SOLD | 2460 Gateway Road, Langford, BC
Michael Miller, Brandon Selina PREC, Austin Cope and I listed this property in late 2023, with minimal engagement from the development community for the first few months of the listing term.
The site has many positive attributes which, in more conventional times, would have been highly sought after.
👑 A full city block, with significant exposure in a commercial centre
💥 No blasting required, with site elevations at foundation level
⚒ All site prep and off site work completed
🏗 Significant retaining wall constructed by the vendor
✔️ Zoning in place
📐 Scale which is rarely available
However, given the state of the development industry, we were frequently experiencing objections we've all become too familiar with such as:
"We're just focusing on our current pipeline right now"
"Pencils are down for all acquisitions until the market settles"
"The absorption timelines are too long for this amount of density"
etc. etc.
As spring rolled around, we started to receive more calls for sites in the CRD. Mandates and new entrants to the market started to emerge, site visits and market tours were starting to be requested - all positive factors we have not seen for 18 - 24 months.
Interest began to culminate and we ultimately received two offers for the site as a whole within a week or so of each other.
While we cant yet say "development deals are back", interest in the CRD is beginning to inflect, and we're increasingly hearing of "holes" in the pipeline for 2025/2026 which need to filled. So far this year, we've sold over $95,000,000 in development land deals, and we're encouraged this velocity will continue into the end of the year.
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#sold #developmentland #colliers #yyj
Flooring contractor -National sales manager
5moIntu Interiors would love to be able to Tender a flooring package for this development, our warehouse is on the doorstep! please get in touch if the opportunity is there b.dawes@intuinteriors.co.uk