4500 West Saanich Rd Saanich, British Columbia V8Z 5L3

$4,150,000

This is an exceptional opportunity to acquire a strategically located 17,425 sq. ft. commercial property in the heart of the rapidly evolving Royal Oak growth corridor. Now offered at a reduced price with increased rental income, the property provides investors and developers with stable in-place cash flow and meaningful long-term redevelopment potential. The site benefits from dual road access, with more than 100 feet of frontage along West Saanich Road and approximately 60 feet along Viewmont Avenue. Situated immediately adjacent to Royal Oak Shopping Mall, the property offers excellent visibility, connectivity, and immediate access to major retail and service amenities. The existing fully leased building comprises seven commercial units totalling over 7,600 sq. ft. of leasable area. Supported by a long history of stable tenancy, it provides dependable holding income while future redevelopment plans are contemplated. Zoned C-3, preliminary discussions with the municipality have indicated potential density in excess of 3.5 FSR. Royal Oak is undergoing a significant transformation, with nearby city-owned lands rezoned to accommodate buildings up to 12 storeys and additional projects advancing through various stages of planning and approval. With strong frontage, reliable income, and substantial future density upside, this is a compelling opportunity to secure a strategic site in one of Greater Victoria’s most active redevelopment nodes. (id:59709)

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https://www.realtor.ca/real-estate/29940504/4500-west-saanich-rd-saanich-royal-oak