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Waterfront lease-lot sells for more than $25 million on Westbank First Nation lands

This rendering shows the ultimate build-out of the Westrich Bay development.
This rendering shows the ultimate build-out of the Westrich Bay development.
Image Credit: Submitted/

While the residential real estate market struggles, there’s still some high-end properties selling in the Okanagan this year.

Earlier this month, Edmonton based-Westrich Pacific bought a 125-year lease on 14 acres of land near the old ferry dock on Westbank First Nation land for more than $25 million, according to HM Commercial Real Estate.

Called Westrich Bay, it’s expected to ultimately have 700-800 homes, a 350-berth marina along with commercial and retail properties and a waterside restaurant, lounge and patio.

The first 75 “luxury” waterfront townhouses are being marketed, starting at $1.4 million with no federal, provincial, transfer or speculation taxes to pay. Seventeen units have sold for about $26 million. Site development has started with construction of the townhomes expected to begin in the spring.

HM Commercial, in its fall real estate update, says Predator Ridge golf resort in Vernon recently sold 30 of 38 lots in its new Outlook subdivision, starting at $639,000.

“Realtors like Jane Hoffman tell us that the high end luxury home market continues to move forward,” the report says. “Her group has transacted $62.5 million in the past 8 weeks with pricing from $2.7 to $9.75 million. These buyers appear largely unaffected by the short-term fluctuations in the market.”

The report also says a 0.9 acre lot at Big White Ski Resort sold for $2.5 million and a 4.275 acre multi-family site on Carrington Road in West Kelowna sold for $5.16 million.

It’s also listing a four-lot land assembly covering 0.547 acres at the corner of Pandosy Street and Wardlaw Avenue for sale at $10.48 million.

In the same price range is 1.6 acres on Valley Road in Glenmore with the potential for multi-family housing up to six storeys. It sold for $10.6 million.

A little further afield, HM Commercial lists 3.6 acres with room for 25 ski-in/ski out townhouses for $5.25 million at Revelstoke Mountain Ski Resort and 16.39 acres of residential/commercial land in Armstrong for $4.9 million.

Go here for more HM Commercial listings.

READ MORE: Rate hike punched another hole in sinking Thompson-Okanagan real estate market: Realtor

 — This story was updated at 2:39 p.m. Thursday, Nov. 10, 2022, to correct the sale price of the Westrich land.

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