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
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Listed by Colliers International (Nan)
Data was last updated July 26, 2025 at 12:05 AM (UTC)
Area Statistics
Listings on market:
14
Avg list price:
$1,300,000
Min list price:
$92,000
Max list price:
$7,403,000
Avg days on market:
35
Min days on market:
1
Max days on market:
112
These statistics are generated based on the current listing's property type
and located in
Na South Nanaimo. Average values are
derived using median calculations. This data is not produced by the MLS® system.