The former Yarmouth Consolidated Memorial High School on Parade Street went back on the market after the Town of Yarmouth and a potential purchaser, Somerled Properties, mutually agreed to terminate a purchase and sale agreement.
Yarmouth Mayor Pam Mood says the pending sale just didn’t work out.
“They just looked at the projects that they’re taking on and this just didn’t quite fit with what they wanted to do right now,” she says.
“The bottom line is we want to make sure that whoever comes in and does development is successful, so if you’re not feeling it than we need to, in this case, just provide that way to back our gracefully.”
The building is listed for sale with The Real Estate Store for $374,900. The site says that in 2015 the property was assessed at $1,009,200.
The former school became the responsibility of the town in December 2014 after the Tri-County Regional School Board determined it was surplus to their needs. A new Yarmouth high school opened September 2012 on Forest Street.
Since the building was reverted to the town, it has been responsible for the upkeep and maintenance of the building – which runs around $120,000 annually.
There have been issues with the property as it has sat empty. In the spring the town expressed frustration with ongoing incidents of vandalism. The property had seen several break-ins with some damage to windows and the interior.
Last fall, Somerled – a merchant developer focused on real estate in Atlantic Canada – and the town entered into a purchase and sale agreement.
Even though the purchase of the former high school won't be moving forward, the town says Somerled has other properties within the town, and it values the confidence Somerled has shown in the local economy.
The town says there continues to be other interest in the former school building and it is hopeful another offer will be received.
“Of course we will do everything from our end to ensure an eventual sale and development of that property because it’s in the best interest of everybody,” says Mood.