Located in Ontario, the family cottage (2850 sf) has 5 bedrooms and 5 bathrooms, there is also a small guest cottage (308 sf), all on a two acre site. Only 17 shareholder families and their cottages on 17 two acre sites, well separated on 17,000 feet of shoreline. One of 17 shares comes with the purchase of this property. A fabulous 516 acre retreat, with a 60 acre private lake, 1½ hours from Ottawa. The main cottage is heated and air conditioned by a 5 ton heat pump fed from a 60 foot well. The fireplace in the great room and plentiful oak can also heat the entire cottage. Another 300 foot well provides the pristine household water for the main cottage. Hydro One electrical power and Bell telephone are provided by separate submarine cables to the shoreline of all 17 sites. Both the Hermitage and our cottages should be seen to be appreciated, before the Hermitage is snow bound for winter (~ usually four months).
Prospective buyers may be concerned about the lack of winter access. The Hermitage permits joint ownership of a share (& cottage etc), to a maximum of seven shareholders. The simplest arrangement would be for two members of a family or close friends to share the cottage for summer and a house for winter. Two couples (four joint shareholders, if wives included) could enjoy the cottage at the Hermitage for ~8 months of the year. For the remaining ~four months, the two couples could seek other accommodation in locations such as Ontario, Phoenix Arizona, or Naples Florida. Each of the two couples would then contribute half the cost of the share (& cottage etc) as joint owners. Similar situations already exist at the Hermitage.The cottage was designed by the original and current owners for three families.
Alternatively, there is a great potential for a gracious B&B for family or corporate retreats. Resident owners can live on the first floor with master bedroom and en suite. Guests on the second floor in four bedrooms can sleep 10 persons in queen beds; 3 bathrooms, 2 balconies. The dinner table seats 14 in comfort, and the kitchen has 60 feet of counters.
The 516 acre retreat west of Eganville is registered to the Hermitage Lake Corporation, which is owned by the 17 voting (for jointly held shares) shareholders. The lands include the private lake of 60 acres with 17,000 feet of shoreline at the top of the watershed. The 17 shares were issued to the 17 former partners or shareholders who assembled the lands and developed the Hermitage and its lake in 1972-1979. Since then, no further shares have been or are likely to be issued.
The Hermitage Lake Corporation is the nominal owner of all lands including the 17 two acre cottage sites, to ensure all shareholders comply with the Shareholders Agreement of the Hermitage, ie no hunting, no (gas) motor boats, etc. There are only 17 shares issued by the Hermitage Lake Corporation to the 17 shareholders (jointly held) with cottages on the 17 two acre sites. The listing in the Land Registry that the Corporation owns all 516 acres of lands is true, but not the whole truth. Under the Shareholders Agreement, each of the 17 shareholders is entitled to an exclusive lease of a two acre site. All leases are renewed annually or none is renewed, and the 17 shareholders are the virtual owners of the 17 sites. Each of the 17 shareholders is also entitled to accrue all leasehold improvements (cottages, etc) on their respective sites. Potential buyer(s) will purchase one share in the Hermitage Lake Corporation, and all leasehold improvements accruing to the (joint) shareholder(s) and lessee(s) of that site.
The Township of Bonnechere Valley defines the sites as double lots, which may contain two full service cottages, and two guest cottages for jointly held shares &/or multi-generation families. This arrangement has functioned perfectly for the sale or transfer of ~14 shares and cottages over the last ~44 years.