Featured in: Financial Post
It’s a once in a lifetime chance to buy 6.2 acres of land on Vancouver’s waterfront, but the real estate opportunity to build a marina comes in a market that is witnessing falling sales and prices in the residential sector.
Unique Properties Group, part of Colliers International, told the Financial Post that the property in Vancouver’s Inner Harbour will hit the market Tuesday. The group wouldn’t reveal a pricing target.
“Trying to find a new marina to build is exceedingly challenging. That’s not just in Vancouver but everywhere in B.C. because the regulatory process is difficult to navigate,” said Mark Lester, senior vice-president with Unique Properties Group. “We get calls all the time saying ‘I’d love to build a marina’ but where? Most good waterfront has already been developed.”
The 6.2-acre all-water lot is designated for a marina that could accommodate large yachts and commercial operators such as passenger ferries, whale watching tours and harbour cruise boats. The land is situated directly adjacent to the Vancouver Convention Centre and the newly constructed Vancouver Harbour FlightCentre. The water lot represents the final phase of the comprehensive development of the area surrounding the Vancouver Convention Centre.
