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Nanaimo 1.1-acre development sells over ask at $1.55 million

North Nanaimo Metral Street site has holding income and potential for medium-density, multi-family redevelopment under the official community plan
Sutton Group Alliance, Surrey, B.C., for Western Investor. (Deal took place in July 2022.)

Property type: Development land

Location: 5454 Metral Drive, Nanaimo, B.C.

Land size: 48,351 square feet

Land size in acres: 1.1 acres

Current zoning: Single-family residential

Potential: Multi-family development under OCP.

List price: $1.30 million

Sale price: $1.55 million

Date of sale: July 12, 2022

Brokerage: Sutton Group Alliance, Surrey, B.C.

Broker: Nav Gill