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Nanaimo waterfront property listed for nearly $6 million

Property includes marina and three commercial buildings
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1340 Stewart Ave., a property with three buildings and a marina, is currently listed for $5.9 million. (Nicholas Pescod/NEWS BULLETIN)

A piece of Nanaimo’s waterfront is up for sale.

1340 Stewart Ave., a 5,523 square-metre site that includes a fully operational 27-slip marina, juice bar, kayak rental stand, two vacant buildings and an commercial building home to a seafood company, is on the market for $5.9 million.

Richard Luan, realtor with Sutton Group West Coast, said the Stewart Avenue property has been on the market for about three months and has generated some inquiries.

“I’ve had a few interested buyers,” Luan said, adding that most of the interest has come from those living overseas.

1340 Stewart Ave. was once the home of two restaurants, Nauticals Seafood Bar and Grill and Iron Wok Restaurant, both of which are now closed. A third commercial property on the site is home to Evening Cove Oysters Processing Ltd.

The site is currently zoned as W2 harbourfront, which permits a range of uses for the property including a hotel, neighbourhood pub, museum, research facility, seaplane terminal, retail, water taxi station, tourist facility and seafood sales. Any new buildings must not exceed more than four storeys, according to the zoning.

Luan said the property has good potential given its flexible zoning, adding that with an operational marina and business on site, not as much investment is needed.

“The original investment is already here, so you don’t need to pay any more,” he said. “When you pay some additional money to have [or build] a new business you can enjoy those returns.”

Luan also said the marina has the ability to expand from 27 slips to 76 slips. He said any new owner wishing to expand or make major changes to the marina will need to deal with the Nanaimo Port Authority.

“The port authority will want to see improvements with the walkway,” he said.

The price tag makes 1340 Stewart Ave. one of the most expensive commercial property listings for Nanaimo at the moment.

nicholas.pescod@nanaimobulletin.com