The Y’s current building housed outdated space and required expensive updates. The Y engaged Colliers to assess market opportunities which included two rounds of proposals and ongoing due diligence and negotiations.
At the top of the Y’s priority list was finding a way to move to a new downtown location with minimal interruption to its members. It also wanted to remain in the building while options were considered for a new location.
A team led by Michael Miller and Anna Wray sold the Y’s current property at to Vancouver-based developer Concert Real Estate Corporation for $22 million, resulting in the largest downtown Victoria land sale in Colliers’ history.
The sale strengthened the Y’s ability to seek a new location and remain in operation at its current location for up to seven years. This was an ideal scenario for the Y, allowing it to focus on planning for a new Downtown Y location. A new modern facility will ensure the Y remains a relevant and integral part of the Victoria community for future generations.