Seaside Place
531 West Bay Terrace

SOLD

Cushman & Wakefield is pleased to announce the successful sale of Seaside Place, a premier multi-family building comprised of 93 oceanfront rental residences positioned on an 82,000 sf 100% freehold lot with approximately 300 feet of shoreline giving sweeping views of Victoria’s famous inner harbour.

Seaside Place is located in the surging submarket of Esquimalt; one of Victoria’s prominent residential areas in the heart of the Capital Region District. Currently, approximately 17,000 people reside in the quaint seaside community, enjoying its natural beauties and many amenities. Seaside Place sits on an extremely rare oceanfront lot overlooking the stunning Victoria inner Harbour. The strategic location, the exceptional asset quality and its high caliber of tenants residing in the
Property solidifies its identity as one of Vancouver Island’s most prized multifamily assets.

A multifamily offering of this scale and caliber is a generational investment opportunity, rarely available in one of Canada’s most sought-after markets. 

Location

Seaside Place is strategically located near numerous amenities, such as Shopper’s Drug Mart, A&W Canada, Tim Hortons, Sushi Story, Subway, Cask & Keg Liquor Store, and Bunny’s Nook Kitchen. All of these amenities are within a 5-minute walk of the property.

On a wider scale, Esquimalt offers Gorge Vale Golf Club, Naden Athletic Centre, the CFB Esquimalt Naval and Military Museum, Base Hospital, Save-On Foods, a Marriott Hotel, and much more.

Investment Highlights

• Spectacular Waterfront Location Situated on an 82,000 SF Lot Boasting 300’ of shoreline
• Professionally Managed Asset Providing Institutional Grade Quality and Scale
• Desirable Composition of Large, Bright Seaside Apartments Ripe for Modernization
• Clear Path to Attractive Income Growth with Apartment and Property Programming Potential
• Victoria Regions’ Rental Market Underpinned by Sturdy Growth Fundamentals
• Vacancy Rate and CMHC Interest Rates at an All-Time Low