Positioned on a generous parcel along sought-after St. Margaret's Bay Road, this rare offering presents a compelling blend of immediate income, approved development potential, and long-term upside. The historic residence known as 'Craigmore' sits on a property now supported by an approved Development Agreement, enabling subdivision into five distinct lots and the construction of a luxury duplex, a substantial three-unit townhome, plus the opportunity to add an additional unit by converting the existing detached garage. Importantly, the Development Agreement predates the Housing Accelerator zoning changes, offering prospective purchasers the potential to explore enhanced density options as planning policies evolve. The existing structure is a legal over-under duplex with established tenants, providing stable holding income while future plans are realized. Steeped in local history, Craigmore was originally built in nineteen hundred eight and reflects classic Arts and Crafts / Cottage architectural influences. Mature landscaped grounds, stone walls, and winding garden pathways contribute to the property's timeless character and enduring curb appeal. A bronze plaque at the entrance commemorates its Gaelic name, meaning 'solid rock,' a fitting tribute to both its heritage and its enduring presence within the North West Arm community. This is a rare opportunity to secure a strategically located development site with approved entitlements, current revenue, and meaningful future potential. Ideal for investors, builders, or developers seeking to create a signature residential enclave in one of Halifax's most desirable corridors.