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For Sale 2346-2356 Sooke Road Colwood, BC

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For Sale 2346-2356 Sooke Road Colwood, BC PRICE REDUCED ±1.46 ACRE TRANSIT GROWTH VETERANS MEMORIAL PARKWAY AREA SOOKE ROAD DEVELOPMENT SITE For Sale 2346-2356 Sooke Road Colwood, BC • Located on Sooke Road and Veterans Memorial Parkway, major commercial corridors and traffic arterials that provide access to the Trans Canada Highway, Colwood, Sooke and Langford • Near Belmont Market, WestShore Town Centre and surrounded by current and upcoming commercial and residential developments Brandon Selina Erin Glazier Associate Associate 250 414 8379 250 414 8374 [email protected] [email protected] DESIGNATED TRANSIT GROWTH AREAS UNDER THE CITY OF COLWOODS’S NEWLY ADOPTED OCP, AN IDEAL LOCATION FOR A MULTI-UNIT RESIDENTIAL OR MIXED-USE DEVELOPMENT. SALIENT FACTS LOCATION Civic Addresses 2346-2356 Sooke Road, Colwood, BC Centrally located at the intersection of Sooke 2346 Sooke Road: Lot 3, Section 68, Esquimalt Road and Veterans Memorial Parkway. The District, Plan 21735, PID: 003-445-836 area is close to shops and services, and provides convenient access to the Trans 2350 Sooke Road: Lot 4, Section 68, Esquimalt Canada Highway via both main arterial District, Plan 21735, PID: 003-449-394 roadways. 2356 Sooke Road: Lot 5, Section 68, Esquimalt The properties are situated in the middle of a District, Plan 21735, Except Part in Plan VIP71511, number of upcoming developments including Legal Descriptions PID: 003-449-360 Belmont Market, Royal Bay and the Ridley Lands. +/-63,508 SF or +/-1.46 acres according to BC Site Area Assessment Authority Records TRAFFIC COUNTS Site Description Irregular in shape 7,000 vehicles per day +/-251 feet of frontage along Veterans Memorial Parkway and +/-229 feet of frontage along Sooke Frontage Road Services The properties have a full array of municipal services Access Access to the site is currently off Sooke Road Total Gross Taxes (2019) $10,438 Currently improved with three (3) single family Improvements dwellings Financing Treat as clear title DEMOGRAPHICS POPULATION AVG. HOUSEHOLD EDUCATION AVG. AGE RENTAL APARTMENT PRIVATE APARTMENT 1KM = 5,082 INCOME (3KM radius) (3KM radius) VACANCY AVERAGE RENTS 3KM = 33,909 1KM = $91,124 High School 40 (OCT 2018) = 0.0% (OCT 2018) 3KM = $89,635 Diploma – 31% Bachelor - $836 Trade/Apprenticeship – 11% 1 Bedroom - $948 College Diploma – 26% 2 Bedroom - $1,257 Post-Secondary Degree – 20% Westshore Town Centre VETERANS MEMORIAL PKWY LOCATION SOOKE RD Residents have realistic transportation choices. While personal automobile use will remain a mobility option that is safe and accessible, other modes will become viable, enjoyable choices. Walking will be the first choice for short trips, with nearly all residents living within a 10-minute walk of a neighbourhood grocer, café, and/ or other destinations that help meet their daily needs. For longer trips within Colwood, residents will choose to get around by bicycle or transit. Transit will become an increasingly convenient and enjoyable option for regional commuters who leave the City on a daily basis. DEVELOPMENT POTENTIAL | OFFICIAL COMMUNITY PLAN Designated Transit Growth Areas. Predominantly established residential areas in the Neighbourhood and Neighbourhood-Hillside and Shoreline land use designations that are situated within 200 metres of real travel distance of the Transit Growth Area. The transit Growth Areas support moderate future residential growth, and provide transit access to a greater proportion of residents. The permitted density in terms of floor area ratio (FAR) is up to approx. 2.5 for Transit Growth Areas with buildings up to six storeys in limited situations. SOURCE: CONCEPTUAL DRAWING SOURCED BY CITY OF COLWOOD’S OCP CITY OF COLWOOD OFFICIAL COMMUNITY PLAN 11 HOLDING INCOME SITE DEVELOPMENT POTENTIAL The properties generate holding income from the current residential Based on the City of Colwood’s OCP, a 2.5 FAR would support up tenancies at 2350 & 2356 Sooke Road. Currently these two single to +/-158,770 buildable SF* family dwellings generate a gross holding income of +/-$66,000 per annum and the current owner of 2346 Sooke Road will consider The ownership group of 2350 & 2356 Sooke Road took the two renting back the property on a month-to-month basis at a gross properties far along the rezoning process to 4th hearing for monthly rent to be mutually agreed upon. adoption to Towncentre Mixed Use (C8) Zone, which permits a wide variety of commercial and residential uses, including, but not limited to, apartment dwelling units, day care, hotel, live/work studios, offices, personal services, restaurants, and retail stores. The permitted FAR under the C8 Zoning is 2.0:1 and a maximum height of 20m or 6 storeys. *Final/Approved density may vary FROM LEFT: Royal Roads University, Esquimalt Lagoon/Finlayson Lighthouse, Royal Colwood Golf Club OFFERING PROCESS Prospective purchasers are invited to submit offers to purchase through Colliers for consideration by the vendors. Offers will be considered on a first-come, first-serve basis. Please contact the listing agents for more information; or, for access to the virtual data room, please submit a Confidentiality Agreement (“CA”), access which will be provided upon receipt of an executed CA. REDUCED ASKING PRICE $4,350,000 $4,275,000(~$67.31/SF OF DIRT) Brandon Selina Erin Glazier Associate Associate 250 414 8379 250 414 8374 [email protected] [email protected] Colliers International 1175 Douglas Street, Suite 1110 Victoria, BC V8W 2E1 +1 250 388 6454 collierscanada.com This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2019. All rights reserved. This communication is not intended to cause or induce breach of an existing listing agreement. Colliers Macaulay Nicolls Brokerage Inc. POXXXXX.
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