FOR SALE | Downtown Victoria High-Rise Development Opportunity

Address
854-880 Pandora Avenue, Victoria, BC
Property Type
For Sale
Size
23,400 SF

The Vendor has exclusively retained Marcus & Millichap REIS Canada Inc. to facilitate the sale of 854-880 Pandora Avenue, Victoria, B.C. (The “Subject Site”). The Subject Site represents a rare opportunity to acquire a 23,400 SF development site located in Downtown Victoria’s Residential-Mixed-Use District supporting high-density development. The Subject Site is exceptionally well-situated within Downtown Victoria’s core, benefiting from excellent accessibility, and proximity to several notable existing, and future, high-rise developments, all of which are furthering the gentrification of the immediate neighbourhood.

  • Located within Downtown Victoria’s Core Area Plan
    Situated within the Residential Mixed-Use District (“RMD”) on the southern edge of the North Park Neighbourhood, the Subject Property borders both the Central Business District and Harris Green Neighbourhoods. The immediate area is experiencing rapid growth and gentrification through high-density development.

  • Development Potential
    The Subject Property falls under the Special Density Bonus Area within the Downtown Core Area Plan. Density within the plan allows a maximum density of 4.5 FSR. However, City representatives have indicated that the Subject Property is a primary candidate for additional density above and beyond the 4.5 FSR.

  • Strength of Immediate Area
    Strategically located along the intersection of Pandora Avenue and Quadra Street, two essential thoroughfares connecting downtown to Victoria’s surrounding communities, and is walking distance to essential amenities such as grocery, financial services, civic centres, and more.

  • Holding Income with Termination Options
    The Subject Site benefits from considerable holding income that is secured by a long-standing tenant. The holding income covers property taxes, insurance, security, as well as provides additional cash flow. Each of the leases include termination options in favour of the landlord/property owner.

  • Bounded by Three Municipal Roads
    Attractive corner location bounded by Pandora Avenue, Quadra Street, and Mason Street, providing efficiencies and opportunities for improved access and flexible design and planning.

  • Protected Views
    The Subject Property is positioned amongst heritage registered properties and significant cultural landmarks, including The Palladian Building to the north, St. John the Divine Anglican Church to the north-east and Victoria Conservatory of Music to the south-east.
    Click to see 40, 80 & 120ft views from the Subject Site

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