09/29/2026
BC Hydro Buys 21.7 Acres In Langford From Strand And Bastion For $52.5M Crown corporation BC Hydro made a significant land acquisition in Langford on Vancouver Island earlier this year that has not been publicly reported, The Realist has learned. The subject property is 2161 Caribou Drive, a 21.75-acre parcel of vacant ICI land that BC Assessment values at $23,131,000. The parcel is located just north of Millstream Road and was part of the sprawling Langford Heights Business Park being developed by Vancouver-based developers Strand and Bastion Development Corporation. According to transaction data seen by The Realist, BC Hydro acquired the parcel from Strand and Bastion for $52,500,000 earlier this year, a price that translates to a bit over $2.4 million per acre and more than double the assessed value. BC Hydro confirmed the acquisition to The Realist and said it was made to facilitate the new North Langford Substation project. “The Colwood Substation currently supplies electricity to the West Shore communities, including Bear Mountain, Colwood, Highlands, Langford, Metchosin, and View Royal. Electricity demand in the area is expected to increase by 26 per cent over the next decade, and the existing substation could reach capacity as early as 2030. To meet this growing demand, we need to build a new outdoor substation to help supply power to the region. Once complete, the North Langford Substation will be the second largest substation in the Capital Regional District and will help serve an additional 40,000 to 70,000 homes. Since 2023, we’ve been working to identify and secure a suitable property for the future substation. Through this process, we determined that the property at 2161 Caribou Drive in the City of Langford was the only site that met our requirements, was large enough to accommodate an outdoor substation, and could support our construction timeline. We finalized the acquisition of the property on March 31, 2026. The project is still in its early stages, and the overall schedule has not yet been finalized. Community engagement is expected to begin next year as part of the project. We’ll continue to share information as the project progresses and more details become available.” Public bodies often have very specific needs like this, putting them in a weak negotiating position that often results in them seemingly significantly overpaying for real estate. Langford Heights Business Park Billed as “Victoria’s premiere business park,” the Langford Heights Business Park is set for 81 acres with various built-to-suit opportunities. According to the project website, lot sizes range from 0.8 acre to 3.1 acres, and zoning allows for industrial, retail, office, and film production uses. Also planned for the area is a shopping centre, residential community, and 8-acre park, all along Millstream Road. “Langford Heights Business Park allows for a wide variety of uses and will be supported by strong commercial and retail businesses in the immediate vicinity, unparalleled connectivity to Vancouver Island's transportation networks, and on-site amenities including walking trails and several acres of protected parkland,” the project website states. The project is being marketed by Ty Whittaker, Andrew Lord, and Jaideep Pannu of Colliers. The project website says the project is 50% sold, although that appears to be referring to just the parcel acquired by BC Hydro, which makes up about half of the acreage of the site.1 Last week, Strand CEO Mike Mackay told The Realist that all of the site servicing and civil works were recently completed. Subscribe to The Realist to keep up with what’s happening in BC’s real estate industry. Subscribe 1 The red parcel in the map above. https://howardchai.substack.com/p/bc-hydro-2161-caribou-drive-langford-heights-business-park-acquisition-substation
