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A high specification industrial building at 115 Eunos Avenue 3 has been put up for sale via an expression of interest (EOI), revealed marketing agent Cushman & Wakefield.
Completed just three years ago, the six-storey detached building has a gross floor area of about 19,294 sq m and sits on a 7,718 sq m JTC site, which has a remaining lease of 21 years.
It was built with high specifications such as high floor loading, high ceiling, large passenger/cargo lifts, large floor plates, a ground floor canteen and covered carpark. The typical floor plate is regular at around 43,000 sq ft, while average floor-to-floor height is about 7.0m – making the property one of the tallest buildings within the area.
Just 400m walk to the Paya Lebar MRT interchange station, the property is situated within the Paya Lebar Central commercial hub.
Shaun Poh, executive director of capital markets at Cushman & Wakefield, noted that the building is fully tenanted, with most of the tenancies structured with rental escalation.
“Office and industrial rents in Paya Lebar have been on a steady uptrend. The recent completion of Paya Lebar Quarter attracted key tenants like Great Eastern, Bayer, SMRT and NTUC Income which resulted in the median office rent in Paya Lebar rising by almost 20 percent from the trough to Q4 2018,” said Poh.
“The lack of supply of high specification industrial space in central areas like Paya Lebar has also pushed the rents for such spaces above $3.00 psf per month.”
The EOI exercise for the property closes on 16 May.
Photo: Cushman & Wakefield
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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