Land Properties for Sale near Saanich

Victoria Land for Sale

Property Subtype:

Commercial

Date on Market:

2025-12-01

Victoria Land for Sale

The residential makeup in the area is predominantly single-family dwellings with medium density apartment and condominium units along McKenzie Avenue. This area is popular with renters as it benefits from the favorable bus routes directly to the University of Victoria along the McKenzie corridor, and its central suburban location makes for an easy commute to Victoria’s downtown core, the Saanich Peninsula, and the Westshore. The Subject property is identified in a primary growth area and is surrounded by recently approved and legacy multifamily properties. Saanich’s current OCP speaks to mid-rise buildings of up to 12-storeys in this location. There is a current development permit application (unapproved) for an 8-storey building which equates to a 2.9:1 FAR.

Property Subtype:

Commercial

Date on Market:

2025-07-01

Victoria Land for Sale

Colliers is pleased to present an exceptional opportunity to acquire a prime redevelopment site in Saanich, B.C., located at 4660 Elk Lake Drive. The ±1.80-acre property falls within a Provincially designated Transit-Oriented Area (TOA), allowing for a minimum density of six-storeys and 2.5:1 floor space ratio (FSR), translating to approximately 196,007 buildable square feet (BSF). This well-located property offers significant potential for mixed-use or multifamily redevelopment in a high-growth corridor with direct access to regional transportation, retail amenities, and recreation.Conveniently located in the Royal Oak neighbourhood, within walking distance of several landmarks and amenities, Elk/Beaver Lake Regional Park, Saanich Commonwealth Place, and Rithet’s Bog, as well as a variety of nearby local restaurants, retail outlets and service establishments, such as the Royal Oak Shopping Centre and Broadmead Village Shopping Centre.

Property Subtype:

Commercial

Date on Market:

2025-09-10