Banner Month in Victoria

Colliers Victoria Completes Banner Month in Transactions

Axor

Colliers Victoria completed their second most successful month on record in terms of revenue, generating more than $1.385 million, in March 2014, including four Province of BC mandates totaling in excess of $97.1 million in sale prices.

Brokers Michael Miller, Ty Whittaker, Grant Evans and Anna Schnell transacted the four offerings – Langford Lands, Axor, Capital Park and Langford City Centre – as part of the BC Provincial Government mandate won in March 2013.

The Langford Lands consist of 19 land parcels packaged into four separate offerings. The properties, totaling 113 acres, all run along the Trans-Canada Highway and are zoned for one- and two-family residential or greenbelt. The property groups were sold to various Langford-based developers on behalf of the Provincial Capital Commission.

The sale of the option to purchase The Axor, two office buildings in Victoria’s Selkirk Waterfront area, includes the Province of BC entering into a new, 10-year lease for the 184,432-square-foot, Class A property commencing July 1, 2017.  This unique transaction involved the sale of an option to purchase in favour of the Province of BC, which cannot be exercised until April 2016 with the purchaser of the option not actually taking ownership of the real estate until July 1, 2017. The purchaser is Healthcare of Ontario Pension Plan through its agent, Triovest Realty Advisors (B.C.) Inc.

Capital Park, a two-parcel land package totaling 6.2 acres located directly behind the Legislative Buildings in downtown Victoria, was sold on behalf of the Province of BC to a joint venture partnership between Jawl Development Corporation and Concert Real Estate Corporation. The larger portion (“South Block”) will see the development of a mixed-use complex with the Province leasing 180,000 square feet of LEED® Platinum office space.

Langford City Centre, the site of Belmont Secondary School, was sold to Sobeys on behalf of School District 62. The ±21.25-acre site, located in the commercial core of Langford, has substantial frontage and offers the opportunity for a large-scale retail/mixed-use development. The sale includes the leaseback of the existing buildings until September 2015.

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