Copyright © 2024 Three Shores
Three Shores Management Ltd. (Three Shores) is pleased to present the opportunity to invest in our latest mixed-use rental development project located along the borders of Oak Bay and Saanich, in Victoria, B.C. The development will consist of 75 homes in the vibrant Jubilee Community situated directly across the street from Jubilee Hospital and is within walking distance of Jubilee Village.
Three Shores executed a purchase and sale agreement in April 2022 to acquire this approximately 21,000 square foot site located just east of Downtown Victoria for redevelopment. Three Shores has engaged with architects, geotechnical and environmental surveyors, and all necessary consultants to complete the rezoning and development application process with full entitlement expected before the end of 2024.
Three Shores will close on the property in December 2024 and is targeting Building Permit submission by February 2025.The General Partnership is offering Limited Partners the opportunity to invest in a substantially de-risked development project nearing full rezoning approvals with significant upside due to the demand factors and demographic drivers in the Jubilee neighbourhood.
The GP intends to recapitalize the LP upon completion of this project estimated at 30 months, providing a clear exit for the partnership.
Anticipate rezoning approval by the end of 2024 with favourable, municipal incentives for executing a build-to-rent development.
IRR (28%) and MOIC (1.7x) as underwritten for base case based on a 30-month investment period.
Ranked as one of the most walkable neighbourhoods in all of Victoria, offering a wide range of retail, commercial and outdoor amenity space.
Jubilee is a transit corridor to outlying neighbourhoods, the beaches and parks to the east, University of Victoria and other major destinations.
Adjacent to the Royal Jubilee Hospital, the epicenter of healthcare in the region and the highest employment neighborhood in the City of Victoria. The supporting health services and agencies that abound in the area provide a buzz of activity on the main streets.
The City of Victoria (and Jubilee neighbourhood more specifically) has suffered a severe undersupply of new construction product comparable to our proposed development. Zero new wood frame projects launched during the last 5 years.
Anticipate rezoning approval by the end of 2024 with flexibility to execute either a strata condominium or build-to-rent development project.
IRR (20-29%) and MOIC (1.5-1.7x) as underwritten for base case based on a 30-month investment period.
Ranked as one of the most walkable neighbourhoods in all of Victoria, offering a wide range of retail, commercial and outdoor amenity space.
Jubilee is a transit corridor to outlying neighbourhoods, the beaches and parks to the east, University of Victoria and other major destinations.
Central to the area is the Royal Jubilee Hospital, the epicenter of healthcare in the region and the highest employment neighborhood in the City of Victoria. The supporting health services and agencies that abound in the area provide a buzz of activity on the main streets.
The City of Victoria (and Jubilee neighbourhood more specifically) has suffered a severe undersupply of new construction product comparable to our proposed development. Zero new wood frame projects launched during the last 5 years.
Many of the best neighbourhoods in Victoria are like their own small towns, each with a unique character and personality. Nestled between the charming and desirable seaside town of Oak Bay to the east, and the affluent, stately and historic neighbourhoods of Rockland and Fernwood to the west, Jubilee neighborhood is the largest employer in the City of Victoria and offers a quiet respite with plenty of services and amenities.
Jubilee is a transit corridor to outlying neighbourhoods, the beaches and parks to the east, University of Victoria and other major destinations. The neighbourhood is highly walkable and there are numerous bike lanes. The highway is about 5km away, as is the bus station. Ferries to B.C. and U.S. destinations are close and the float plane terminal is also readily accessible.