Timber company selling Capes Lake
Chuck Chiang, Calgary Herald
Those looking for their ultimate wilderness playground — complete with lakes, lush B.C. rainforests, hiking access to the Comox Glacier and views of a 300-foot waterfall — will now have their chance to own a piece of Vancouver Island.
The catch? The parcel, all 5,110 hectares of it, is selling as a single entity, with a $25-million price tag.
Capes Lake is one of the first forays into the real estate market by TimberWest Forest Corp., better known as a forest products company that primarily uses its land for lumber.
But that focus changed a few years ago, says Stephen Bruyneel, director of communications with TimberWest.
“We’ve owned this piece of land for many years,” he says about Capes Lake.
“When we manage a parcel of land, we usually look at the quality of the timber, the cost of accessing the site — things like that. But we made a shift a couple of years ago because we thought we can find a better use for it.”
A better use, TimberWest determined, was to sell the parcel as a secluded getaway.
The site is perfectly suited for that purpose, says Bruyneel, because the land can be accessed only by helicopter.
Only rudimentary logging roads exist in the area and they don’t reach all parts of the property.
So Capes Lake, no more than 20 kilometres west of the cities of Comox and Courtenay, remains mostly untainted by human contact, with a nearby trail to Strathcona Provincial Park the closest thing to civilization.
“Capes Lake is one of those signature properties that is out of the way and pristine,” says Bruyneel. “So it’s going to attract buyers because you don’t have to do a whole lot to the land.”
The parcel is currently zoned for forestry use, so buyers will need to apply for new zoning if they wish the build anything more than a rustic cabin, says Bruyneel.
But he says he isn’t worried that will be a deterrent because the parcel — due to its nature and pricetag — targets a specific clientele.
“This is a very high-end property,” he says. “There’s only so much of it, not only in Canada, but in the world, and buyers who are looking at Capes Lake know exactly what they want.”
Capes Lake will likely not be the last time Canadian recreation properties enthusiasts hear about TimberWest.
The company plans to look into further forays in the real estate market with its land holdings.
In total, the company owns about 322,000 hectares of land on Vancouver Island, with approximately 56,000 hectares of that total deemed to have “long-term development opportunities,” says Bruyneel.
Most of that land is closer to towns like Campbell River and those in the Cowichan and Comox Valleys.
“We’re just starting to talk to the communities about what they need,” says Bruyneel, adding that future uses could run the whole range from resort and commercial development to infrastructure support like airports and water treatment facilities.
“We think the potential of our land is outstanding,” he says.
“Vancouver Island, up to four or five years ago, has been a secret little gem. But with the increased tourism, it’s just starting to explode –and only when you get out here do you see how huge this is.
“We’re not forced to develop quickly, so we’re going to do it right. But really, I think the potential here is unlimited.”
