- What An industrial lot undergoing subdivision is for sale in Nanaimo, B.C.
- Why The property is in an established industrial area
- What next Subdivision into three lots should be completed this summer
An industrial development site undergoing subdivision on Vancouver Island has been floated by Hazelwood Construction Services for $24.9m, Green Street News can reveal.
The soon-to-be three lots at 960 Jackson Road in Nanaimo combine for about 14 acres. The price works out to about $1.7m/acre. Cushman & Wakefield has the marketing assignment.
The site is expected to be fully demised by this summer. Marketing materials tout the flexibility of the package as being suitable for owner-users, strata or purpose-built developments in an established industrial section of Nanaimo. Zoning allows for 50% lot coverage with the potential to be increased to 65%.
Once the subdivision is complete, the lots will be 1.5 acres, 2.5 acres and 10 acres.
Marketing materials also highlight the sub-2% vacancy rate for industrial properties in the area, with little new space in the pipeline. Industrial leases in the area average $15.50/sq ft.
The site is near the Duke Point ferry terminal, providing swift access to Metro Vancouver. It is about 6 km southeast of downtown Nanaimo and 55 km west across the Strait of Georgia from downtown Vancouver.
