Another prime property on Port Stanley’s harbourfront is on the auction block.
The two-storey concrete block building at 174 Main Street – home of Papa Joe’s Pizzeria – is now listed for sale, with a $1.2 million price tag.
“We only have a finite amount of commercial and residential properties along our waterways,” said listing agent Susan Tanton, a salesperson for Century 21 First Canadian Corp., of London. “This limited supply combined with high demand is driving the market and will continue to drive it as we watch Port Stanley continue to grow.”
The 2,800-square-foot property at 174 Main Street is zoned for commercial-industrial uses on the ground floor, with two residential spaces upstairs. The waterfront property is situated near the mouth of Kettle Creek, beside Port Stanley’s east headland, also known as The Berm.
“No other commercial properties are for sale in Port Stanley currently, but there is a demand,” said Tanton. Privacy laws prevent her from disclosing the owner of the property, she added. “This listing is attracting many, many investors, builders, developers, and individuals alike who see huge potential in this property.”
Earlier in March, Port Stanley’s iconic L.R. Jackson Fisheries property at 172 Main Street was sold for $1.5 million to Domus Developments and Wasko Developments, of London.
Also this month, Central Elgin Council approved a $1.4 million lease-to-own agreement permitting Domus, Wasko and Westhaven Golf and Country Club to transform the municipally owned Dominion of Canada (DOC) building into a microbrewery.