Under contract - Development Site
Opportunity to acquire one of the best development positions in an evolving area with holding income. With 213 feet of frontage along Mission Road, the lot backs onto the new Comox Valley Hospital that will require immediate housing and care facilities for the full and part-time staff, families & seniors upon completion. Within 500 meters is the North Island College, which enrolls 4,493 students (Wikipedia) and approximately 400 staff members. This proximity provides plenty of potential renters ranging from employees to seniors that prefer to be close to immediate care. The land is leased to provide additional parking to the construction workers involved in the project.
There is currently a development permit available for a developer to build two, four-storey office buildings totaling approximately 60,000 square feet. These would be potentially leased to medical/professional pharmacies and specialists that can capitalize on the proximity of backing onto the hospital.
The CD-24 zoning supports a multitude of development options. These include mixed-use residential, commercial and senior care. An increasing demand for convenient and affordable housing in the area will drive a strong rental market for anyone developing micro units that suit the needs of staff and students. The immediate area has a lack of available rental stock keeping vacancy rates low & driving strong rents.
|Lot size||1.908 acres|
|Net operating income||$28,712|
|Financing||Treat as clear title|