Saanich has been snapped up for just under $20 million.
Commercial real estate firm CBRE said a development site bordered by Blanshard Street, Cloverdale Avenue and Oak Street has been purchased with an eye to redevelopment.
The exact purchase price and name of the buyer have not been disclosed.
Ross Marshall, vice-president with CBRE Victoria’s Investment Properties Group, said there was a lot of interest in the site because of the potential for redevelopment. Saanich is pushing for that area to become the heart of the municipality, making it a location with a promising future.
He said the sale was conducted through a bidding process that garnered a number of offers, with the selling price hitting just under $20 million.
Marshall said being in the heart of the Douglas-Uptown corridor, having a motivated municipality in the mix and the fact there is income from fully tenanted businesses currently on the site drove the offer process.
“So there was holding income, which on some of the development sites is often not the case,” he said.
The site, with the addresses 3311 Oak St. and 816 Cloverdale Ave., is 1.45 acres with three fully tenanted industrial buildings. Two of the buildings are on 3311 Oak St. and were built in 1968, while the third building was built in 1964 on Cloverdale.
The site is right in the middle of the 383-acre Douglas-Uptown area, which the District of Saanich has highlighted as the heart of the municipality.
The district has said it would like to see an increase in diverse housing, employment, transit, green spaces and amenities sprout up in the area over the next two decades.
The area, bordered by Victoria at Tolmie Avenue to the south, Huxley Street just north of the municipal hall on the north side, between Burnside and Harriet roads on the west, and Leslie Drive and Calumet Avenue on the east, is home to about 4,400 residents and 10,000 workers.
In its vision for the area, Saanich has suggested mid-to-high-rise towers of up to 24 storeys, ensuring homes are located near transportation options, services and amenities.
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