Property Overview

  • Status
    Available
  • Address
    Seaside Place
    531 West Bay Terrace
    Esquimalt, BC
    Canada
  • # of Units
    93
  • # of Storeys
    6
  • Year Built
    1972
  • PID
    005-090-229
  • Lot Size
    82,000 SQFT
  • Zoning
    RM-4
  • Price
    Please Contact Listing Agents
  • Building Type
    wood-frame
  • Confidentiality Agreement
  • The Offering

    Cushman & Wakefield is pleased to present the extremely rare opportunity to acquire a premier multifamily investment property (“Seaside Place” and/or the “Property”) 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. The Property provides investors with the unparalleled opportunity to own a premier rental asset with a very secure and stable cash-fl ow, a high caliber of rental tenants, essentially no deferred repair/maintenance obligations in the near term, and is highlighted by significant rental revenue growth potential of at least 35%.
    The Property is one of three assets in a portfolio being offered by the Vendor. It can be acquired on its own or as a collective Portfolio acquisition. Seaside Place is held in a bare trustee corporation and available with clear title allowing investors to take advantage of the high levels of available debt in this historically low interest rate environment, which will enhance its levered returns, especially when factoring the immediate income growth potential.

    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

    Access to the Due Diligence Data Room

    A comprehensive data room is available upon execution of a Confidentiality Agreement which includes a comprehensive Confidential Offering Memorandum (“COM”), recent property reports and an extensive photo gallery.

     

    David Venance
    Executive Vice President

    David Venance

    Don Duncan
    Senior Vice President

    Don Duncan

    Tim Sommer
    Senior Vice President

    Tim Sommer

    Property Location