The Lott house was one of the 1,500 houses built in Oak Bay between 1910 and 1913, a period of residential growth; an optimistic business climate; and local improvements in the provision of water, sidewalks, and sewers. Built as a family home, it occupies a double lot with the house on the northern portion and a large garden to the south. The property is a significant component of the Windsor Park heritage cluster area.

This house is important for its architecture which is a fine representative of the Arts and Crafts style with Tudor Revival details. The exterior is clad in a variety of materials; the half-timbering in the front gable illustrates the significance and relevance to early residents of the area of a strong and visible connection with Britain. It displays distinguishing elements of the style such as: a massive gable on the main façade; rich textural changes in exterior materials; and prominent chimneys.

The heritage value of this residence is associated with the architects James and James, who designed it in 1912, and Samuel Maclure, commissioned in 1916 to design the porch enclosure, and the porte-cochère. Brothers Douglas (1888-1962) and Percy Leonard James (1878-1970) were two of the English-trained architects that profoundly influenced the direction of residential design in Victoria, both separately and in partnership as James and James, formed in 1910. Separately, and in partnership, the James' undertook a number of commissions in Oak Bay among which were: the James’ family home, ‘Durlston’ (1910); Oak Bay Municipal Hall (1912 – now demolished); the Oak Bay Grocery (1912) (now Blethering Place); and the Oak Bay Fire Hall (1938). Their last project together was the Federal Building (1952) at the corner of Yates and Government Streets, subsequently renamed P. L. James Place, in 1996. Samuel Maclure (1860–1929) is closely identified with the predominantly British Arts and Crafts style which he employed in residences he designed for prominent businessmen on Vancouver Island and the Lower Mainland. His reputation for designing exceptionally beautiful homes gained him international recognition during his forty-year career, with close to five hundred commissions. Many of Maclure’s buildings have been recognized as masterworks and are considered part of the cultural heritage of British Columbia.

This site is valued for its association with the Terry family which lived here from 1916. Wallace Terry ran Terry's Tea Rooms at Fort and Douglas Streets in Victoria, and meeting for 'tea at Terry's' was a popular social event. Terry commissioned Maclure to redesign the porch and add the porte-cochère to this house, he also commissioned Maclure to redesign his Tea Rooms.