Retail space in Marine Parade Central up for sale at guide price of $85 mil
By Angela Teo
/ The Edge Property |
A retail, commercial and banking hall space on the first and second levels of 87 Marine Parade Central (below) has been put up for sale by EOI, at a guide price of $85 million. According to Cushman & Wakefield, the appointed marketing agent, the sale of the site is subject to HDB approval and it will be sold with existing tenancies.
Situated next to the Marine Parade Food Centre and opposite Parkway Parade, which is said to attract more than 1.5 million shoppers a month, the 25,833 sq ft site is almost 100% occupied. The strata area on the first floor spans 12,776 sq ft, while that on the second floor covers 12,324 sq ft, including a 731 sq ft void space. The site has a net lettable area of 22,796 sq ft.
The prospective buyer will receive immediate rental income, ranging from $7.50 to $39.60 psf a month, from tenants such as clinics, money changers, banks, apparel shops as well as beauty and wellness businesses. The site has 59 years remaining on its 83-year lease. The closing date for the EOI is July 11.
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