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A three-storey commercial building in Toa Payoh has been put up for sale by expression of interest (EOI), marketing agent JLL said in press release Monday (2 November).
Located at 450 Lorong 6 Toa Payoh, a three-storey with mezzanine level Hersing Centre sits on a land area of approximately 14,988 sq ft and has a gross floor area (GFA) of about 44,411 sq ft. Zoned for commercial use under the 2014 Master Plan, the property is held under a 99-year leasehold tenure and according to JLL, the eventual owner will have naming rights to the property.
The building’s tenants include Michelin-starred Tim Ho Wan, office tenants such as Hersing Corporation, Western Union and PropNex International. The property is accessible through a variety of transport nodes such as the Toa Payoh MRT station, as well as major expressways.
Mr Anthony Barr, Regional Director, Capital Markets at JLL said, “Well-located commercial assets in established suburban locations like Toa Payoh rarely become available for sale. They are tightly held and highly sought after by investors due to the strong rental growth and high occupancy levels achieved. This is a rare opportunity for investors or end-users to acquire an en bloc retail building in a mature residential estate with high foot traffic.”
The indicative price for the property is in the region of $78 million which translates to about $1,750 per sq ft based on the total GFA. JLL expects a strong interest from investors such as private real estate funds, family offices and high-net-worth individuals (HNWIs) who “can add value by reconfiguring space within the building and improving the existing tenant mix to increase the existing property yield.”
As the property sits on land zoned for commercial uses, foreigners are eligible to purchase the property. There is also no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the acquisition of the property, JLL added.
The EOI exercise for the property will close on 27 November.
Image: Hersing Centre. (Source: JLL)
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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