Upper Thomson freehold storage facility for sale with S$100m indicative price

A freehold strata-titled storage facility at 50 Tagore Lane has been put on the market via expression of interest with an indicative price of S$100 million, marketing agent Cushman & Wakefield said on Wednesday.

The property comprises individual units with separate strata titles.

It is being offered for sale together with an opportunity to buy the self-storage business of the seller, EBC Lifestyle Hub, which owns the entire building.

The freehold development, named Entrepreneur Centre, has a total strata area of about 142,580 square feet (sq ft).

It sits on a land area spanning some 79,068 sq ft zoned for Business 1 use with a gross plot ratio of 2.0, according to the Urban Redevelopment Authority’s Master Plan 2019.

The property consists of a part five-storey warehouse with an extension of a part four-storey warehouse. The facility offers personal storage, business storage, wine storage as well as serviced offices.

The building was constructed in 1986, and a four-storey extension was completed in 1993. It also underwent several refurbishment works between 2011 and 2018.

It is located off Upper Thomson Road, within the Tagore industrial estate, and is accessible via the Central Expressway and Seletar Expressway. The upcoming Lentor MRT station, opening later this year, is a six-minute drive away.

In the vicinity are mature residential estates at Yio Chu Kang, Ang Mo Kio and Yishun.

Cushman & Wakefield executive director of logistics and industrial Brenda Ong said there is potential to convert the bare warehouse units to self-storage units, as a “value-add enhancement opportunity”.

Also, the non-airconditioned self-storage units can be converted to air-conditioned self-storage units, while the fitted office units can be converted to modern serviced offices, Ms Ong added.

Investors will be able to tap on ready revenue, such as through renting out the units for space-saving self-storage and personal storage of collectibles, according to Cushman & Wakefield.

There is also ready revenue from leasing the warehouses and offering services to existing customers, which include a childcare centre, food and beverage outlets and serviced offices, it noted.

The expression of interest exercise ends on Nov 4.

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