Commercial Sale

Property Description

This 1.92-acre Oceanview development property in Brechin Hill boasts scenic views of Departure Bay, Newcastle Channel, and Nanaimo Harbour. The City of Nanaimo is open to various rezoning and development options, including a proposed 47-unit development with 15 townhouses and 32-unit apartment building or a previous plan for 24 luxury townhomes with/without suites. Alternatively, subdivide into 10-12 Oceanview lots for single-family homes, duplexes, or multiplexes, subject to city approval. And the Citywide Parking Review has lowered parking ratio requirements. Flexible development options allow phased construction of townhouses/ residential lots based on market conditions or financing or leverage attractive CMHC rates for rental apartment construction. Architectural, geotechnical, environmental, and other reports are available to serious buyers. The Buyer must independently verify all property details and development potential through the City of Nanaimo or qualified professionals.