0 Wharncliffe Road S London, Ontario N6J 2A2

$600,000

This vacant parcel is prime for high-rise residential development. Comprises 0.453 acres, to be sold together with the westerly 17 & 19 Highview Avenue W properties. 19 Highview Avenue W is separately owned by a third party. All three properties total 0.793 acres. High traffic area (over 34,000 vehicles per day). Along London's Golden Auto Mile (Wharncliffe Rd. S). Just south of Commissioners Rd. W, which carries over 31,000 vehicles per day. Along 3 bus routes and northerly adjacent to a multi-storey Venvi Living Retirement Residence. Amenity-rich area, including grocery stores, business centres, car dealerships, gold, parks, regional hospital, restaurants, and retail. Roughly 8 minutes from Downtown London and much more. Subject parcel is designated "Urban Corridors" and zoned for 40 metres of building height. Permitted uses include apartment buildings, lodging house class 2, senior citizens apartment buildings, handicapped persons apartment buildings, and continuum-of-care facilities. 17 & 19 Highview Avenue W. require rezoning from their current R1-9 uses. Public site plan review will be required for all three properties to ensure that development takes a form compatible with adjacent uses. 19 Highview Avenue W houses a single-family home with 1,564 SF of total living space; thus offering the opportunity for intermediate rental income, prior to redevelopment. Seller of this parcel & 17 Highview Avenue W. has retained consultant with owner of 19 Highview Avenue W. to prepare Proposal Summary for all three properties to be submitted for Pre-Application Consultation to set development parameters in principle with Municipality. London Plan Place Type boundary interpretation policy could allow all three properties to be considered under Urban Corridors Place Type. 15 storeys could be permitted based on Municipal Council approved amendment to London Plan. Final Provincial approval from MMAH is forthcoming. (id:55499)

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https://www.realtor.ca/real-estate/28038892/0-wharncliffe-road-s-london-north-e