Six-floor carpark at Textile Centre for sale at $36 mil
The building is beside the Kampong Glam conservation area, that comprises dining establishments, eateries, retail outlets, and also recreation venues. Some other profitable developments around consist of City Gate, The Concourse, Parkroyal on Beach Road, and even Duo.
The six-floor strata-titled carpark at Textile Centre has recently been offered with a guide cost of $36 million. According to the advertising representative, JLL, this particular transaction consists of an adjacent plot of commercial land which is used as the carpark’s driveway.
The carpark comprises 685 vehicle parking spaces also 40 bike lots. The complete strata location accounts for around 30% of the total strata place of the property development. By share price, this is about 1.02% of the complete property. The rest of the building contains a seven-storey retail store platform with 150 retail units, six workplace storeys with 63 office units, as well as 12 residential levels that house 132 units.
The real estate is going to be marketed in a private treaty deal and is promoted by Terry Wong including Alaric Yeo, higher director and top supervisor, specifically, of JLL’s financing markets professionals
According to JLL, carparks are a sturdy possession class with steady reoccuring earnings and fairly low maintenance and even operating expense. The carpark is currently taken care of by Mack Parking. Strata-titled carparks rarely enter onto the market, without any additional source in the pipe, provided limitations on the strata subdivision of common carparks, puts JLL.
The 200,456 sq ft carpark spans the 3rd to seventh floors of Fabric Centre, itself a 25-storey, mixed-use building at 200 Jalan Sultan in District 7. Textile Centre rests at a prominent central location within the Beach Route place, at the link of Jalan Sultan and North Bridge Road.