Irving Shipbuilding will buy a Barrington Street water lot that has been leased from the province for $1 every five years since 1982. The lot is surrounded by a larger water lot already owned by Irving Shipbuilding. This purchase is necessary for the company to meet requirements for the federal government’s National Shipbuilding Procurement Strategy. The lease was transferred to Irving Shipbuilding when it bought the shipyard in 1994.
An independent assessment was completed by Turner Drake. The market value of the property was determined to be $95,000. Irving Shipbuilding must purchase the lot to have a deed of licence as it starts federal shipbuilding projects.
Based on the description, I would assume the lease is the area where the Scotia Dock II was located.