Retail unit in Bras Basah-Bugis district up for sale by EOI
By Angela Teo
/ The Edge Property |
A corner retail unit on the first level of the GSM Building (below) has been put up for sale by expression of interest (EOI). According to joint marketing agents Cushman & Wakefield and CBRE, the guide price for the groundfloor property, which comes with a mezzanine level, is $14 million.
GSM Building is located at the junction of Middle Road and Waterloo Street and is within walking distance of the Bugis and Bras Basah MRT stations and the upcoming Bencoolen MRT Station on the Downtown Line. In addition to having triple frontages and high pedestrian traffic, the site is said to have stable tenancy and good rental yield. Currently, the property is being rented to a single tenant for $45,000 a month (3+3 years), until March 2019.
The 99-year leasehold site has an existing gross floor area of 7,567 sq ft, including a void of about 700 sq ft. Buyers can consider operating a food court on the ground floor, and an office on the mezzanine level, subject to approval. The EOI exercise closes on July 11.
Source: Cushman & Wakefield
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