Building lots sold in two towns

Community Featured

Good news has come for Stellarton and Pictou with the announcement of the sake of building lots.

The largest parcel of commercial property near the new roundabout in Pictou has been sold.

Mayor Jim Ryan confirmed that the three-acre piece designated as Lot B has been sold to a commercial developer, Halifax-based Somerled Properties Ltd.

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Ryan said the property sold for $250,000.

Council agreed on motions to formally approve the sale.

He said the developer will examine the property for the varied uses planned for it. He indicated it will be later in the year before its development begins.

Somerled describes itself as a real estate merchant developer and has done similar lands purchase and development elsewhere in the province.

The property is one of three council is trying to sell after the town acquired the land from the province as part of the arrangement for building the roundabout, which has been operating for about a year and a half.

Lot A has three acres and is bordered by the larger roundabout, the new roundabout and Proudfoots Home Hardware. Lot B has 3.2 acres and is bordered by two roundabout accesses and Weaver Road. Lot C is 2.1 acres in an area where a part of Pine Tree Road was closed.

“We hope to see activity on all three properties this year,” Ryan said.

Ryan was unable to share more light on the town’s prospects of securing the former provincial visitor information centre (VIC) property.

Destination Eastern and Northumberland Shores (DEANS) operated the VIC since the McNeil government announced it would not open the facility in 2015.

“It is our understanding that the purchase agreement is in the queue waiting for cabinet to approve,” he said. “We were asked for and have given approval, through NSTIR, for the former VIC to be occupied by DEANS again this summer.”

In Stellarton,  Mayor Danny MacGillivray announced the sale of five lots in the Albion Business Centre park resulting in about $1.1 million in revenue for the town during last week’s council meeting.

Town Council ratified the sales of lots 61, 62:Z, 63-X, 67-B and 69 at its Council 1 meeting.

“This is a good news story for the Town of Stellarton on the economic development front,” MacGillivray said. “We’re really excited about this as a council; we worked really hard to make this happen.”

The purchaser of all five lots is Endurance Equities Corporation, a developer out of Alberta. According to the firm’s website, Endurance Equities is “a closely held commercial property development company focusing on retail property development and long term ownership of first class commercial real estate.”

 

Lot 69 contains 178,160.4 square feet. Cost per square foot is $2.53 for a total of $518,357.68. Cost before HST is $450,745.81

Lot 62-Z is 205,167.6 square feet and the cost per square foot is $1.38 per square foot. Cost before HST is $283,131.29.

Lot 63-X is 62,396.5 square feet; cost per square foot is $1.38 for a purchase price of $86,107.17.

Lot 67-B is 222,156 square feet at a cost of $1.38 per square foot for a purchase price of $306,575.28.

Lot 61 is 39,427 square feet sold at a cost of $1.38 per square foot for a purchase price of $54,409.26.

 

MacGillivray said the five lots represent the last of the lots in the park that are fully serviced and ready to go. The lots are on Lawrence Boulevard and Vista Drive.

Once the purchase is complete and new businesses are secured and settled, it will bring a new look to the business park. New operations will join the businesses already located in the park like Kent, Anchor Motors, the Holiday Inn, Access Nova Scotia, Subway, Home Hardware and businesses in the two strip malls.


Pictou Mayor Jim Ryan is thrilled with the sale of land, behind him, at the roundabout. (Goodwin photo)