Vancouver- based Seacliffe Properties Ltd. has bought the massive Fairwinds golf and marina residential development at Nanoose, near Nanaimo, from the BC Investment Management Corp., whose clients include B.C. public pensions.
Seacliffe took possession July 31. The price has not been disclosed. The property was sold through Colliers International’s Vancouver office., which refused to release details.
The existing 141-acre golf course is assessed at $3.3 million by BC Assessments. Vancouver Island real estate sources estimate Seacliffe paid approximately $25 million for the entire 900-acre property.
The property went through an extensive rezoning last year.
“We are hands-on owners. We bought it to move forward with the plan that has been put in place,” said Ian Porter, Seacliffe director of real estate.
It will be business as usual for the summer, as Seacliffe takes time to evaluate its new asset, Porter said.
Fairwinds Community and Resort includes an 18-hole golf course designed by Les Furber, a community centre with a salt-water pool, Schooner Cove Marina with 350 berths, two lakes, and room to grow.
About 90 staff is employed by Fairwinds.
The planned community in Nanoose Bay has seen 727 home sites developed to date. There’s capacity for another 2,100 homes on the remaining 750 acres of undeveloped land.
Most of the current homes are single-family, Porter said, but a
large component of the project has been zoned for apartment and townhouse-style development.
Site plans have been drawn up for two Fairwinds areas. One is the Schooner Cove neighbourhood plan for 33 acres. It includes 25,000 square feet of commercial area, including the marina, and local shops and services. Up to 360 condominium units could be built in this area.
The second, Lakes District, covers 709 acres, allowing for 1,675 single-family and multi-family homes, and park space.
BC Investment Management Corp. has owned Fairwinds since 1999, taking the project through the recent rezoning with the Regional District of Nanaimo and putting the development on the market.
