(+65)
6253 0030
info@huttonsgroup.com
The offering is a limited large contiguous unit at Level 3 in a rare freehold commercial-residential property in the Central Region of Singapore.
A prime and rare retail cum food & beverage (F&B) unit spanning 2,734 sq ft with 24 hours access is up for sale at Queensway Shopping Centre.
The property is one of the only 2 unique large floorplate units in the mall with 24hr access and wide glass façade frontage. The other similar unit has been tenanted to McDonalds for over 20 years.
The current tenant is Anytime Fitness who have been successfully operating the gym there for the last 6 years. They have just renewed the lease for another 3 years till May 2024. “This unit provides the owner with a stable recurring income from an established long-term tenant and also has the potential for capital appreciation.” Says Mr Quek Fu Jin, Associate Senior District Director from Huttons, who is marketing the unit for sale.
The tenant, Anytime Fitness, is a 24-hour health and fitness club with 38 locations in Singapore. It was ranked the Number 1 Top Global Franchise by Entrepreneur Magazine, surpassing renowned brands such as McDonald’s and Pizza Hut. Being a recognizable brand by many, it has a strong track record of financial strength and stability with stable growth rate.
To generate a higher rental yield, the space can potentially be sub-divided into up to 7 smaller units for rental creating a unique Food and Beverage (F&B) mix. Full F&B infrastructure has been catered for 7 smaller operating shops for operating flexibility. This includes service points like water, electricity, gas, exhaust fan, air-con, grease traps and floor waste systems.
With the F&B provision and 24 hours accessibility, it is highly suitable for restaurants which thrive on long operating hours such as all-day dining bistros, hot pot restaurants, and niche concept restaurants.
Queensway Shopping Centre is well located in the mature Queenstown estate in the city fringe. It is one of Singapore’s first multi-purpose shopping complexes that comprises 150 shops and is well-known for their affordable sporting apparel outlets.
It is highly accessible via public transport with 14 bus services at the doorstep and walking distance away from Queenstown MRT station. The mall is strategically situated between 2 big condominium projects (The Interlace and The Anchorage), Alexandra Hospital, and surrounding Bukit Merah light industrial cluster. It is also near to IKEA and Anchorpoint shopping centre to take advantage of the strong visitor traffic from both commercial and residential crowds. Holland Village, River Valley and Tiong Bahru are also a short drive away from the mall, making it highly accessible to visitors.
“This is a wonderful opportunity for investors who are looking for a new investment portfolio in the new year as the space has a highly visible retail frontage ideal for direct media advertisements. The space is located directly above high traffic MacDonald and enjoy a full long glass frontage that face the major arteria road – Alexandra Road. This not only enhances the visibility of the space but also allows it to enjoy lots of natural light. The space is well located in the complex as well with direct access to the passenger lift to the basement carpark and near the exit staircase.” Said Mr Quek.
The property is for sale via private treaty with a guide price of S$7,500,000 which translates to an attractive S$2,743psf for a freehold commercial unit. The recent transaction of a less prominent unit on the same level achieved a rate of $2,740psf in March 2020.
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For further information, please contact:
Quek Fu Jin, Associate Senior District Director, Singapore
Tel: +65 9672 0596 | fujinquek@assetadvisor.sg
