Bookmark & Share
A freehold site (pictured) that comes with an existing 4-storey building located off the main junction of Thomson Road has been put up for sale by expression of interest (EOI), with an indicative price of S$26 million.
The site at 2 Derbyshire Road, zoned for Civic and Community Institution usage under the 2014 Master Plan has a land area of approximately 6,768 sq ft. It has a current gross floor area is approximately 8,742 sq ft and was granted approval for the change of use to child care centre and kindergarten since 2010, which was also the year in which the building was completed.
“The approval for use as a child care centre and kindergarten is considered a positive selling point for the site, and the current rental income will be attractive to an investor buyer. Buyers have the option to hold the asset for long-term income flow or carry out alterations and additions works to enhance the building for their own use,” said CBRE’s director for Investment Properties, Sammi Lim adding that subject to relevant approvals from the authority, buyers can also consider various options to explore further change of use of the property.
“We expect 2 Derbyshire Road to receive keen interest from investors who are likely to consist of ultra-high net worth individuals, private family funds, developers, and also owner-occupiers buyers in the likes of associations, clubs, child care (centre) operators, performing academies and welfare homes operators, amongst others,” Lim added.
CBRE is the sole marketing agent for this site.
The EOI exercise will close on 30 June.
Image source: CBRE
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
Related Articles: