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FOR SALE Retail/Seniors Development Site

850 Shawnigan Mill Bay Road, Mill Bay BC

Mill Bay Town Centre Site – 11.7 Acres

Opportunity: To acquire an outstanding retail/mixed-use

development site and develop the leading

community shopping center for the fast

growing South Cowichan Valley along with a

seniors housing component.

Location: West side of Island Highway (#1) and south

side of Shawnigan Mill Bay Road adjacent to

key intersection in Mill Bay, BC.

Description: A high exposure retail site providing more

than 350 feet of frontage along the Island

Highway and 1,350 feet along Shawnigan

Mill Bay Road, part of the 150 acre

“Stonebridge” mixed use development.

Asking Price: $4,500,000 ($8.82 per square foot)

For information, please call:

Randy Holt, Vice President

[email protected]

Cell: (250) 888-1621

Dave Bornhold, Partner

[email protected]

Cell: (250) 686-2988

DTZ Victoria Real Estate Ltd.

888 View Street

Victoria, BC V8W 1K2

Tel: (250) 382-3400

Fax: (250) 382-1333

Subject

Subject

Stonebridge Site

Shawnigan Lake

Mill Bay

Cobble Hill

www.dtzvictoria.com

Overview:

DTZ Victoria Real Estate Ltd. is pleased to present

the offering for sale of the 11.7 acre (+/-) retail

development site at 850 Shawnigan Mill Bay Road

in Mill Bay, BC. The subject fronts on the west side

of the Island Highway (Trans Canada Highway #1)

and south side of Shawnigan Mill Bay Road. It is

part of the high profile 150 acre “Stonebridge”

comprehensive mixed use development that will

include single and multi-family housing and retail

components. Servicing and construction of the

project’s first housing phases are expected to

begin in 2016.

At this key intersection in the heart of Mill Bay, the

subject affords a rare opportunity to acquire a

zoned “town center” site with outstanding

amenities in an area of significant growth. The site

is ideal for the development of a grocery anchored

community shopping center that will attract the

area’s leading tenants to serve residents of the

entire South Cowichan Valley and their visitors. It

is also ideal for a seniors housing project in an

area that is inadequately served in that regard.

Vancouver Island:2

Vancouver Island stretches more than 300 miles

from the southeast tip to the furthest point

northwest along BC’s west coast. It offers

breathtaking scenery along its extensive coastline,

mountain ranges, lakes, inlets and forests and

provides a wide range of recreational amenities.

Tel. 250 382 3400 -2- www.dtzvictoria.com

As the first choice to live for Canada’s aging

population, who are attracted to the Island’s

favorable climate and engaging ambiance, the

more populated southern half of the Island has

grown steadily, bringing the total population to

760,000 in 2014 (per BC Stats). At anticipated

growth rates, the Island population is projected to

reach 800,000 within the next 10 years.

The Island economy is both diverse and stable and

has outperformed most other jurisdictions through

the recent global economic turmoil. The traditional

resource mainstays of forestry, fishing and

agriculture still have a significant presence, and

the Island is renowned internationally as a premier

vacation destination. There is also a substantial

public sector presence, with the BC government’s

home in Victoria, Department of National Defence

bases in Victoria and Comox, and numerous

municipal and regional governing bodies.

One of the biggest engines of growth has become

the Island’s advanced technology sector, which is

flourishing and has far surpassed tourism in its

overall economic impact while fostering innovation

and a young talent pool. That industry is well

supported by the Island’s four universities, with a

combined enrollment in excess of 50,000 students.

The Island also enjoys excellent health care

services and facilities and a strong diversified

service sector.



Subject


The South Cowichan Valley:

As part of the Cowichan Valley Regional District

(“CVRD”), the South Cowichan Valley comprises

the Mill Bay, Malahat, Shawnigan Lake and

Cobble Hill communities in Electoral Areas A, B

and C. These three areas contain a total of

95,000 acres, spanning a stretch of roughly 25

kilometers along the Island Highway and

encompassing much of the settled area along the

Island’s east coast between Victoria and Duncan.

Their cumulative population was estimated to be

19,600 residents in 2015 and is projected to

reach 21,500 by 2020.

The pristine shoreline, lakes and rolling terrain of

the South Cowichan Valley offer picturesque

natural features and many diverse recreational

amenities. They make the area a highly desirable

living environment for anyone who appreciates

the rural ambiance and lifestyle offered so close

to a larger urban centre like Victoria.

The area’s evolution is historically rooted in

forestry but has been more heavily influenced

over the past two decades by the growth and

economic factors at play in the Greater Victoria

area. With the rapid rise of Victoria housing

prices and the region’s limited options for meeting

the demand for affordable housing, the South

Cowichan Valley has become an increasingly

popular suburban choice for young families and

retirees alike. The area’s development in part as

a bedroom community for Victoria and Duncan

has also been assisted by ongoing upgrades to

the Island Highway that have made the daily

commute much more manageable.

The employment base within the area has

evolved towards tourism, agriculture (notably

wineries and organic farming) and service

industries. Internationally renowned private

schools, Brentwood College and Shawnigan Lake

School, operate in Mill Bay and Shawnigan

respectively. The primary retail centres for the

region include the 88,000 square foot Mill Bay

Centre just south of the subject, and the 90,000

square foot Valleyview Centre in Cobble Hill.



The Stonebridge Development:

The “Stonebridge” lands comprise a total of 150

acres that are located on the west side of the

Island Highway between Deloume Road and

Shawnigan Mill Bay Road. The development of the

Stonebridge lands (so named for the handcrafted

stone pedestrian bridge built across Shawnigan

Creek by the late patriarch owner Grant Garnett)

has been anticipated for many years. With its

central location in the South Cowichan Valley, it is

now well recognized as a key strategic site

presenting the best opportunity to create a multi-

faceted community core.

The lands had long been owned by the Garnett

family until 138 acres were sold in early 2014 to

one of the most experienced residential developers

on the Island, the Limona Group. Limona has been

working diligently since 2008 to create a

comprehensive plan with the various amenities that


best fit the community’s objectives. An extensive

public consultation and approval process was

undertaken by Limona and, following the

guidelines set out for the Stonebridge lands in the

revised Official Community Plan that was adopted

in mid-2011, the rezoning of most of the

Stonebridge lands was completed in the fall of

2013 (as per the zoning map below).

The plan envisions a mixed use development that

features approximately 325 residential units in the

southwest quadrant, multi-family (townhouses and

condominiums) or mixed-use mostly in the

southeast quadrant, the subject retail site in the

northeast, a seniors housing development on the

west side of the subject site and a new RCMP

detachment (now under construction). Extensive

creekside riparian zones promise abundant public

greenspace, including linear trails and pathways.

Stonebridge

Lands



The Stonebridge Retail/Seniors Site:

The Stonebridge site is located at arguably the

South Cowichan Valley’s most important

intersection of Shawnigan Mill Bay Road (the

primary connector to Shawnigan Lake) and the

Island Highway (Trans Canada Highway #1). It

offers tremendous exposure with more than 350

feet of frontage along the Highway and 1,350 feet

along Shawnigan Mill Bay Road. The intersection

is signalized with dedicated left turn lanes on the

Island Highway and advanced turn signals.

Primary access to the subject is direct from

Shawnigan Mill Bay Road and can also be

obtained from Barry Road on the west side upon

completion of construction of that road frontage.

The site has no significant challenges in terms of

topography, as it is gently sloping down from

Shawnigan Mill Bay Road to the top of the bank on


the north side of Shawnigan Creek (i.e. edge of the

riparian zone). The only exception is a treed knoll

in the northwest portion of the site that will have to

be leveled as part of the site preparation work.

The site is served by hydro, cable, natural gas and

a community water system operated by the Mill

Bay Waterworks District, though significant

upgrading of the water service will be required to

facilitate the scale of development permitted under

the zoning bylaw. A new sanitary sewer system is

also needed to accommodate the development of

the subject and surrounding lands, the plans and

approval for which are well advanced.

Some improvements to the Island Highway,

Shawnigan Mill Bay Road and Barry Road are

anticipated to be necessary in connection with the

development of the subject.

Frances Kelsey

Secondary School

Kerry Park

Recreation Center

Stonebridge

Retail/Seniors

Site

Mill Bay Centre

Brentwood College

Bayview Centre

Sunset Maples

Townhouses



New RCMP Detachment

(under construction)

Existing Improvements:

The existing improvements on the site include an

approximately 40,000 square foot retail and office

complex known as “Pioneer Square”, which was

originally constructed in the 1970s and expanded

in 1987. While the building is now substantially

rented on a month-to-month basis to a mix of local

retailers and service providers to provide modest

holding income, the structure is acknowledged to

be functionally obsolete and will ultimately give

way to the new development.

There are also two rental houses on the subject

lands with month-to-month tenants in place.

Environmental:

A Phase 2 environmental assessment has

identified that the primary area of concern relates

to residual hydrocarbon contamination along the

east boundary adjacent to the Island Highway,

stemming from the site’s former gas bar facility

(closed in 1990). Further details are available

upon request.

Surrounding Uses:

On the north side of Shawnigan Mill Bay Road

across from the subject are Frances Kelsey

Secondary School, a BC Ambulance Service

station and the Kerry Park Recreation Centre.

Immediately on the south side of Shawnigan Creek

is the Lions Cove seniors condominium project. A

new RCMP detachment is under construction on

the west side of Barry Road.

The nearest commercial retail facilities are located

at the intersection of Deloume Road and the Island

Highway and have no room for expansion. The

“Mill Bay Centre” is an older 88,000 square foot

multi-building center on the east side of the

Highway. It is anchored by Thrifty Foods and

includes a BC Liquor Store, Royal Bank, Island

Savings Credit Union, Pharmasave and Subway

outlet. On the west side of the Highway is the

Bayview Centre in which McDonald’s, Tim

Horton’s, Coast Capital Savings and People’s

Pharmacy are the primary tenants. A Shell gas bar

and A&W restaurant are also in place on that side.


Zoning:

There are currently two zones applicable to the

subject.

The east half and southerly portions, comprising

almost 6.5 acres, are zoned C-5 Village

Commercial in which the permitted uses include

shopping centre, grocery store, retail stores,

restaurants, office, personal service uses,

automotive parts and accessory sales, market,

bowling alleys, childcare/daycare and hardware

and camping supply sales.

The northeast portion (5.46 acres) is currently

zoned CD-6 Village Comprehensive

Development 6 – Congregate Care, which allows

for personal care and seniors congregate housing

and accessory uses including retail commercial,

office, personal services and restaurant.




Stonebridge

Retail/Seniors Site

Stonebridge

Retail/Seniors

Site



www.dtzvictoria.com

Legal Description:

P.I.D. 010-208-089

Parcel C (DD 91923I) of Section 3, Range 8,

Shawnigan District, Except That Part in Plan 34171

P.I.D. 000-278-131

Lot B, Section 3, Range 8, Shawnigan District, Plan

34171, Except Part in Plan VIP51810

P.I.D. 025-942-310

Lot 1, Section 3, Range 8, Shawnigan District, Plan

VIP77020

Asking Price: $4,500,000.00 ($8.82 per square foot)

Information contained herein has been obtained from the owners or sources deemed reliable by DTZ Victoria Real Estate Ltd. Whilewe have no reason to doubt its accuracy, we regret we cannot guarantee such information. All measurements and other informationherein should be independently verified by the reader or prospective user and are subject to the user’s own inspection of the

premises and due diligence work and to the user’s satisfaction with the results of such review.

For more information, please contact:

DTZ Victoria Real Estate Ltd.

Randy Holt, Vice President / Partner

Dave Bornhold, Partner

Office: 250 382-3400

Cell: 250 888-1621

Cell: 250-686-2988

N



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