Name Island 72 - Rare 39 Acre Island
Auctioneer Roup Sales Services
Type Online-Only Auction
Date(s) 12/4/2020 - 1/15/2021
Dec 5th, 2020 - Jan 16th, 2021 at 5:01pm EST
Preview Date/Time By appointment.
Location Island #72 Simon Point Greenough Harbour, Northern Bruce Peninsula
Simon Point, ON N0R1G0
Buyer Premium 10% plus HST
Description
Island 72 - ZONED R2 - Rare 39 Acre Island INVESTMENT OPPORTUNITY Highest & Best Use - Single Family Rural Recreational Lot Development. Seller Background Info: Our family had a cottage on Lake Huron when I was growing up where I decided to build my own first cottage in 1974 in the Pike Bay area – and fell in love with the big lake and all that it offers, and boated / fished extensively along the coastline often around the area where the island lays, since the mid seventies. I was amazed then as well as now as to its natural beauty - so I know it very well and have visited it in all seasons, and to this day have a sustained passion for this piece of property - totally surrounded only by the lake as well as conservation / park lands and on all mainland sides of the island. It is truly remarkable, an ocean-like setting with southerly and westerly exposures. The island is heavily treed and has very deep water on all sides as well as the natural harbour on the north side, which is ideal for boating as it is protected from all of the fury of the mighty lake, withstanding the big storms and ice conditions at times on Lake Huron, and has lost little or no trees since the first time I set eyes on it. This property represents some of the most beautiful waterfront properties in all of Ontario, and now this natural treasure will be developed properly with responsible ownership and planning - for many families to enjoy into perpetuity. Seller's Reason for Selling: We have planned to develop the island since the late nineties, but did not pursue it because of other properties that were under development in that same time period. We have recently purchased it and are moving forward quickly with the many elements associated with its development, but will consider selling it to the right buyer and move on to develop other properties we own, or will continue with an equity partner to complete the project with my support and guidance. Currently, hydro, telephone and fibre optics are located at Lot #56, Plan 3M199, the abutting residential development known as Greenough Harbour. These services including road allowances are assumed to traverse Block #62 -3M199 and Island #73 and abut the Subject Island #72. Details of Sale: Estimate: 9,500,000.00 CAD - 12,500,000.00 Property Type: Residential Holding/Speculative Recreational-Island. Description: This rare Investment opportunity consists of approximately 39 Acres of Island located in Lake Huron between Greenough Harbour and Simon Bay. It has approximately 6,506 feet of Lake Frontage. It is a heavily treed Island with excellent water depth between 5' to 25'. The main land which is in close proximity is essentially protected lands. The northeast corner of the Island has excellent water depth and is well protected. The south and west portions of the Island provide excellent sunset views. There are minimal wetlands on the property as it is high and dry. A very tranquil setting. The property is located in the Municipality of Northern Bruce Peninsula in close proximity to the ‘Greenough Harbour’ Community. Currently, hydro, telephone and fibre optics are located at Lot #56, Plan 3M199, the abutting residential development known as Greenough Harbour. When the Greenough Island Lane (Street #2) has been constructed to municipal standards and extends northward to its northerly terminus and extends to the original municipal road allowance on the main land. Included in the construction of these road allowances will be hydro, telephone and fibre optics services. These services including the road allowance are assumed to traverse Block #62 -3M199 and Island #73 and abut the Subject Island #72. There is a spit that connects Island #72 and Island #73 which connects to the mainland. This spit is where the connecting road allowance will be built to provide access to Island #72. In accordance with the current zoning in place, its Highest and Best Use would be as single family rural recreational lot.
Auction Terms & Conditions DUE TO OUR INABILITY TO PROVIDE CONFIDENTIALITY AGREEMENTS IN A TIMELY MANNER OVER THE HOLIDAY SEASON. CONFIDENTIALITY AGREEMENTS ARE REQUIRED FROM BIDDERS REQUESTING ADDITIONAL DEVELOPMENT INFORMATION, WE ARE EXTENDING THE CLOSE OF AUCTION TO JANUARY 15, 2021. THE CONFIDENTIALITY AGREEMENT SERVES AS A NON-DISCLOSURE ARRANGEMENT RELATIVE TO THE SELLER'S PLANS, COSTS AND PROJECTIONS RELATIVE TO THE DEVELOPMENT OF THE ISLAND. ROUP SALES EVENT CLOSES DATE: January 15th, 2020 @ 5:01 PM EST. This is an ONLINE - ROUP SALE, with bids accepted from: 12/06/2020 - 01/15/2021 THE “GOODS” TO BE SOLD: Specifically identified as the Goods in the listing online. NATURE OF ROUP SALES EVENT: It is an on-line auction with viewings to be arranged by appointment. The Goods to be auctioned will only be sold individually and piecemeal if no satisfactory bid is received by the Auction Date for the single lot. RESERVE BID: This is a confirmation ROUP SALE, meaning that the Seller has an undisclosed minimum amount expected to be received for the single lot, bulk sale of the Goods, failing which the Goods will be sold individually and piecemeal. VIEWING: The Goods can be viewed virtually on-line or, alternatively, physically, by appointment, on a date and time to be arranged. PAYMENT OF DEPOSIT: Payment must be received no later than 12:00PM on Monday, January 18th, 2021. Payment to be made by wire transfer, e-transfer, bank draft or certified cheque. REMOVAL: Any Goods must be picked up and removed on or before 3 business days from being notified by the Auctioneer, on a day and time to be set by appointment. BUYER’S PREMIUM: A Buyer’s Premium is due, in addition to the successful bid price, calculated @ 10% of the successful bid price + HST. I, THE UNDERSIGNED, ACKNOWLEDGE AND AGREE AS FOLLOWS: 1. Any bid that I make on the Goods is considered a binding, irrevocable and unconditional offer to purchase the Goods; 2. This is a Confirmation ROUP SALE, meaning that the Seller has an undisclosed minimum amount expected to be received for the sale of the Goods, referred to as the “Reserve Bid”, and that my bid will be subject to the Seller’s approval should it be less than the Reserve Bid; 3. I understand that the auctioneer is under a duty to advance the bid up to at least the amount of the Reserve Bid, but not in excess of that. I understand that if the bids fall below the Reserve Bid, the Seller reserves the right to end the auction without the Goods being sold; 4. All bids are final at ROUP SALE EVENTS; 5. All Goods are sold “as is, where is” without warranty or guarantee; 6. The effect of any sale of any goods at auctions is immediate. If my bid for the Goods herein is the successful bid, I immediately become the owner of the Goods and subject to the obligation to pay. There is no “cooling off” period, meaning that if I am awarded the final bid, ownership changes hands the moment the auctioneer says “Sold”. I am solely responsible for the Goods from that moment onward, including the obligation to pay, remove, and transport the Goods. 7. No bidder, including myself, can retract a bid made during the ROUP SALE for any reason; 8. I will pay the Buyer’s Premium in addition to my successful bid price. The Buyer’s Premium is calculated @ 10% of my successful bid price + HST. 9. All payments are payable by certified cheque, bank draft, credit card, wire or electronic transfer to “Laing & Associates in Trust”; 10. If I am paying by electronic transfer, I will email the transfer to dlaing@lainglegal.ca together with the release question answer “ROUP SALE”; 11. Should I default on a payment in any manner whatsoever, I understand and agree that I am responsible for the payment of the legal fees of Laing & Associates, both for the conduct of the auction and the collection of the bid price due; 12. My credit card information is being provided so that, regardless of what mode of payment I designate below, in the event that any payment obligations remain unpaid as of the due date specified above, such payments can be charged against my credit card; 13. I further understand, acknowledge and agree that should I default in payment in any manner whatsoever on the purchase of the Goods, I may also be liable to the Seller for any damages that he or she may incur as the result of my default; 14. I understand and agree that time is of the essence. I understand that in the event that I do not pay the full successful bid price together with the Buyer’s Premium by the date specified above, Laing & Associates will proceed with a sale of the Goods to another buyer without further notice to me and I will have no right to limit, restrict or delay the sale of the Goods to another buyer and I will be responsible for the dollar value difference between my successful bid and any subsequent sale price of the Goods; 15. I warrant and guarantee that any payments that I make through a credit card will be verified and paid by my credit card provider and I will not dispute these charges with my credit card provider at any time subsequent to authorizing them; 16. I acknowledge that any representations made by the offices of Laing & Associates or members of their staff, whether verbal or written, are representations that came from the Seller, their client, and that the offices of Laing & Associates have no obligation to verify or authenticate such statements or representations and I release and save harmless the offices of Laing & Associates from liability relative to any dispute that may arise in this regard; 17. I understand and acknowledge that any announcements or notices made during the course of the ROUP SALE supersede any previous announcements or notices, whether written, verbal or online; 18. I understand and acknowledge that any decisions made by a representative of Laing & Associates, while acting as auctioneer during the course of the auction, relating to any concerns or matters arising from the ROUP SALE, are final and binding and not subject to dispute; 19. I understand and acknowledge that should I ever fail to make a payment that is due in accordance with these terms, I will be blocked from bidding in any future auctions conducted by Laing & Associates; 20. I understand that I have no right to a Bidding Number unless and until I acknowledge and comply with these terms. I understand that, once a Bidding Number is issued to me, I have sole and complete responsibility for the Bidding Number issued to me. I understand that this means that I will be responsible for any bids made with my issued Bidding Number, whether they are made by me or not. 21. I acknowledge and understand that this means that I must responsibly protect the Bid Card that is given to me with my Bidding Number on it. I acknowledge and agree that I will be responsible for paying any successful bids made with my Bid Card and Bidding Number. 22. I acknowledge and agree that it is my responsibility to immediately notify the auctioneer in the event that I lose or misplace my Bid Card so that the auctioneer can cancel my Bidding Number. 23. Neither the Auctioneer, Laing & Associates, nor the Seller or Consignor, makes any warranties or representations of any kind with respect to the Goods and in no event will they be held responsible for having made or implied any warranty of description, genuineness, authorship, attribution, provenance, period, culture, source, origin, condition, etc. of the Goods; 24. I acknowledge that should my bid be successful, I will be responsible for the removal of the Goods by the date specified above. In this regard, I acknowledge that I will be responsible for arranging shipping or the pick-up of the Goods at my expense, liability and risk. I acknowledge that, even though a representative of the Auctioneer may be present to give me access for pick-up of the Goods, the representative cannot and will not assist me in removing the Goods, and that I will be responsible for bringing my own crew and satisfactory vehicles for this purpose; 25. I agree to provide the information below and acknowledge that some of the information may be utilized to notify me of future or upcoming auctions but is primarily required to enable compliance with the terms and provisions set out herein; NOTE: All sales final, sold as is, where is. No refunds. An applicable Buyer’s Premium will be added to each purchase. Payment is due in full on receipt of invoice. Wire Transfer, E-Funds ONLY. Buyer is responsible for any and all costs of shipping/transportation or freight. 10% Buyers Premium, plus 13% HST will be charged on all items. --------------------------------------------- ------------------------------------------ Terms Of Use

Seller User Terms

Bidder User Terms
Your bid must adhere to the bid increment schedule.
Bid Amount Bid Increment
0.00 - 95.00 5.00 CAD
95.01 - 975.00 25.00 CAD
975.01 - 9,750.00 250.00 CAD
9,750.01 - 97,500.00 2,500.00 CAD
97,500.01 - 9,999,999.99 10,000.00 CAD
Currency CAD
Buyer Premium 10% plus HST
Payment Terms
SEE AUCTION NOTICE