434 & 440 Prideaux St, Nanaimo, BC V9R 2N5

DEVELOPMENT OPPORTUNITY! This prime location in the city’s old City Quarter, on 2 lots combining nearly 18000 sq ft of land, zoned DT8 , we offer an excellent opportunity. Currently homes sit on each lot so rental income will be welcomed as one goes through the application process. Some potential for this property as per the city is a Max height of building at 10.5m w/possibility for a variance to go higher, depending on the plan. If ONLY residential, max gross floor area ratio is lot square footage x .85, but If commercial units are included on ground floor to qualify as MIXED USE, you add in .15 to get to 1.0 total.  25% of the gross floor area ratio is needed as commercial to qualify as “mixed use”.  Huge potential here with up to about 30 units possible. Buyer to do own due diligence regarding full development potential. All measurements and data are approximate and should be verified if deemed important.