Commercial Land And Building In Wolfville For Sale

Business description

Opportunity to acquire 14,746 sft of C-1 commercial land right in the heart of Wolfville, NS and being strategically located two doors from Pete Luckett's newest development. With over 12,000 cars passing by daily in the heart of this highly educated and high income earning town, this is a perfect opportunity for redevelopment or improve to suite your offering to the community.

"The Annapolis Valley is the heart and soul of Nova Scotia's food industry. We see the Pete's offering as an incredible match to compliment that bounty," said owner Pete Luckett.

The offering is an existing building that has approximately 93' of Main Street frontage measures 56’ wide and 58.5’ deep for a total of 3276 sft on the main floor. Second story space of approximately 1300 sft was used for storage and there may very well be an opportunity for development into student rooms / apartment units? There is also a side storage shed that totals 784 sft. All measurements to be confirmed.

The land parcel, as per the land registry, is zoned C-1 and is 14,746 square feet. Confirmed with the Town Council.

There are currently 7 proper parking stalls in the front, with plenty of room at the back of the property and to the side for additional parking. The building is currently heated by oil (new tank in ’01) and has a 220 amp panel. The building is serviced with Municipal Water and Sewer, has a new roof (2009), unobstructed views of the Minas Basin with no development that can occur behind the property.

The offering price is $375,000 and seller will consider a Lease to Own scenario.

Comparing this property to the market:

If somewhere to acquire the property, invest $100k into a renovation, and achieve financing of 75%, standard mortgage payments should be approximately $2425.00 per month, which is the equivalent of $8.88 /sft on a triple net lease. Going rates in Wolfville are understood to be pushing $15/sft.

A neighbouring parcel of land totalling 10,992 sft, may also be available for purchase. The total combined land parcel would be 25,738 (2391.12 square meters). It is understood, from the planning bylaws, Town Council may permit a 3 story development that could occupy the full square footage of the land(s).

Does Wolfville, understood to be the wealthiest town per capita in the Annapolis Valley, have a need for a boutique hotel to meet the demands of today’s visitors to the town and Acadia University? If so, this may be the most suitable opportunity available in Wolfville.

Property information

Real Estate:

Real Property Included

Location:

Wolfville is a small, university town located in the heart of Nova Scotia’s Fundy Shore region. Acadia University's presence influences our economy, our culture, our environment and our social fabric.

In 2006, Wolfville’s population was 3,772 (+3.1% since 2001). When Acadia University is in session, Wolfville's population grows to almost 7,000 people!

Wolfville’s median family income is $56,270 which is higher than the median family income in Nova Scotia, has one of the most educated populations in the province with more than 41% of adults possessing a university degree (versus 16% for Nova Scotia), also has the province’s most diverse population with 12% of residents born outside Canada, a busy commercial district which is visited by more than 12,000 cars each day, is a thriving cultural community which helps to bring more than 100,000 event participants to our community each year.

For a more complete profile of Wolfville, see Wolfville’s Vital Signs report which was released in 2009 in partnership with the Wolfville Community Fund. To learn more about Wolfville's vision and plan for commercial development see our Commercial Development Plan, which was completed by Ekistics Planning and Design in 2006.

Planning consent:

C-1 Commercial

Other information

Furniture / Fixtures value:

$375,000 (included in the asking price)

Related documents:

• 
• Land Use Planning Bylaws

Business closed / Asset sale:

Yes