Interest has been high in a Fairfield property that is on the market to help the financially troubled Land Conservancy reduce its debt.
The 8,575-square-foot sunny lot at 507 Foul Bay Rd. is zoned for residential use. It went on the market a few days ago, listed at $539,000.
The property has been used as a parking lot for the adjacent Abkhazi Garden, one of the The Land Conservancy’s stable of 50 properties. There has been a “fairly high level of interest” in the lot, the TLC’s new manager, John Shields, said Friday. An architect is drawing a house plan to illustrate what could be built on the land, bordering the garden, Shields said. “I think a smallish house on that site would be very beautiful.”
A Sechelt property, priced at $1.9 million, has been on the market for several months without attracting an offer, he said, adding that the market in that area is a little soft. These are the only TLC properties on the market at this time but it appears that more will go up for sale to help deal with the $7.5-million debt the Victoria-based, non-profit organization faces. In October, it was put under creditor protection and Wolrige Mahon was appointed by the court as the monitor.
Because TLC’s holdings top $40 million, there is no doubt it will be able to raise enough money to satisfy creditors, Shields said.
TLC will be asking the court to extend protection from creditors into the new year, he said. A progress report will be filed in court in January.
The monitor has determined TLC’s most pressing issue is to raise money to help with finances.
Selling the two sites is an early step in a comprehensive analysis of the non-profit society’s holdings and what can be put on the market. A full assessment of the TLC’s 50 properties will likely take until the end of this year, an Oct. 29 report from the monitor said.
Other properties appear to have “marketability” in the future, the report said, listing 17 holdings. Madrona Farm in Saanich was put on that list, but that was a “serious mistake,” Shields said. The monitor will ask the court on Monday to remove Madrona Farm from the list, he said. The farm was purchased by TLC following a campaign that drew a large amount of public support.
The 32-acre Keating Farm Estate in the Cowichan Valley could instead go on the market, he said. It is in the Agricultural Land Reserve and is rented by a tenant.
TLC holdings have been split by the monitor into categories to help decide their future. Some, such as seven historic properties, have varying degrees of marketability and have special interest groups dedicated to maintaining their preservation. They include the Abkhazi Garden and Ross Bay Villa, both in Victoria.
Money is needed to cover day-to-day operations, the cost of restructuring, and establishing an endowment to pay for future conservancy operations, the monitor said.
