10862 CHEMAINUS ROAD, Ladysmith, BC, V9G 2A4Listing ID# 429476
Stocking Creek Development Corp, has prime building sites in the central and high growth community of Saltair, situated between Ladysmith and Chemainus, B.C.. Stocking Creek has secured a unique C2A small lot zoning with a development permit in place to build & market 16 Strata Buildings for small commercial businesses. Municipal water servicing is in place, and the installation of hydro service is nearing completion. The septic system's design and location have been approved. The first building is completed and is valued at approximately $430,000. For passive investors, the current management is prepared to remain in place to complete the project. The discounted cash flow value of the building project, including the first building, is $1,425,000. The projected rate of return on the development project is 22.2%, including the cost of current management to complete the project. If these management costs are excluded, then, all things equal, the rate of return on the development project rises to 26.7%. Note: The real estate underpinning the business of Saltair Self Storage Ltd.(SSS) and the Stocking Creek Development Corp, (SCD) is currently held under a single title. If a buyer wishes to purchase both SSS and SCD, then the current title will be used to effect the transaction. If a buyer wishes to purchase only one of the businesses, then the current title will be separated by registering Form P of the Stocking Creek Strata Plan and related documents. Strata 1 and 2 under the Strata Plan constitute the real estate used in the operations of SSS. The remaining Strata Lots 3 - 17 constitute the real estate associated with the business of SCD. A Confidential Valuation is available by request. Please contact John Morris at (250) 710-0765.
MLS? system data provided by VIREB, copyright? 2017. The information is from sources deemed reliable but not relied upon with independent verification.