PRIME DEVELOPMENT OPPORTUNITY: Lunenburg, Nova Scotia
The Lunenburg real estate market is begging for a demographic sea-change. The UNESCO World Heritage town has its much-celebrated Old Town with virtually no infill development potential. It has its once commercially vibrant waterfront, which has been effectively zoned off the table for residential development, irrespective of density levels. As for actual water front residential land for prestige homes, the town boasts a sum total of 4 lots – all built on.
You may ask, where is the land for high-end real estate dollars? Literally, the answer is staring Lunenburg in the face from across the beautiful harbour. UP ON GOLF COURSE HILL is the answer. If you can’t LIVE IN Old Town, you can live happily LOOKING AT picturesque Old Town, and still be within walking distance to the commercial and cultural buzz of this exciting venue for thousands of visitors and (more importantly) wannabe residents.
The 10 acre parcel being offered is bounded on two sides by the Bluenose Golf Course. It has high elevations with stunning vistas in three directions:
View Northeast: Overlooking the famous harbour and Old Town
View Southeast: Overlooking the beautifully landscaped fairways, out Lunenburg Bay to Cross Island and the open sea
View Southwest: Back overlooking Mason’s Beach and Puffycup Cove
The DEVELOPMENT OPTIONS are as broad as the entrepreneurial imagination and financing capabilities:
Single family detached residential at any density level that fits the developer and buyer budgets and municipal servicing requirements.
Bare Land Condominium development for single family residences on a collective sewage treatment system.
Multi-level condo units priced across the spectrum of promising market segments.
Medium density long-term residential rental.
Holiday accommodation development, stand alone or in combination with some of the above.
NOW IS THE TIME to bring forward a development proposal for this property. Lunenburg needs and wants development of this site. Indeed, it can fairly be said that the “political stage”, which inevitably accompanies (and often delays) any development initiative, has already happened here. After thorough public and Council consideration, a development agreement was issued in 2011 for a large resort complex, integrating hotel accommodation (120 beds), residential condos (60 units) and rental apartments (30 units).
While that project has timed out, almost any viable proposal coming forth in 2016-2017 would find precedent and acceptance in the various components of the earlier vision. In fact, the current owners of the property might well be tempted into co-venturing on a new development plan.
GUIDE PRICE: $2,000,000
Ultimately the value of this property will be determined by the highest and best use principle. The vendors are inviting offers and/or presentation of development proposals to be submitted through their representing brokerage, Red Door Realty in Lunenburg.
Town of Lunenburg: Follow Tannery Road towards Bluenose Golf Club and turn right onto Mason's Beach Road. Property is at the top of the hill. Look for stone gated driveway for civic #101 on your right.
All information is from sources deemed reliable but is subject to errors, omissions, changes in price, prior sale or withdrawal without notice. No representation is made as to the accuracy of any description. All measurements and square footages are approximate and all information should be confirmed by customer. All rights to content, photographs and graphics reserved to Ocean Homes Nova Scotia.
