Savills Singapore is pleased to announce the launch for sale of a rare three-storey motor vehicle showroom and workshop in Toa Payoh, by Expression of Interest.
The property is located on a trapezoidal plot of 5,457.4 sq m (58,743 sq ft) at 17 Lorong 8 Toa Payoh, off Braddell Road/Lorong 6 Toa Payoh. The site benefits from its central and convenient location in the matured and highly sought-after Toa Payoh estate as well as the wide array of amenities found in Toa Payoh Hub. Developments in the immediate surroundings include HDB flats and prominent light industrial developments such as Braddell Tech, STI Motor Centre and Toyogo Building. It is easily accessible via the Central Expressway (CTE), Pan Island Expressway (PIE) and major arterial roads.
Completed in the 1990s, the 3-storey detached factory comprises a car showroom, office and workshop area on the first storey, general offices on the second storey and warehouse/store/office on the third storey occupying an approximate floor area of 5,539 sq m (59,621 sq ft). The lease tenure is 30 + 30 years commencing from 1 March 1993 (current unexpired lease of 33 years) granted by Jurong Town Corporation.
Suzie Mok, Senior Director of Investment Sales at Savills Singapore, who is handling the sale, commented: “It is an extremely scarce and unique opportunity to acquire an impressive approved car showroom in central Toa Payoh with a long balance tenure. Subject to approvals from the relevant authorities, there is potential for alternative uses and strategic reconfiguration opportunity to maximise its unutilized plot ratio of approximately 1.5 times.”
The Expression of Interest exercise will close at 3.00pm on 12 December 2019.