501 Prideaux St, Nanaimo, BC V9R 2N8

Property Description

Unique offering to build 9 townhouse development OR DEVELOPMENT PERMIT APPROVED for 24 Units. Offering immense potential for developers. This sought-after location has received DP approval in Feb 2023, putting it ready for the Building Permit stage. This saves time & resources, allowing construction to begin now. Central location, providing convenient access to local amenities, shops, restaurants, & the new fast passenger ferry. With a mix of 1 bed & 1bed+den, 2-bed suites, meets a range of needs. Another option: crafting 9 townhomes of approx. 1300 sqft each, in a rapidly growing area where similar townhomes have been selling for $400-425/sqft. The townhouse option doesn't require an architect, offering additional savings. This development represents excellent value in 1 of the 5 fastest growing cities in Canada, which is currently experiencing a major housing shortage. Rental option allows you to save on GST OR stratify. There is also a Property Tax Exemption through City of Nanaimo.