One of three Vancity Credit Union properties listed with Colliers last year sold Dec. 20 for $7 million.
Situated at 3075 Douglas St., Victoria, the 0.66-acre property sold for its development potential.
Currently improved with 8,482 square feet of commercial space, the property has a gross buildable area of 85,890 square feet. Bonus density opportunities are available under the Burnside Gorge Community Plan governing the site, which sits in the Mayfair Town Centre zone.
The sale price averages $81.50 per buildable square foot, bearing out Colliers’ comment that the “site offers a rare opportunity for substantial upside potential through redevelopment.”
Colliers brokers Morgan Iannone, Casey Weeks, Brandon Selina and Michael Miller advised on the transaction.
The majority of the premises, 6,336 square feet, is occupied by Vancity, which is leasing back the space from the purchaser. Stable holding income from Vancity provides cash flow while planning and permit processes for the site’s redevelopment proceed.
Vancity listed the Douglas Street property, along with sites at 3395 West Broadway and 3305 Kingsway in Vancouver, as part of an ongoing effort to streamline its operations.
“The primary goal is to reduce some of the complexities associated with site ownership and the opportunity to reinvest financial resources in Vancity,” the credit union told Western Investor last year. “Transitioning to a branch-lease model enables us to better adapt to evolving member needs, neighbourhood dynamics, and community changes.”
Vancity did not immediately respond to a request for comment on the Douglas Street sale.
Vancity reported property sales totalling $14 million in 2023, with the three properties listed in May 2024 assessed at $23.8 million.
Vancity says it has no intention of closing the branches associated with the properties, as the areas the branches serve continue to be strong markets for the credit union.
