Description

Prime Royal Oak Redevelopment Opportunity with Strong Holding Income Positioned in the heart of Royal Oak’s emerging growth corridor, this 17,425 sq. ft. property represents a rare opportunity to secure a strategic redevelopment site with stable interim income. The lot offers dual road access, with over 100 feet of frontage along West Saanich Road and approximately 60 feet on Viewmont Avenue, immediately adjacent to Royal Oak Shopping Centre. The existing 7-unit commercial building is fully leased and has a long history of stable tenancy, providing dependable cash flow while future development plans are contemplated. Currently zoned C-3 Commercial (1.2 FSR), preliminary discussions with the District of Saanich indicate potential rezoning to approximately 3.5 FSR _, equating to over 61,000 sq. ft.+ of potential buildable area (buyer to verify). The broader Royal Oak node is undergoing meaningful transformation, with nearby city-owned lands rezoned to permit buildings up to 12 storeys and additional mixed-use developments in various stages of planning and approval. Given the evolving policy framework and surrounding density, purchasers may wish to explore similar height and density potential for this site, subject to municipal approvals. With prominent frontage, strong vehicular exposure, transit connectivity via the Royal Oak Transit Exchange, and immediate access to major retail amenities, this property offers a compelling opportunity to secure income today while positioning for significant long-term density upside in one of Saanich’s designated growth areas. (id:2469)

Listing Provided By

Pemberton Holmes Ltd.

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