Three\u002Dlot parcel for sale at $80 million, with yearly property taxes of $280,000, cannot be stratified
Atkin said the three side-by-side lots on Belmont Avenue in West Point Grey comprise a total of five acres. One has never been developed, while two homes that sat on the other lots are long demolished. The three have been sold as a parcel since at least the 1970s and are recorded as lots one, two and three in 1909 subdivision records.
Atkin said the area was subdivided around the same time as Shaughnessy with similar-sized lots . However, the Shaughnessy lots needed at least $5,000 be spent on the new home and had to be developed as soon as possible and so attracted a different buyer than the Belmont heights neighbourhood, that was then considered remote.
Deng’s listing states that if the three lots are purchased together as a 5.06-acre parcel the buyer will have the potential to “apply for redevelopment”. “If however, the purchaser wanted to develop social housing, the West Point Grey Community Vision supports rezoning for social housing developments owned and operated by non-profits.”
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