The Times Colonist reports that Vancouver-based developer Ender Ilkay has completed part of his desired purchase of ex-Western Forest Products tree farm license land near Jordan River. The parcel that Ilkay has bought is relatively small in relation to the entire 2500 hectares (nearly 6200 acres) that he has an option to purchase. At 250 hectares (nearly 620 acres), the purchase cost him $3 million and change, according to the report.
Interestingly, this particular parcel was not subject to the knee-jerk Capital Regional District down-zoning of private land to prevent Ilkay from developing around Jordan River. The purchased lands were already zoned with a minimum lot size of 120 hectares (nearly 300 acres).
Cleary, Ilkay loves the property and sees a potential future in it. He is land banking. In the future, as growth increases and the community mindset changes, Ilkay may be able to either sell off or develop the land to profit from it.
Smart move in my view, beats the stock market lately!
It will be interesting to see what happens with the court cases launched by Western Forest Products and the Association of BC Land Owners seeking to strike down the down-zoning by the CRD. It won’t affect his newly-purchased lands, but Ilkay may excercise his option to purchase the remaining land if the zoning is repealed.
If you have any questions about vacant land in the CRD or Sooke, or are thinking of selling your property, fill in my contact form or call me at 250-885-0512
–Tim Ayres – Sooke Real Estate Professional
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