About This Property
This exceptional 1.92-acre Oceanview development property is one of the last remaining undeveloped parcels in the much sought-after Brechin Hill area of Nanaimo. Ideally located near downtown, close to Departure Bay ferry and seaplane terminals, marinas, parks, local shops and restaurants. The property boasts scenic ocean views of Departure Bay, Newcastle Island, Newcastle Channel, and Nanaimo Harbour. Its gently sloping terrain provides natural elevation variations, allowing for a thoughtfully designed layout that ensures territorial views for most units. 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, consider subdividing 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, adding further potential benefits. Versatile development options enable flexible financing strategies, like constructing townhouses or residential lots in phases as the market or Financing dictates or leveraging attractive CMHC rates for rental apartment construction. Architectural and engineering designs, along with geotechnical, environmental, and other reports, are available as part of the offering and accessible to potential buyers upon signing a Confidentiality Agreement. The Buyer is responsible for independently verifying all property details and development potential through the City of Nanaimo, relevant authorities, or qualified third-party professionals. (id:64973)
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