The sale of the 81-acre Western Speedway site near Victoria officially closed April 1 in a deal stickhandled by CBRE brokers Angus Tone of Vancouver and Ross Marshall of CBRE’s Victoria office.
Tone, citing confidentially agreements, refused to release the sale price but sources say it was likely a multiple of the 2020 BC Assessment value of $20.1 million.
The land is located at 2207 Millstream Road, Victoria.
The site, purchased by Bastion Development Corporation and Strand Holdings, from the Wille family estate sale, is working on a proposal to establish a mixed-use project that could include a film studio, hotel and business park, plus about 60 single-family detached houses.
Western Promotions, the company that operates the 67-year Western Speedway track, is preparing for a 2021 summer racing season, including changing its signage and promotion materials to reflect the legally required new name – Westshore Speedway — but the company is involved in finding a new site.
The existing structure and track will be decommissioned starting in the fall of 2022 when the new owners of the property intend to start redeveloping the land.
The new owners have offered $2.5 million to help find a new spot to rebuild the race course.
Last year, the pandemic limited the speedway to one race with no fans.
Western Promotion hopes as the vaccine program hits its stride this summer, they may be able to open more fully.