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Department of National Defence to Sell Royal Roads Lands in Victoria, B.C.
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(Posted on Jan 10, 2017 at 04:16PM by Michelle Bogle)
After selling its Jericho Lands in Vancouver’s Point Grey for $480 million to a trio of First Nations last year, the Department of National Defence (DND) is preparing to sell its Royal Roads property in Victoria, B.C. The DND no longer has a use for the 536-acre parcel, which houses Royal Roads University.
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Currently, the DND is engaging with the Songhees and Esquimalt First Nations, which have expressed interest in the property and identified it as a core part of their claimed traditional territories.Â
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Even if they do acquire the land, Royal Roads University will continue to operate in its current location. It has 83 years remaining on a 99-year lease with the DND. Other plans for the land remain unknown.Â
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“If we do acquire it, we’ll be sitting down to see what areas can be developed, what areas people have labelled as green space, what our dreams and aspirations are and working together to – I can’t say it enough – make it work for everyone,†says Songhees Chief Ron Sam in an interview with Business in Vancouver.
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To learn more about the sale of the DND’s Royal Roads property in Victoria, please contact Marcus & Millichap’s Vancouver office to speak with a commercial real estate advisor.
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