Priciest piece of Okanagan real estate hits the market at $45M

If it goes for the asking price, an almost 500-acre piece of land – with more than 3,000 feet of waterfront on Kalamalka Lake – will be the highest ever real estate sale in the Okanagan.

The vast site, situated in the southeast corner of Kal Lake, has just been put on the market for $45 million.

“This kind of property is rare,” realtor Scott Marshall told iNFOnews.ca. “Typically, we only see… hundreds of acres come up once every couple of years that have any kind of developable significance.”

The 475-acre site is located at 15799 Sawmill Road in Oyama and is actually four land parcels, which include a large amount of lakefront that stretches from the shoreline east to Kalamalka Lake Provincial Park.

The site is currently the home of Pier Mac Sand and Gravel and some of the site is in the Agricultural Land Reserve, but only a little over 30 acres. The rest is earmarked in the Official Community Plan as rural.

The family business, Pier Mac Sand and Gravel, has been at the site for more than 30 years, and the sale does come with the equipment and machinery and a large shop.

Anyone with pockets deep enough to shell out $45 million is going to have to talk to the District of Lake Country about their plans.

“There is tremendous upside with redeveloping that site in conjunction with the District of Lake Country,” Marshall said. “I think that’d be a great opportunity and could potentially be good for the area.”

The Hall Cassie Marshall Group realtor said anyone looking to develop would have to go through the development process with Lake Country and install a sewer system on the property to accommodate any development.

A new buyer may also want to keep the gravel pit and look at a commercial tourism business on the water, and build new homes as well.

“If we’re looking at a master plan community, which would essentially be required for a piece of this size, you’d have to have a larger-scale developer who has the capabilities of taking on a site, both on just the price and the funds required to develop,” Marshall said.

It’s impossible to say how long it will take to sell, but Marshall is optimistic.

“We’ve had some very strong interest out of the gate,” he said. “Overall, I’m feeling very happy on the level of interest that has happened.” 

For more information and to see the realtor ad, go here.