535 Nicol St

Na Old City Nanaimo V9R 4T5

Colliers is pleased to offer for sale 535 Nicol Street, a 26,397 SF multifamily development site in Nanaimo, BC, ideally located near the waterfront and downtown, with convenient access to University Village Mall and Port Place Mall. The property is development-ready, having been rezoned to Residential Corridor (COR1) from R1 and COR3, allowing for a six-story building (up from the previous four-story limit) and a Floor Area Ratio (FAR) of up to 2.90 (previously 1.50). This rezoning process, completed by the vendor over 20 months, saves significant time and costs for the new owner. Additionally, the vendor has consolidated the properties at 120 Needham Street and 515, 535, 545, and 575 Nicol Street into a single parcel at 535 Nicol Street. Conceptual plans for a six-story, 127-unit development are available upon request