There are properties you purchase for what they are today, and there are properties you purchase because of what they could become.
225 Water Street in St. Andrews by-the-Sea, New Brunswick, offers both.
Located directly on the waterfront in the commercial heart of one of Atlantic Canada’s best-known seaside communities, this substantial mixed-use property combines an established commercial space, three residential units, valuable waterfront land, harbour views, parking and a location that would be extraordinarily difficult to reproduce. The building is currently home to Salt Bight Restaurant, but looking at 225 Water Street solely as a restaurant property misses much of what makes this offering so compelling. For the right investor, entrepreneur or developer, the greater opportunity may be in the real estate itself.
A Significant Piece of Downtown St. Andrews Waterfront
Finding waterfront property in St. Andrews is one thing. Finding a sizeable commercial property directly on Water Street, close to the centre of downtown, with existing residential and commercial uses already in place is something very different. 225 Water Street occupies approximately 0.36 acres and includes a substantial building with approximately 6,954 square feet of finished space. The property extends toward St. Andrews Harbour, with ownership extending to low tide, and includes waterfront land adjoining the Market Square area.
It is this combination of downtown location, waterfront ownership, existing building area and multiple potential income streams that deserves a closer look. Instead of asking only, “Would I like to own a restaurant?” A prospective buyer might ask: What could I create with a property like this?
Existing Income Today, Possibilities for Tomorrow
One of the advantages of 225 Water Street is that a future owner would not necessarily be starting with an empty parcel of land. There is already significant infrastructure in place. The main level currently accommodates a large restaurant and hospitality space with a full commercial kitchen, bar, public washrooms, spacious interior seating areas and a large waterfront patio. These features could allow a buyer to continue the present use, lease the commercial premises to an operator, introduce a different hospitality concept, or explore another commercial use permitted for the property.
Above the commercial level are three residential units. Two are two-bedroom apartments overlooking the harbour and wharf area, providing the kind of views that are difficult to replicate anywhere else in downtown St. Andrews. The third one-bedroom unit is currently being used for office and storage purposes. For an investor, those existing units represent an important part of the property. They may provide residential rental income, staff or owner accommodations, or form part of a larger future vision for the building.
Could the Property Become More?
This is where 225 Water Street becomes particularly interesting. Its current configuration does not necessarily have to represent its final chapter. Depending upon a purchaser’s plans and the municipal, planning, heritage and other approvals that may be required, a future owner may wish to investigate opportunities to further intensify or reposition the property. Possibilities worth exploring could include additional residential accommodations, expanded hospitality uses, boutique accommodations, additional commercial space, additions to the existing structure, or a larger mixed-use concept combining several sources of revenue.
These are not represented as pre-approved development rights. Any proposed development or change of use would require a purchaser to undertake their own due diligence and obtain all necessary approvals. But for an investor with vision, having an existing mixed-use property on a substantial downtown waterfront site creates an unusually interesting starting point.
Think Beyond a Single Business
One of the most interesting ways to look at 225 Water Street is not as one business, but as a collection of potential income-producing components. Depending upon the eventual business plan, those could potentially include:
- Residential rental income
- Commercial lease income
- Restaurant or food-service income
- Event or hospitality space
- Seasonal waterfront activity
- Tourism-related uses
- Short or longer-term accommodations where permitted
- Future expansion or redevelopment, subject to approval
That ability to think in terms of multiple revenue streams may be particularly appealing to an investor who sees opportunity in mixed-use real estate. A future concept does not need to look exactly like what exists today.
A Building Connected to the Commercial History of St. Andrews
The opportunity at 225 Water Street also comes with a remarkable history. The building, historically known as the Street Building, dates to the mid-19th century and is recognized as a Local Historic Place for both its architecture and its role in the commercial history of St. Andrews. Its connection to the waterfront is not new.
During the age of sail, the building was occupied by Street & Co., importers and exporters trading goods arriving from ports far beyond St. Andrews. Historically, the wharf came directly beneath the building, allowing cargo from vessels to be unloaded and hoisted into the building. In other words, this property has been connected to commerce, trade and the St. Andrews waterfront for generations. Its next use may be different, but reinvention is very much part of its history.
The Value of Being on Water Street
Location is perhaps the one part of this property that can never be recreated. 225 Water Street sits directly along the main commercial street in downtown St. Andrews. Restaurants, shops, galleries, accommodations, services, Market Square and the town’s working and recreational waterfront are all close at hand.
St. Andrews has long attracted seasonal residents, tourists, boaters and visitors drawn to its historic architecture, coastal setting and walkable downtown. For a business or hospitality operator, that means visibility and proximity. For a residential tenant or guest, it means being able to step outside and experience downtown St. Andrews without getting into a vehicle. For an investor, it means controlling a substantial piece of real estate in an established waterfront commercial district where comparable opportunities are limited.
Waterfront That Is More Than a View
Many properties are advertised as having a water view. 225 Water Street offers something considerably different. The waterfront forms part of the property itself, with ownership extending toward the harbour and to low tide. The property’s connection with the Market Square waterfront area creates another interesting dimension for someone considering its long-term use. Whether incorporated into the existing business, enhanced as outdoor hospitality space, or considered as part of a broader future concept, the waterfront is an integral part of the property rather than simply scenery visible from a window.
Three Parking Spaces in Downtown St. Andrews
It may sound like a relatively small detail until you know downtown St. Andrews. The offering also includes recently acquired land providing parking for three vehicles. Private parking in the historic commercial core is limited, making those spaces a practical addition to the property for owners, tenants or business operations. When evaluating downtown mixed-use real estate, the little things can matter considerably.
Who Should Take a Closer Look at 225 Water Street?
The ideal purchaser may not be the person who first comes to mind. Certainly, an experienced restaurant or hospitality operator could recognize the value of acquiring an established waterfront location with a commercial kitchen, dining space and patio already in place. But the property may also deserve consideration from:
Real estate investors looking for mixed residential and commercial income. Developers interested in investigating the longer-term potential of a downtown waterfront site. Boutique hotel or accommodation operators searching for a distinctive location in an established tourism community. Hospitality groups interested in combining food, accommodation, events and waterfront experiences. Entrepreneurs looking for a signature property where several complementary businesses could operate together. Private investors who understand the long-term scarcity value of substantial waterfront real estate in an established historic downtown. Sometimes the most valuable buyer for a property is not someone looking for what is presently there. It is someone who can see what isn’t there yet.
A Property That Deserves a Long-Term View
Real estate like 225 Water Street should be considered differently from a conventional commercial building. Buildings can be renovated. Businesses can change. Interiors can be redesigned. Uses can evolve. New sources of income can potentially be introduced.
What cannot be manufactured later is a substantial waterfront position in the middle of downtown St. Andrews. That is the underlying asset. The existing restaurant, commercial infrastructure and residential units provide a substantial starting point, but they do not have to define the property’s future. The next owner may simply improve what is already here. Or they may see an entirely different opportunity.
Imagine the Next Chapter at 225 Water Street
What could this waterfront property look like ten or twenty years from now? Could additional residential units overlook St. Andrews Harbour? Could it become a boutique waterfront accommodation property with dining below? Could the existing commercial and residential components be enhanced to generate greater rental income? Could an addition make better use of the property? Could several complementary businesses operate from the same site?
Those are questions for a future owner, their architect, planner and the Town of Saint Andrews. But they are also the reason this property deserves to be viewed as much more than the business presently operating within it. 225 Water Street represents an opportunity to acquire waterfront, commercial space, residential income and future possibility in one of the most recognizable locations in downtown St. Andrews. For someone with imagination and a long-term vision, properties like this do not come along very often.
Property at a Glance
Address: 225 Water Street, St. Andrews, New Brunswick
MLS®: NB126689
Property Type: Mixed-use commercial and residential waterfront property
Building Area: Approximately 6,954 sq. ft.
Land: Approximately 0.36 acre
Waterfront: St. Andrews Harbour
Residential Units: Three
Commercial Space: Currently operating as Salt Bight Restaurant
Parking: Three private parking spaces included
Location: Downtown St. Andrews by-the-Sea
Development possibilities discussed in this article are conceptual only and are not representations of approved development rights. Prospective purchasers should independently verify zoning, permitted uses, heritage requirements, development potential and all other matters relevant to their proposed use with the appropriate authorities.
Frequently Asked Questions About 225 Water Street
Is 225 Water Street in St. Andrews a waterfront property?
Yes. 225 Water Street is located directly on the waterfront in downtown St. Andrews, New Brunswick. The property includes waterfront land on St. Andrews Harbour, with ownership extending to low tide. Its location combines direct waterfront ownership with immediate access to the commercial centre of town.
What type of property is 225 Water Street?
225 Water Street is a mixed-use commercial and residential property. The approximately 6,954-square-foot building currently includes a large commercial hospitality space on the main level and three residential units above. The property contains approximately 0.36 acre of land (including regulated tidal area) in downtown St. Andrews.
Does 225 Water Street have residential rental units?
Yes. There are three residential units within the building. Two are two-bedroom apartments with impressive views over St. Andrews Harbour and the wharf area. A third one-bedroom unit is currently being used for office and storage purposes. The residential component provides an existing source of potential income while also creating possibilities for an investor considering the property’s future use.
Is Salt Bight Restaurant included with the property?
The main commercial portion of 225 Water Street is currently configured and operating as Salt Bight Restaurant, with a commercial kitchen, bar, public washrooms, indoor dining areas and a large waterfront patio. Prospective purchasers should contact Fundy Bay Real Estate for complete details regarding the real estate, equipment, chattels and other components included with the offering.
Does the property have to continue operating as a restaurant?
A purchaser may wish to continue the property’s present hospitality use, but its location, size and mixed-use configuration make it worthwhile to consider a much broader range of possibilities. Any proposed change in use, redevelopment or expansion would be subject to applicable municipal, planning, heritage and other approvals. Prospective purchasers should complete their own due diligence regarding their intended use.
Could additional residential units be developed at 225 Water Street?
The property’s size and existing mixed-use configuration may make further residential or accommodation opportunities worth investigating. No representation is being made that additional units have been approved. The number and type of units that could potentially be developed would depend upon zoning, building requirements, heritage considerations, servicing and other applicable regulations and approvals. Buyers interested in additional residential development are encouraged to consult with the Town of Saint Andrews, planning authorities and their own professional advisors.
Could an addition be made to the building?
A future purchaser may wish to investigate whether additions, alterations or other forms of redevelopment could be undertaken on the property.
Because 225 Water Street is located within the historic commercial core and the building is recognized as a Local Historic Place, any future construction would need to be reviewed in accordance with applicable planning, zoning, building and heritage requirements. The property’s development possibilities should be independently investigated by any buyer considering expansion.
Is 225 Water Street a historic property?
Yes. The building is historically known as the Street Building and is recognized as a Local Historic Place for both its architecture and its role in the commercial history of St. Andrews. Historically, the property was closely connected to the harbour and maritime trade. Street & Co., one of its early occupants, operated as an importer and exporter during St. Andrews’ age of sail. Historical records indicate that the wharf once extended directly beneath the building, allowing goods arriving by vessel to be unloaded and hoisted into the upper floors.
Does 225 Water Street include parking?
Yes. The offering includes land providing parking for three vehicles. Private parking is particularly valuable in the historic downtown commercial district, where dedicated parking can be difficult to find.
How close is 225 Water Street to downtown St. Andrews?
It is already in downtown St. Andrews. The property is located directly on Water Street, within easy walking distance of shops, restaurants, galleries, services, accommodations, Market Square and the harbourfront. This highly walkable location is one of the property’s most significant advantages for residential, commercial, hospitality and tourism-related uses.
Who might be a good buyer for 225 Water Street?
225 Water Street may appeal to several different types of purchasers, including commercial real estate investors, mixed-use property investors, developers, restaurant and hospitality operators, boutique accommodation operators, tourism businesses and private investors seeking a significant waterfront holding in downtown St. Andrews. The property’s next owner does not necessarily need to follow the business model currently operating there. Its long-term appeal lies in the combination of location, waterfront, existing improvements, residential space and potential.
Where can I find current zoning and development information?
Zoning and development regulations can change, and purchasers should verify information based upon their specific plans.
The Town of Saint Andrews provides zoning information, planning resources and mapping online. Buyers considering redevelopment, expansion, additional units or a change of use should consult the appropriate planning authorities and obtain independent professional advice before proceeding.
How can I obtain financial information or arrange a viewing?
Additional information regarding 225 Water Street is available through Fundy Bay Real Estate Group Inc. Qualified prospective purchasers can contact Fundy Bay Real Estate to discuss the property, request available supporting information and arrange a private viewing.
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