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The retail and office block at Wilkie Edge (pictured) is up for sale by expression of interest (EOI), marketing agency Cushman & Wakefield announced in a press release.
The commercial component for sale comprises a two-storey retail podium, six floors of prime office space and two basement carpark. It has a gross floor area of approximately 215,000 sq ft and net lettable area of approximately 154,000 sq ft. Wilkie Edge comes with a lease tenure of 99 years from February 2006, and as at 31 October, the property’s occupancy rate was close to 100 percent.
“Wilkie Edge is probably the only prime commercial building in the vicinity with excellent building specifications which rarely comes available for sale in this District 9 location. This offers a good investment opportunity with an immediate stream of rental income to potential single owner/landlord,” said Shaun Poh, Cushman & Wakefield executive director of Capital Markets.
“With the expected completion of the Downtown line by 2017, the property’s accessibility will be enhanced with its excellent connection to the Marina Bay financial district and also the increase in the traffic footprint to this area.”
The 12-storey mixed use development, which also features a 154-unit serviced residence, is located within the Bras Basah-Bugis district.
“Investors can also consider embarking on some asset enhancement initiatives either to reposition the retail component or increase the retail lettable areas. Alternatively, subject to relevant authorities’ approval, Wilkie Edge can be strata subdivided into strata-titled retail and office units for individual strata sale in the future,” he added.
The expression of interest exercise will close on 19 January.
(Image source: Cushman & Wakefield)
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg.