FOR SALE ‐ 7 Acre Oceanfront Development Site 161 Island Highway West, Parksville, BC
The Opportunity NAI Commercial Central Vancouver Island Ltd. and Devencore Realty Victoria Ltd. are pleased to offer for sale this rare oceanfront development site on Parksville Bay in Parksville, BC. As Vancouver Island’s premier vacation resort and retirement community, Parksville is located on the central east coast of the Island and is noted for its welcoming small-town charm, beautiful beaches and outstanding recreation amenities.
For More Information:
Gerry Van Vaals PREC*
Randy Holt
Sr. Vice President
Vice President / Partner
*Personal Real Estate Corporation
250 616 2155
201 ‐ 155 Skinner St, Nanaimo, BC, V9R 5E8 Tel + 1 250 753 5757
250 888 1621
888 View St, Victoria, BC, V8W 1K2 Tel + 1 250 382 3400
www.naivanisle.ca www.devencorenkfvictoria.com
FOR SALE ‐ Oceanfront Development Site, Parksville, BC Overview
Parksville
NAI Central Vancouver Island Ltd. and Devencore Realty Victoria Ltd. are pleased to present for sale the Parksville Beach Resort development site. This long-time motel property comprises 7.0 acres along the gorgeous shallow waters of Parksville Bay in the heart of downtown Parksville, BC. The existing motel improvements are obsolete, having ceased operations in the fall of 2013, and the site is ready for re-development to be undertaken.
The City of Parksville is located on a protected bay along the east coast of Vancouver Island, 94 kilometers north of Victoria and 37 kilometers north of Nanaimo. Described as “Canada’s Riviera”, the town’s fabled beaches, mild sunny climate, charming downtown and many recreational options make it one of the best “family friendly” holiday choices in the country and a favored area for retirees to enjoy their golden years.
An extensive investigation, public consultation and development approval process was previously pursued by the owners culminating in the issuance of a development permit in the spring of 2012 for 81 detached resort units. That permit expired in May 2014, so another application will be needed to redevelop the site. Extensive consultants' reports are available from the sellers to assist with this process.
The City’s population has grown at an accelerated rate over the past 30 years, including an 8.9% increase between 2006 and 2011, which is among the fastest of any city in BC. The 2011 population of the City of Parksville and the immediate “Oceanside” area, including Qualicum Beach and French Creek, comprised approximately 30,000 and the numbers continue to rise. (Part-time residents who occupy dwelling units in this area for less than six months of the year are not included.)
This is simply an extraordinary location and development opportunity in one of Canada’s most popular retirement and vacation resort communities.
Vancouver Island Vancouver Island is the first choice as a retirement location among Canada’s aging population, who are attracted to the Island’s favourable climate, spectacular natural amenities and engaging ambiance. The more populated southern half of the Island has grown steadily, bringing the total island population to approximately 773,000 in 2012. Another 4,000 to 5,000 new residents are expected to arrive annually for years to come.
The City’s appeal to seniors is obvious as 55% of the residents in 2011 were aged 55 or over and the median age was 58, rising year by year. The broader Oceanside area is similarly constituted with a median age of 59. Business growth in Parksville has been equally dramatic in recent years, with the number of business licences doubling from 540 in 2005 to 1082 in 2011 and continuing to rise. The largest employers include School District 69, Vancouver Island Health Authority, Tigh Na Mara Resort, Stanford Place Care Campus, Thrifty Foods and Quality Foods.
The Island’s diverse ecology, gorgeous coastline and pristine setting make it one of the premier vacation destinations for international and local travelers alike. In 2012, the prestigious travel publication, Conde Nast, rated Vancouver Island as the #1 island in Canada and 6th best worldwide, with Victoria, Parksville and Tofino being the most popular spots year round. Overall tourism spending on the Island is estimated to be well in excess of $2.0 billion annually.
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FOR SALE ‐ Oceanfront Development Site, Parksville, BC Location The subject property is ideally positioned along the north side of the Island Highway (19A) immediately adjacent to Parksville’s downtown core at the intersection with the Alberni Highway. This scenic section of the Island Highway is part of the oceanfront route that runs from the south side of Parksville to Campbell River. The Alberni Highway (4A) leads to numerous tourist attractions on its route to Port Alberni and Tofino on the Islands west coast. It also connects directly to the Inland Island Highway (19) that provides a faster route to the Comox Valley and the North Island. To the immediate north of the subject is the “Beach Club Resort”, which is Parksville’s newest addition to the waterfront. This outstanding development combines 4-star hotel accommodation and luxury condominiums with a full-service spa and beachfront restaurant. On the south side of the subject are the Park Sands Beach Resort and the City’s popular 39-acre Community Park. A recently constructed boardwalk runs along the beach in front of the subject property, extending from Community Park to the west side of the Beach Club. Access to the subject is directly from the Island Highway for westbound traffic via a driveway at the boundary with the Beach Club Resort. There is also easy access from Beachside Drive via the signalized intersection one block west of the subject at McMillan Street.
The Property This level parcel of land provides a total area of 2.83 hectares (6.993 acres) lying approximately five meters below the Island Highway grade and roughly one meter above the high tide mark. It has a slightly irregular configuration and enjoys roughly 160 meters (525 feet) of frontage along Parksville Bay with walk-on access. Hydro, city water, natural gas, sanitary and storm Newcastle Island sewers, telephone and cable are available to this site. There are a total of six buildings on site that comprise the existing resort along with two asphalt tennis courts. All were built in the early 1970’s and are considered to be obsolete. Operation of the motel ceased in the fall of 2013.
Development Site
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FOR SALE ‐ Oceanfront Development Site, Parksville, BC The 2012 Development Permit The development approved in 2012 envisioned a total of 81 detached units, comprised of 80 separate cottages, a commons building and a single storey “cantina” (caretaker’s suite plus commercial concession space). Of the 80 cottages, 69 were to be two-storey units with two bedroom plus loft or three bedroom options, and the other 11 were to be single-storey two bedroom units. All were to have an enclosed garage below the main floor level. The proposed “Commons” building, housing an indoor swimming pool and administrative offices, was to be sited at the entrance to the property nearest the Beach Club resort. The configuration of the cottage units provided for a total of 14 cottages plus the cantina along the Parksville Bay beachfront on the north side of the property. These premier units would enjoy unimpeded views of the ocean with living rooms, master bedrooms and decks all facing the Bay.
On the south side, the 5.0 meter grade difference between the subject and the Island Highway should mitigate substantially the influence of traffic noise on units sited closest to the highway. In the plan as shown, the nearest such unit was to be roughly 50 meters from the road’s edge. The phasing plan below anticipated construction involving as many as nine phases in total. Beachfront units were included in the early phases to allow the developer to achieve the fastest potential recovery of invested capital and to set pricing benchmarks that could positively influence later phases. Note that there can be no assurance that the City of Parksville would approve a similar development pursuant to a new application. Interested parties are encouraged to conduct their own due diligence investigation and preproject planning, understanding that the ultimate development outcome is subject to public process.
Port Place Mall
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FOR SALE ‐ Oceanfront Development Site, Parksville, BC
Official Community Plan
Zoning:
The City’s Official Community Plan, which was adopted in 2014, sets out its land use policies in Chapter 5 and designates the subject property as “Downtown Waterfront”. It contemplates that the primary use of the subject lands would be for “non-residential, tourist oriented accommodation and tourist commercial activities”. Building height is said to be generally limited to three to four storeys.
CS-2 Zone, Tourist Commercial
This section of the Plan also contemplates that upon development of the site, applicants will be required to provide a seven meter wide strip along the waterfront to allow for reasonable public access.
Maximum floor area ratio = 0.60 Maximum lot coverage = 50%
Permitted uses include resort condominiums, hotel, motel, campground, convenience store, food catering facility, miniature golf, public assembly, recreation facility, studio, tourist information booth and accessory residential.
Financial Performance The historical financial results from the Parksville Beach resort can be made available for review upon request. Note also that a share purchase deal structure is negotiable and may be beneficial. Please contact the listing agent for details.
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FOR SALE ‐ Oceanfront Development Site, Parksville, BC Legal Description:
Lot 1, District Lot 89, Nanoose District, Plan VIP78996
2016 Assessed Value: $4,651,000.00 2015 Property Taxes: $108,074
Port Place Mall
Asking price:
$4,975,000.00 Gerry Van Vaals PREC*
Randy Holt
250 616 2155 (Cell)
250 888 1621 (Cell)
[email protected] [email protected] INFORMATION CONTAINED HEREIN HAS BEEN OBTAINED FROM A VARIETY OF SOURCES; HOWEVER, THERE IS NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, OFFERED BY THE OWNERS OR THEIR AGENTS AS TO THE ACCURACY OF SUCH INFORMATION. ALL MEASUREMENTS AND OTHER INFORMATION HEREIN SHOULD BE INDEPENDENTLY VERIFIED BY THE PROSPECTIVE USER AND ARE SUBJECT TO THE USER’S OWN INSPECTION OF THE PROPERTY AND DUE DILIGENCE WORK AND TO THE USER’S SATISFACTION WITH THE RESULTS OF SUCH REVIEW.
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