$12M property in Peachland can be vineyard or master-planned community

It's the priciest property for sale in Peachland.

It's the $12 million, 18-acre vineyard that when purchased could continue to grow grapes or be developed into a master-planned community.

"We've had lots of interest from developers locally as well as Vancouver, Calgary and Edmonton," said listing agent Taylor McFadyen of Faith Wilson Christie's International Real Estate.

"But, the reality is everyone has to do their due diligence and it always takes time to find the right buyer of a property this size and at this dollar value."

McFadyen said that while the property is currently vineyard, it's considered "development-forward" because it's surrounded on all sides by homes and Peachland's official community plan gives the option for it to be developed into low-density residential.

What that means is up to 105 single-family homes over the 17.67 acres or up to 175 duplex units.

However, McFadyen pointed out that with the provincial and federal governments wanting to increase density to provide more housing, each single-family lot in the future could accommodate up to four units.

The property for sale has the addresses of 6212 Gummow Rd. and 6266 Lipsett Ave. and is set up the slope from Okanagan Lake with panoramic views of the water from the Bennett Bridge in Kelowna to Penticton.

While it's been planted in vineyard since 1998, mostly red varietals, including award-winning Pinot Noir, the property is not in the agricultural land reserve (ALR).

The listing is keeping what winery the grapes are sold to confidential.

While McFadyen speculates the ultimate buyer will be a developer, the listing still plays up the fact it's a prime, operational vineyard and could continue to be so with the option to open a winery, tasting room and shop with some light agri-tourism accommodations.

Currently, there's a three-bedroom home on the property and a newish 3,000-square-foot warehouse used for equipment storage.