The Town of Pictou has finalized its first sale of property at the roundabout.
Pictou Mayor Jim Ryan announced during Monday’s monthly meeting that the town has approved the sale of Lot B near the town’s new roundabout for a price of $250,000.
Somerled Properties is the new owner of the land. It is a real estate developer that leases land to national franchises.
“They have not confided in us who the franchises are but we expect something will happen on a number of sites around the rotary.”
The sale of the property works out to $1.95 a square foot. The town has a stipulation in place that the land cannot be banked and if it sits for too long, the town has the option of buying it back. It also stipulated that the franchises cannot be existing business in the same location.
He said Somerled Properties recently opened stores in Antigonish, near the highway, that include a gas station, coffee shop and a convenience store.
Lot B is located in front of the business plaza which houses Sobeys, Subway and the Nova Scotia Liquor Corporation.
Ryan said negotiations are ongoing for Lot A, located near Proudfoots Home Hardware, and Lot C near the Pine Tree Road. Each of these lots has water and sewer service and the town is wanting to extend the same services farther along Pine Tree Road in hopes of drawing more businesses to the area.
Currently, there are lots of commercial land already purchased on Pine Tree Road ready to be developed. The town has also asked the province for permission to purchase the visitor information centre at the roundabout, but this sale still needs to be approved by government.
In the meantime, Destination Eastern and Northumberland Shores has been given permission once again to open for the season in the building and Logan’s Fish Market will also return.
Subway is moving its location from the Sobeys Plaza into a separate neighbouring building that will allow it to have a drive-thru. Another business, which hasn’t been officially announced yet, is expected to be moving into the Sobeys plaza.