225 Water Street

About this property

An exceptional opportunity to acquire a substantial waterfront property in the heart of downtown St. Andrews by-the-Sea. Properties offering this combination of location, waterfront, existing income and future potential are rarely available in the towns commercial core. Situated directly on Water Street, this mixed-use property offers an established commercial space at street level together with three residential units above, valuable waterfront land extending toward the harbour, direct connection toward Market Square, and parking for three vehicles. While the property currently accommodates a full-service restaurant, the real opportunity extends well beyond its present use. For an investor or developer with vision, the size and configuration of the property may present possibilities to further enhance its commercial and residential income, explore additional accommodations or rental units, expand or reimagine portions of the existing property, or create an entirely new mixed-use concept that takes full advantage of its exceptional downtown waterfront setting, subject to all applicable approvals. The existing building provides considerable infrastructure from which to begin. The main level includes a large commercial space, full commercial kitchen, bar, public washrooms and an expansive waterfront patio. Above are three residential units, including two two-bedroom apartments with outstanding harbour and wharf views, while the third one-bedroom unit is presently used for office and storage purposes. Continue the existing operation, reposition the commercial space, increase residential or accommodation income, or investigate a larger redevelopment vision. Development possibilities are subject to municipal, planning, heritage and other applicable approvals. Buyers are encouraged to complete their own due diligence regarding their intended use. Don't buy it for what it is. Buy it for where it is, what comes with it, and what it could become. (id:66982)

Details

Property type

Business

Business type

Restaurant, Retail and Wholesale

Building area

6,954 sq ft

Lot size

0.36

Year built

1849

Heating

Heat Pump, Baseboard heaters, Electric

Cooling

Heat Pump

Zoning description

Commercial

Annual taxes

$18,674

MLS® number

NB126689