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Vancouver Island land assembly sells nearly $300K over assessment

The 0.48 acres on the Island Highway at View Royal is zoned for residential development and sold for $2.1 million, which was above the asking price and the assessed value.
291 Island Hwy, View Royal

Property type: Land assembly

Location: 291 Island Highway and 280 Stewart Avenue, View Royal, B.C.

Number of assembled units: 3

Property size: 2,837 square feet

Land size: 20,908 square feet

Land size in acres: 0.48 acres

Zoning: Residential

BC Assessment value 2020: $1.87 million

List price: $1.99 million

Sale price: $2.1 million

Date of sale: March 3, 2021

Brokerage: Royal LePage Commercial, Vancouver Island, Victoria, B.C.

Broker: Colevin Crause