44.18 Acre Mixed Use Development Site - Colliers Canada
FOR SALE
44.18 Acre Mixed Use Development Site 6261 HAMMOND BAY ROAD, NANAIMO, BC
BRAD BAILEY
250 740 1060 Ext. 1 [email protected]
BRAD ARCHIBALD
250 740 1060 Ext. 3 [email protected]
JASON WINTON
250 740 1060 Ext. 2 [email protected]
THE OPPORTUNITY The subject property represents a unique opportunity to secure one of Nanaimo’s last large acreages, a 44.18 acre infill development site in the highly sought after North Nanaimo area. As well as the inherent benefits of being located in mature residential neighbourhoods, this site is surrounded by major commercial developments and is adjacent to Nanaimo’s major traffic artery, Highway 1.
AREA OVERVIEW Nanaimo is Vancouver Island’s second largest urban centre with an estimated population of 90,524 and a further estimated population of 154,572 within the Regional District of Nanaimo (BC Stats 2015). Recognized as one of BC’s most livable cities, Nanaimo offers a favourable balance of lifestyle, employment and investment opportunities. Located on the east coast of Vancouver Island and only 111 km north of Victoria, this is the regional service centre for mid and north Vancouver Island. All major Island transportation corridors lead to Nanaimo, and the city is the gateway between the Island and the lower mainland with two BC Ferry terminals, seaplane terminals, and the Nanaimo airport. Population growth (predicted to increase by 60% over the next 30 years) and affordability have created new demand in all service sectors and continue to push the city’s expansion. The local real estate market continues to set benchmarks with inventory levels of single-family homes dropping to historic lows in September 2016, dipping to 1,265 - a 40 per cent decrease from one year ago and down 9 per cent from August’s inventory. The last time inventory was this low occurred in 2005. In August 2016, 624 single-family homes sold on the MLS® System compared to 439 last August, an increase of 42 per cent. Apartment sales also increased significantly from one year ago, with 118 units selling last month, an 87 per cent increase from the 63 units sold in August 2015. More townhouses sold last month as well: 63 compared to 54 in August 2015, an increase of 17 per cent (VIREB October 2016).
SITE DESCRIPTION
Hammond Bay Road
Marlin Way
Met rive
ral D dH
Islan ay
ighw Enterprise St
Uplands Drive
Metral Drive
e Metral Driv
The subject site is slightly irregular in shape and comprises ±44.18 acres of largely cleared terrain. The property possesses frontage on Hammond Bay Road, Uplands Drive, the Island Highway and Marlin Way on its peripheral boundaries. The parcel has been home for many years to a nursery operation whereby the majority of the site has been utilized for tree and plant growth and inventory. The site is easily developable due to gently sloping topography. Access to the property is currently via Hammond Bay Road, and, to a lesser degree, Marlin Way. Development of the site would include further access points, interior roadways, and works and services. The property is absolutely unique in that it is essentially an undeveloped agricultural parcel completely surrounded by developments composed of high intensity commercial uses; institutional uses; and a wide array of residential development.
Aulds Road
LOCATION 6261 Hammond Bay Road is ideally situated in the core area of North Nanaimo. The Hammond Bay Road area includes a high concentration of commercial office, retail and an established and sought after high demographic residential area. It is also home to Nanaimo’s largest enclosed shopping mall (Woodgrove Shopping Centre), and is within minutes of all of North Nanaimo’s premier shopping centres. The location of this property provides easy access to major arterial roads and public transportation as it is immediately adjacent to the Island Highway and just 9 km to the BC Ferries Departure Bay terminal, and 12 km to downtown Nanaimo. The immediate area features numerous primary and secondary schools, recreational facilities, and is 20 minutes from the ever expanding Vancouver Island University.
DICKINSON CROSSING ay
Island Highw
m Ham
WOODGROVE REGIONAL SHOPPING CENTRE ad Ro ds Aul
Nana
imo
oad ay R
B ond
Park
way
PLEASANT VALLEY LANDING
Island Highway
CURRENT ZONING AR2 – Urban Reserve. This zone provides for agriculture and residential uses on large rural lots, with limited urban services, and provides for the preservation of land for future development. The site will require rezoning aligning with the City of Nanaimo’s future land use as per the Official Community Plan.
FUTURE LAND USE According to the City of Nanaimo’s official community plan, the site is designated “Corridor”. There are three Corridor zones which support a wide range of higher intensity land uses. These uses will include various forms of residential development; mixed uses; and commercial uses. Prospective purchasers will need to meet with staff of the City of Nanaimo to discuss comprehensive development plans.
DESCRIPTION OF ZONES RESIDENTIAL CORRIDOR COR1
This zone provides for residential, street-oriented, medium density, and office development along or near major roads.
MIXED USE CORRIDOR COR2
This zone provides for mixed use, street-oriented development along urban arterials and major collector roads.
COMMUNITY CORRIDOR COR3
This zone provides for a wide range of uses intended to meet the day to day needs of the surrounding community.
HIGHEST AND BEST USE The strategic location of the site and its size suggest that the highest and best use is that of a comprehensive mixed commercial and residential development parcel.
LEGAL DESCRIPTION The East ½, Section 12, Wellington District, Except those parts in Plans 6421, 7469 and 8598 and Except that part lying to the south west of the south westerly boundary of Plan 1116 RW, and except those parts in Plans 33807 and VIP 59002 PID: 002-319-314
TAXES (2016) $5,922.69
PURCHASE PRICE To be determined by form and structure of purchase agreement and development vision. Please contact Listing Agents for further information. All offers to purchase the Property will be evaluated, among other criteria, on the purchase price offered for the Property, the prospective purchaser’s ability to complete the transaction, the time requirements and proposed conditions of closing, if any. The Vendor is not obligated to accept the highest price or any offer and reserves the right to reject any or all offers that may be received.
FOR SALE
44.18 Acre Mixed Use Development Site 6261 HAMMOND BAY ROAD, NANAIMO, BC
BRAD BAILEY
250 740 1060 Ext. 1 [email protected]
BRAD ARCHIBALD
250 740 1060 Ext. 3 [email protected]
JASON WINTON
250 740 1060 Ext. 2 [email protected] COLLIERS INTERNATIONAL | 335 Wesley Street, Suite 105 | Nanaimo, BC V9R 2T5 | 250 740 1060 | www.collierscanada.com/nanaimo This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2017. All rights reserved. This communication is not intended to cause or induce breach of an existing listing agreement. Colliers Macaulay Nicolls Brokerage Inc. (Nanaimo).
44.18 Acre Mixed Use Development Site 6261 HAMMOND BAY ROAD, NANAIMO, BC
BRAD BAILEY
250 740 1060 Ext. 1 [email protected]
BRAD ARCHIBALD
250 740 1060 Ext. 3 [email protected]
JASON WINTON
250 740 1060 Ext. 2 [email protected]
THE OPPORTUNITY The subject property represents a unique opportunity to secure one of Nanaimo’s last large acreages, a 44.18 acre infill development site in the highly sought after North Nanaimo area. As well as the inherent benefits of being located in mature residential neighbourhoods, this site is surrounded by major commercial developments and is adjacent to Nanaimo’s major traffic artery, Highway 1.
AREA OVERVIEW Nanaimo is Vancouver Island’s second largest urban centre with an estimated population of 90,524 and a further estimated population of 154,572 within the Regional District of Nanaimo (BC Stats 2015). Recognized as one of BC’s most livable cities, Nanaimo offers a favourable balance of lifestyle, employment and investment opportunities. Located on the east coast of Vancouver Island and only 111 km north of Victoria, this is the regional service centre for mid and north Vancouver Island. All major Island transportation corridors lead to Nanaimo, and the city is the gateway between the Island and the lower mainland with two BC Ferry terminals, seaplane terminals, and the Nanaimo airport. Population growth (predicted to increase by 60% over the next 30 years) and affordability have created new demand in all service sectors and continue to push the city’s expansion. The local real estate market continues to set benchmarks with inventory levels of single-family homes dropping to historic lows in September 2016, dipping to 1,265 - a 40 per cent decrease from one year ago and down 9 per cent from August’s inventory. The last time inventory was this low occurred in 2005. In August 2016, 624 single-family homes sold on the MLS® System compared to 439 last August, an increase of 42 per cent. Apartment sales also increased significantly from one year ago, with 118 units selling last month, an 87 per cent increase from the 63 units sold in August 2015. More townhouses sold last month as well: 63 compared to 54 in August 2015, an increase of 17 per cent (VIREB October 2016).
SITE DESCRIPTION
Hammond Bay Road
Marlin Way
Met rive
ral D dH
Islan ay
ighw Enterprise St
Uplands Drive
Metral Drive
e Metral Driv
The subject site is slightly irregular in shape and comprises ±44.18 acres of largely cleared terrain. The property possesses frontage on Hammond Bay Road, Uplands Drive, the Island Highway and Marlin Way on its peripheral boundaries. The parcel has been home for many years to a nursery operation whereby the majority of the site has been utilized for tree and plant growth and inventory. The site is easily developable due to gently sloping topography. Access to the property is currently via Hammond Bay Road, and, to a lesser degree, Marlin Way. Development of the site would include further access points, interior roadways, and works and services. The property is absolutely unique in that it is essentially an undeveloped agricultural parcel completely surrounded by developments composed of high intensity commercial uses; institutional uses; and a wide array of residential development.
Aulds Road
LOCATION 6261 Hammond Bay Road is ideally situated in the core area of North Nanaimo. The Hammond Bay Road area includes a high concentration of commercial office, retail and an established and sought after high demographic residential area. It is also home to Nanaimo’s largest enclosed shopping mall (Woodgrove Shopping Centre), and is within minutes of all of North Nanaimo’s premier shopping centres. The location of this property provides easy access to major arterial roads and public transportation as it is immediately adjacent to the Island Highway and just 9 km to the BC Ferries Departure Bay terminal, and 12 km to downtown Nanaimo. The immediate area features numerous primary and secondary schools, recreational facilities, and is 20 minutes from the ever expanding Vancouver Island University.
DICKINSON CROSSING ay
Island Highw
m Ham
WOODGROVE REGIONAL SHOPPING CENTRE ad Ro ds Aul
Nana
imo
oad ay R
B ond
Park
way
PLEASANT VALLEY LANDING
Island Highway
CURRENT ZONING AR2 – Urban Reserve. This zone provides for agriculture and residential uses on large rural lots, with limited urban services, and provides for the preservation of land for future development. The site will require rezoning aligning with the City of Nanaimo’s future land use as per the Official Community Plan.
FUTURE LAND USE According to the City of Nanaimo’s official community plan, the site is designated “Corridor”. There are three Corridor zones which support a wide range of higher intensity land uses. These uses will include various forms of residential development; mixed uses; and commercial uses. Prospective purchasers will need to meet with staff of the City of Nanaimo to discuss comprehensive development plans.
DESCRIPTION OF ZONES RESIDENTIAL CORRIDOR COR1
This zone provides for residential, street-oriented, medium density, and office development along or near major roads.
MIXED USE CORRIDOR COR2
This zone provides for mixed use, street-oriented development along urban arterials and major collector roads.
COMMUNITY CORRIDOR COR3
This zone provides for a wide range of uses intended to meet the day to day needs of the surrounding community.
HIGHEST AND BEST USE The strategic location of the site and its size suggest that the highest and best use is that of a comprehensive mixed commercial and residential development parcel.
LEGAL DESCRIPTION The East ½, Section 12, Wellington District, Except those parts in Plans 6421, 7469 and 8598 and Except that part lying to the south west of the south westerly boundary of Plan 1116 RW, and except those parts in Plans 33807 and VIP 59002 PID: 002-319-314
TAXES (2016) $5,922.69
PURCHASE PRICE To be determined by form and structure of purchase agreement and development vision. Please contact Listing Agents for further information. All offers to purchase the Property will be evaluated, among other criteria, on the purchase price offered for the Property, the prospective purchaser’s ability to complete the transaction, the time requirements and proposed conditions of closing, if any. The Vendor is not obligated to accept the highest price or any offer and reserves the right to reject any or all offers that may be received.
FOR SALE
44.18 Acre Mixed Use Development Site 6261 HAMMOND BAY ROAD, NANAIMO, BC
BRAD BAILEY
250 740 1060 Ext. 1 [email protected]
BRAD ARCHIBALD
250 740 1060 Ext. 3 [email protected]
JASON WINTON
250 740 1060 Ext. 2 [email protected] COLLIERS INTERNATIONAL | 335 Wesley Street, Suite 105 | Nanaimo, BC V9R 2T5 | 250 740 1060 | www.collierscanada.com/nanaimo This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2017. All rights reserved. This communication is not intended to cause or induce breach of an existing listing agreement. Colliers Macaulay Nicolls Brokerage Inc. (Nanaimo).
