CAN$1,200,000
8298 216th Street, Langley, BC
This farm acreage (5 ac) is in the Agricultural Land Reserve in the Township of Langley. As such, it has little ability to redevelop and it had a best use as a hobby farm or country estate with a single family house and associated buildings. There are several similar type horse farms in the surrounding neighbourhood. It sits directly adjacent to a fully developed residential neighbourhood with all of the expected amenities. It also occupies a planned access improvement to the adjacent freeway. The land value for similar properties has been rising, as high net worth individuals have understood the ability to build a mansion sized house in the farmlands, with things such as vineyards and personal recreation facilities accompanying them.
PROPERTY FEATURES AND HIGHLIGHTS
- This property is in the ALR, with an ability to build a 3 storey 40,000 sf home
- Accessory buildings of an agricultural nature are also approvable
PROPERTY INFORMATION
- Lot Size = 5 Acres (fully serviced)
- Zoning = RU-1 (rural single family)
- Actual Use = small rancher home with original barns and outbuildings
Our Comments
This property was an investment with the goal of waiting for rezoning to take it out of the ALR. When the client was advised that this strategy was not viable due to government regulations and government desires for improved freeway access, a marketing strategy was put in place to allow for either a “country estate” sale or to incentivize the government to purchase for its long term plans. The government did step up and purchase the property for fair market value, allowing the client to move on to a more viable investment property in this area of significant redevelopment.
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