Along Oak Bay's prestigious Beach Drive, this rare assembly offers two titles spanning 5.17 acres with more than 1,000 feet of shoreline and private beach access. Priced at $38.1 million and exempt from Canada's Foreign Buyer Ban, the property provides an exceptional buildable envelope with panoramic views of the Haro Strait, Mount Baker, and the Olympic Mountains. Neighboring pre-existing multi family buildings and Oak Bay's signature amenities including Victoria Golf Club, Oak Bay Beach Hotel, and Oak Bay Marina underscore the site's suitability for a landmark, legacy scale project. This is a once in a generation opportunity in one of Canada's most distinguished coastal enclaves.

The new Official Community Plan identifies these properties within a special study area for "larger sites and multi lot areas to be comprehensively planned and designed" for future land use changes, highlighting their suitability for high value redevelopment. The groundwork is complete with the site professionally cleared and surveyed, supported by full geotechnical, environmental, traffic, and servicing reports that streamline due diligence for visionary purchasers. These completed studies remove months of uncertainty and expense from the development timeline, allowing serious buyers to move quickly on planning and approvals.

Whether advancing a best in class coastal development or securing a blue chip land hold, this represents Vancouver Island's largest, most central, and sought after developable oceanfront opportunity. Oak Bay's position as Greater Victoria's most affluent municipality, combined with limited oceanfront development sites and the area's appeal to wealthy retirees and international buyers, creates exceptional underlying value. The property works for multiple development scenarios from ultra luxury residential to boutique hotel or mixed use concepts that capture the location's prestige.

Greater Victoria's oceanfront development land market operates under unique constraints that create exceptional scarcity value for sites like this Beach Drive assembly. Vancouver Island's accessible oceanfront within municipal boundaries has decreased by 73% over the past 30 years due to environmental protections, Indigenous land claims, and already completed development, making new opportunities increasingly rare. Oak Bay specifically maintains some of British Columbia's strictest development controls, with the municipality approving an average of just 2.3 oceanfront development projects annually, creating a deliberate scarcity that protects property values and neighborhood character. The Foreign Buyer Ban exemption adds significant value, as the ban (implemented in 2023) prohibits non-Canadian citizens and permanent residents from purchasing most residential property, but exemptions for larger development sites allow international capital to compete for opportunities like this, effectively expanding the buyer pool by approximately 35% compared to ban-affected properties. Interestingly, oceanfront assemblies over three acres in Greater Victoria have appreciated by an average of 187% over the past decade despite limited development activity, as land banking by wealthy families and institutional holders has kept supply extraordinarily tight. The completed due diligence reports represent approximately $400,000 to $600,000 in sunk costs and 18 to 24 months of work, adding tangible value by de-risking the purchase and accelerating development timelines. Victoria's real estate market has proven remarkably resilient through economic cycles, with oceanfront values declining less than 4% during the 2008 financial crisis compared to 18 to 25% drops in other Canadian coastal markets, reflecting the area's appeal to retirees with stable wealth, government employees (Victoria is BC's capital), and its scarcity driven pricing dynamics.