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937688 1149900 /en/commercial-land~for-sale~nanaimo/937688?view=Summary /en/commercial-land~for-sale~nanaimo/937688/photos 49.1605100000 -123.9399900000 true
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Central Location, Cleared, Corner, Curb & Gutter, Easy Access, Family-Oriented Neighbourhood, Hillside, Irregular Lot, Level, Marina Nearby, Recreation Nearby, Serviced, Shopping Nearby, Sidewalk
PRIME DEVELOPMENT OPPORTUNITY IN NANAIMO'S OLD CITY QUARTERS! A unique site with an extraordinary potential for investors and developers. The property is situated in Old City Quarter and has an approved Development Permit (DP) in place that allows for an immediate progression into Building Permit / construction stage. Most of the initial heavy lifting; due diligence, site investigation and an extensive DP process has been already established for the developer’s benefit, saving valuable time, financing and resources. This attractive corner property, almost flat, offers close access to many local amenities e.g., shops, public commute, university, parks, public services, restaurants and most importantly the fast ferry terminal which connects Downtown Nanaimo to Downtown Vancouver in just 70 minutes! all to assess the value the property as an ideal location for a residential commodity. The site can utilize two most viable of many development options: 1- Option 01: Potential to fit up to 9 townhomes, each with an approximate size of +/- 1,300 sq ft. This area has seen a successful sale of similar newly constructed townhomes at prices ranging between $400 to $425 per square foot. 2- Option 02: Multi-family residential building (with Approved Building Permit in place) to fit 24 units. The ultimate usability of the site suggests fitting a multi-family building providing diverse unit types: 1-bed, 1-bed+den, and 2-bed units. The proposed design utilized underground parking to maximize the usability of the property & a desirable added value to the units. Underground parking is becoming a typical approach in recent projects given the increased demands, land cost, return of investment, and strict requirements of parking bylaws. Given its unique zone, whether targeting as a rental or stratification of the units, there are POTENTIAL SAVINGS on GST and on the prospect of partial Property Tax Exemptions through the City of Nanaimo up to 10 years!MLS® Number 937688
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- The amounts shown above are for information purposes only and do not include taxes, if applicable.
- You must purchase mortgage default insurance if your down payment is less than 20 per cent of the purchase price of the property.
- This calculator doesn't calculate the further 2% tax on residential property greater than $3,000,000 or the additional property transfer tax on residential property transfers to foreign entities or taxable trustees. Learn more about property transfer tax.
- There are additional costs to buying a home. Speak with your REALTOR® for more information.
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