The District of Oak Bay has purchased key strategic lands, the municipality announced last week.
The property located at 1538 Monterey Ave. is located centrally in the Oak Bay village just north of Oak Bay Avenue.
The property is composed of two residential lots with a single-family home located on one of the lots.
The district purchased the home and two lots for $1.7 million.
“This property is strategically located in the village core and will be an important asset when we begin planning the future of the Oak Bay Avenue corridor,” said Oak Bay Mayor Nils Jensen.
Although council has not developed specific plans for the property the council felt it was important to acquire the property when it became available as it will provide the community with a wider range of options when the Oak Bay Avenue corridor planning processes are undertaken.
“We look forward, in due course, to discussing with the community how this property might best contribute to the future of the Oak Bay village area,” Jensen said.