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Bundles of land on the block
Jun 18, 2008When the City of Langford began preparations to construct the Spencer Road Highway Interchange in 2007, it purchased—some might say expropriated—16 private properties on Leigh Road with the explanation that the municipality might need to clear out the neighbourhood to make room for the cloverleaf on-and-off ramps.
At the time, some residents wondered whether it wasn’t a land grab by the city so it could turn the subject lands over to property developers with the option to build higher density units on lands residents would have been hesitant to part with.
Now 12 of the those properties are back on the market as “Development sites with holding income,” according to the Colliers International listing, “strategically located” near the Spencer Road interchange.
The former owners are welcome to bid on the land, of course, if they have a spare million dollars in the bank, as the properties have been blocked together for sale.
Four bundles of properties are currently being advertised: one three-lot package at $1.95 million, another three-property package at $1.4 million, a four-lot bundle for $1.61 million and a two-property block for $800,000.
“It is the opinion of Colliers International that the highest and best use for the subject properties is for higher density residential with commercial,” says the listing for the sites.
City of Langford clerk administrator Rob Buchan did not return Monday’s call by press time.
