Point Hope expansion spending could reach $60 million
Now that the company which had been leasing the Point Hope Maritime site in Vic West has purchased the land, its new owner estimates expansion investment could total $60 million.
We are much more masters of our own destiny now that we own our own property, said Ian Maxwell, head of Ralmax Group of Companies, which includes Point Hope, United Engineering, Harjim Enterprises, and Island Plate and Steel, all located on the site.
The Harbour Road property was previously owned by the City of Victoria. It was part of a land sale and swap announced in February involving Victoria, the province of B.C. and Ralmax. The provincial-city agreement included Crystal Garden and property at Ship Point.
Expansion plans will allow Point Hope and its sister companies to increase capacity and support jobs, further strengthen the regions manufacturing sector, and reinforce that location as part of the working harbour.
Maxwell had long wanted to buy the property. He purchased the assets of the financially troubled shipyard in 2003. He subsequently invested about $18 million to modernize the facility, including building a new marine railway with three spur lines and a new pier.
The site covers 9.07 acres of land and 1.97 acres of water, bringing the total owned to 11.04 acres. Plus, theres a 2.8-acre water lease from Transport Canada, for a grand total of 13.8 acres.
More development is on the horizon.
The sale gives us the confidence that we can build a new United Engineering-Harjim Enterprises bu....