A 110-acre parcel of property on the south side of Skirt Mountain has been sold for $17.5 million.
The deal was approved for purchase by a company listed as 1083103 B.C. Ltd., which was incorporated for the sale. The transaction was approved by the B.C. Supreme Court following two years of foreclosure proceedings. The property is made up of eight sections ranging from 31.2 acres to 7.8 acres. The initial price of $14.9 million in January 2015 was lowered to $11.9 million in June of 2015. There were six new offers for the property after the court allowed more bids last week following initial approval of a $7.825 million bid from Pritchard Estates. The property was rezoned to comprehensive development in 2010, which allows for a range of housing and some commercial.
Langford Mayor Stew Young said the sale is great news for the community.
“It means more jobs and more housing, which is always good news for the local economy,” Young said.
“I believe the people (buying the land) are well-funded and should be able to work well with the city. It’s a good sign that the economy is improving because they wouldn’t be buying at that price if it wasn’t.”
David Clarke, chief financial officer for Ecoasis, owner of Bear Mountain Resort, echoed Young’s comments.
“We’re happy it’s moving ahead,” Clarke said. “It shows confidence in the market and in Langford. It looks like we’re getting a quality developer as a neighbour and that’s great news for our development.”
Clarke believes Langford’s decision to build the Bear Mountain Parkway may have factored into the decision to purchase the land.
The new parkway will provide additional access at the intersection of Leigh and McCallum roads off of the Trans-Canada Highway.
The $5 million project, scheduled for completion next summer, will provide new access for Bear Mountain and other properties on Skirt Mountain.