Wyndansea Oceanfront Resort Lands Ucluelet, BC

History

Development of the Wyndansea Resort commenced in 2006 with an anticipated formal opening date of 2012 for the first 9-holes of the golf course, along with the creation of residential lots and occupancy of initial phases of the development. Completion of the balance of the golf course was scheduled for 2014.

Although sales of the Signature Circle lots commenced in 2007, physical development of the project halted in 2008 due to financial difficulties. Since that time the property has been in the control of either the lender(s) or a receiver. The property and the infrastructure have been well maintained and the property taxes have been paid. The Receiver completed all development work of the Signature Circle subdivision in 2011 to the satisfaction of the District of Ucluelet.

This property is currently for sale by way of a Court Order on behalf of the principal lenders. With the exception of one strata lot within the Signature Circle phase of the development, this offering is for all real estate assets of the Wyndansea Oceanfront Resort as outlined herein.

Opportunity

The Wyndansea property represents an exceptional offering of a prime development site in one of British Columbia's most iconic tourism regions. The property has all development approvals in place for a comprehensive resort/residential community focused upon its spectacular, rugged Pacific coast location as well as a signature championship golf course. Alternative development scenarios may also be warranted given the more recent trends in the real estate marketplace. The local planning and jurisdictional authority is more than willing to discuss the future of this property – whatever it may yet prove to be.

Considering that 5 holes of the golf course have been substantially completed, and given the level of servicing, redesigning the development as a 9-hole course with a focus on affordable single-family product may be well received in today's market. Furthermore, immediate value is achievable in the short term by selling the Signature Circle waterfront and non-waterfront lots at competitive prices.

All off-site servicing for both sides of the Resort has been completed, with significant on-site work completed for the Pacific side.

Location Overview

Located on the west coast of Vancouver Island is Ucluelet, a district municipality with a population of approximately 1,600. With an area of 6.55 square kilometres, Ucluelet is renowned for its beaches, surfing, hiking, camping, kayaking, whale watching, and many other outdoor attractions. Ucluelet is increasingly becoming a tourism-driven economy, and the community features a number of resorts, restaurants, and adventure tourism activity centres. Ucluelet is situated at the northwest corner of Barclay Sound, a world-renowned eco-tourism and recreational destination.

Also within the area is the Esowista Peninsula – home of the internationally renowned Pacific Rim National Park. The Park boasts some of the west coast's most beautiful sandy beaches and expansive spruce rainforests. Also within the area is Clayoquot Sound; separated by the peninsula from the Pacific Ocean, it is a designated UNESCO Biosphere Reserve. In January, 2000, the sound was designated as a reserve to recognize and celebrate the unique ecosystems of the area and the hard work and dedication of those who create a sustainable environment.

Ucluelet has been home to the Nuu-chah-nulth First Nations for over 4,000 years (in fact, “Ucluelet†is a Nuu-chah-nulth First Nation word meaning “safe harbour†or “safe landing placeâ€). In 1870, the area was established as a trading post, as the sealing industry grew and fur sealers were drawn to the area. Over the next few decades, Ucluelet became known for its fishing industry, which continued to develop well into the twentieth century. Forestry and mining have also been historical economic drivers. Today, fishing and forestry remain vital parts of the economy, while the tourism industry has also flourished.

Property Overview

The Wyndansea Oceanfront Resort consists of 360 acres on the Ucluth Peninsula on the west coast of Vancouver Island. The property straddles Peninsula Road and has water frontage on both the Pacific and the Inlet sides creating two distinct sections of the property.

Pacific Side

The Pacific side of the property consists of approximately 142 acres. This property is comprised of five titles and includes the Signature Circle, an existing strata subdivision of 30 waterfront and non-waterfront lots. The Signature Circle has been serviced.

Eight of the 18 holes of the golf course are planned for this portion of the property, with a significant amount of the course work already completed. An additional 40 strata lots, 140 multi-family units, and the Resort's planned flagship hotel were also planned for this portion of the Wyndansea lands. All of the off-sites and a substantial level of on-site requirements have been completed.

Inlet Side

The Inlet side of the Resort consists of 218 acres and two titles. This property has not had any development work commence and is largely untouched, retaining its original first growth timber. This section of the development was intended to provide for 10 holes of the course and a large marina.

The balance of the development, with the exception of a small hotel, was to be single family oriented. The Inlet side contains significantly more waterfront than the Pacific side and provides a great opportunity for waterfront lot development in addition to the marina, given the protected nature of the Inlet.