Pamfleet Group is putting up The Prospex, its nine-storey commercial building at Victoria Street/ Middle Road, for sale via expression of interest. The indicative price is said to be in the region of $80 million. The property has an approved gross floor area (GFA) of approximately 41,806 sq ft and has received approvals for strata subdivision with a combined area of 30,807 sq ft. It sits on a site with a balance lease of 58 years.
The subject property
Located within walking distance from Bugis MRT station, the nine floors include two levels of retail podium. The property underwent major alteration and addition works for twelve months when it was completely gutted except for the structural walls. The A&A works involved installing new mechanical and electrical systems, lifts, double glass glazed windows and other amenities. Temporary occupation permit was granted in August 2015. Pamfleet Group had purchased the property back in April 2013 for $45 million. Back then, the project was known as Bright Chambers.
Andrew Moore, CEO of Pamfleet Group says: “The new buyer could explore using part of the premises for owner-occupation and lease out the rest of the space, or even make use of the subdivided titles to sell some units individually. There has been interest to rent the office space at about $8 psf, and the retail space could see rents in excess of $25 psf.”
“We have observed that all CBD buildings transactions over the past year are in excess of $200 million and it is rare for one to be able to purchase a whole building in the CBD in the region of $80 million,” commented Jeremy Lake, Executive Director for Investment Properties at CBRE.
CBRE has been appointed the sole marketing agent for the property. The expression of interest will close on October 23, 2015 at 3 pm.