4596 Princeton Ave & 5930 Columbia Ave Peachland, BC

FOR SALE 4596 Princeton Ave & 5930 Columbia Ave Peachland, BC

PROPERTY DETAILS:

• Valuable opportunity for two properties totaling 12.23 acres of lakeview development land, with spectacular panoramic views of Okanagan Lake and the surrounding valley

• Zoned RM3 with plans and an approved development permit in place for 97 townhomes in 21 buildings (or max. zoning for up to 122 units)

• Walking distance to transit, schools, downtown core

Macdonald Realty Kelowna FOR SALE 4596 Princeton Avenue & 5930 Columbia Avenue Peachland, BC

Valuable opportunity for two properties totaling 12.23 acres of lakeview development land, with spectacular panoramic views of Okanagan Lake and the surrounding valley.

• Lake views that stretch from Kelowna to Penticton • Sloped elevations increase view corridors for all units • Future park and trail-systems (dedications already done) • 3 minutes to Downtown Peachland • Close to schools & parks These 2 parcels are ready for development, with RM3 zoning and DP for 97 unit townhome already in place. Or, take full advantage of zoning and build up to 122 units. 0.6 FAR would allow up to 319,643 sq.ft of buildable area.

The hillside topography of the subject properties will offer the townhomes breathtaking panoramic views of Okanagan Lake and the surrounding valley, with the Lake just a short walk away. The parcels are located on a bus route with fast connections to West Kelowna and Kelowna, providing easy access for future residents. As an added bonus, Peachland offers a multitude of activity for residents, including a Zip- Zone Adventure Park, the lakeside Beach Avenue Walk in the town centre, Hardy Falls Regional Park, and a hiker’s dream with the Pincushion Mountain Trail.

The 2 parcels must be purchased together, and are required by the District of Peachland to be amalgamated for this development.

PRICE: $6,500,000

Peachland - Columbia 2 PROPERTY DETAILS

CIVIC ADDRESS 4596 Princeton Avenue, Peachland 5930 Columbia Avenue, Peachland

Block 30, Plan KAP125, District Lot 490, Block 13 & Block 14, Plan KAP125, LEGAL DESCRIPTION Land District 41, Except Plan M14975, District Lot 490, Land District 41, ODYD ODYD

PID 001-702-220 012-694-894 & 012-694-916

LAND AREA 2.77 acres 9.46 acres

RM3, Multi-Unit Residential - Low RM3, Multi-Unit Residential - Low ZONING (CURRENT) Density & Cluster Density & Cluster

PROPERTY TAXES $5,376 (2016) $13,778 (2016)

Peachland - Columbia 3 CMA (Comparable Market Analysis)

Recent sales of townhomes in the Peachland/West Kelowna area have yielded values in the range of $534,900 up to $549,000 for 1,500 to 2,000 SF units and $410,000 to $480,000 for townhomes below 1,500 SF. The majority of these do NOT have views of any measure.

Active listings for townhomes in the same area are priced at $549,000 up to $599,000 each, with a single 1,371 SF unit on Tuscany Drive (Shannon Lake) being offered at $464,900 ($339/SF), again with no discern- ible views.

The proposed development is envisioned in three phases and because the elevations of the property are sloped, thereby allowing lake views from all units, home sales are expected in the range of $549,000 to $599,000 (walkout-type units) and $439,000 to $499,000 (1,327 SF walk-up units).

REVENUE PROJECTION

Type Qty Finished Floor Area (SF) Price Range Walk-Out 35 1,910 $549,000 to $599,000 Double-Walkout 17 1,793 $549,000 to $599,000 Walk-up 45 1,327 $439,000 to $499,000 Total Revenue $49.353 to $53.63 Million

Anticipating construction costs of $175/SF on-site costs of $30,503/unit, off-site costs of $12,370/unit plus land-acquisition, there is a projected $8.1 to $12.4 Million in profit to be derived. This in addition to typical builder’s margins.

The property is already zoned with DP in place so time to market is extremely fast and this type of product is currently underserved in the marketplace.

Peachland - Columbia 4 AERIAL MAP

4596 Princeton Avenue and 5930 Columbia Avenue are ideally situated on the hills overlooking Okanagan Lake in Peachland, BC. The properties are located along a bus route, and are within walking distance of the Lake, and town centre.

Peachland - Columbia 5 LANDSCAPE PLAN

Peachland - Columbia 6 DEVELOPMENT CONCEPT

Development Concept for 5930 Columbia Ave. & 4596 Princeton Ave.

Peachland - Columbia 7 WALK OUT UNIT RENDERING

Walk Out Unit - Front

Peachland - Columbia 8 WALK UP UNIT RENDERING

Walk Up Unit - Front

Peachland - Columbia 9 PEACHLAND& AREA

Peachland, located in the heart of the Okanagan Val- ley, is a laid back four season playground with slop- ing hills, colourful orchards, picturesque vineyards, and majestic ponderosa pines, all situated around the crystal clear Okanagan Lake.

Peachland has a population of 4,698, up 3.8% from the 2011 census. The city has a mild climate like much of the Okanagan, with warm summers and only 15 inches of precipitation annually.

Peachland is located just 15 km from major outlets in West Kelowna (Wal-Mart, Home Depot & Canadian Tire), and is only 25 km from Kelowna, 39 km from the Kelowna International Airport, and 40 km from Pent- icton.

Peachland offers a multitude of activity for residents, including a Zip-Zone Adventure Park, the lakeside Beach Avenue Walk in the town centre, Hardy Falls Regional Park, a hiker’s dream with the Pincushion Mountain Trail, and of course water based activities!

Peachland - Columbia 10 ZONING

District of Peachland RM-3 ZONE – Multi-Unit Residential – Low RM-3 Density & Cluster

7.10 RM-3 ZONE – Multi-Unit Residential – Low Density & Cluster

Intent: To provide a zone for comprehensively designed ground-oriented Multiple-unit residential buildings, related amenity spaces and compatible uses on serviced urban lots.[Low Density Residential at approximately 25 units per gross hectare (10 units per acre)]. Uses Permitted .1 The following uses and no others are permitted in the RM-3 Zone: Principal Uses .1 Multiple-unit residential dwellings .2 Care Facility, Congregate .3 Care Facility, Extended .4 Care Facility, Major

Accessory Uses .2 The following uses and no others are permitted as accessory to the principal uses in the RM-3 Zone: .1 Home Based Business, Type I (Minor) .2 Residential Flex Unit

Lot Area .3 The minimum lot area is: 1,400m2 Less than 30% slope (15,067ft2) 2,000m2 Greater than 30% slope (21,528ft2)

Lot Dimensions .4 The minimum lot dimensions on subdivision are: Width 30.0m (98.4ft) Depth 35.0m (114.8ft)

Density .5 The maximum Floor Area Ratio (FAR) shall be 0.6 and not exceed 25 units per hectare (10 units per acre).

Lot Coverage .6 The maximum lot coverage is 45%. This may be increased to 50% if permeable parking surfaces are provided.

Setback Requirements .7 Minimum setback requirements are as follows for all buildings and structures:

Front yard 6.0m (19.7ft) Rear yard 7.5m (24.6ft) Interior Side yard 3.0m (9.8ft) Exterior Side yard 6.0m (19.7ft)

District of Peachland Zoning Bylaw No. 2100 – Part 7 | Page 22

Peachland - Columbia 11 ZONING

District of Peachland RM-3 ZONE – Multi-Unit Residential – Low RM-3 Density & Cluster

Height .8 Maximum building heights are as follows:

Principal building 11.0m (36ft) Accessory buildings and structures 4.5m (14.8ft)

Other Regulations .9 Where a development has access to a rear lane, vehicular access to the development is only permitted from the rear lane.

.10 Child care centres shall be located on the lot such that the facility: a. has pedestrian access from a street independent of the vehicular access to the parking spaces serving the dwelling units; and b. has direct access to an open space and play area on the subject lot.

District of Peachland Zoning Bylaw No. 2100 – Part 7 | Page 23

Peachland - Columbia 12 THE SMALL PRINT

This document/email has been prepared by HM Commercial Group for advertising and general information only and makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability.

Any interested party should undertake their own inquiries as to the accuracy of the information. HM Commer- cial Group excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyright- ed property of HM Commercial Group and /or its licensor(s).

HM Commercial Group is a team of Real Estate Professionals licensed with Macdonald Realty Kelowna.

Peachland - Columbia 13 HM Commercial Group is a boutique commercial real estate team that specializes in investment properties, land for development, and leasing. Our targeted focus provides us with detailed knowledge of market conditions, as well as key relationships with wealthy investors, institutions, and REIT’s. Over the past few years we have sold over $600 Million dollars in transactions.

WE DO THINGS DIFFERENTLY AND IT WORKS.

JEFF HUDSON* / MARSHALL MCANERNEY*

HM Commercial Group – Macdonald Realty Kelowna

Phone: (250) 712-3130 Email: [email protected]

*Personal Real Estate Corporation

Macdonald Realty Kelowna