Six-floor carpark at Textile Centre for sale at $36 mil
The property will certainly be offered in a private treaty transaction and also is promoted by Terry Wong including Alaric Yeo, senior director and also senior manager, respectively, of JLL’s financing markets team
According to JLL, carparks are a resilient property class with stable recurring revenue and also reasonably affordable routine service and also operating expense. The carpark is presently handled by Mack Parking. Strata-titled carparks rarely come onto the market, with no added source in the pipe, provided limitations on the strata class of communal carparks, adds JLL.
The 200,456 sq ft carpark extends the 3rd to 7th floors of Textile Centre, itself a 25-storey, mixed-use property at 200 Jalan Sultan in Area 7. Fabric Centre sits at a prominent central location in the Beach Route location, at the link of Jalan Sultan and also North Bridge Roadway.
The commercial property is next to the Kampong Glam sanctuary, that comprises dining establishments, restaurants, retail shops, as well as recreation places. Some other commercial projects around consist of City Gate, The Concourse, Parkroyal on Beach Road, and Duo.
The carpark comprises 685 auto garage also 40 motorcycle lots. The overall strata location represent roughly 30% of the complete strata area of the property development. By share market value, this has to do with 1.02% of the whole development. The remainder of the building consists of a seven-storey store platform with 150 retail units, six workplace levels with 63 workplace units, as well as 12 residential levels that place 132 units.
The six-floor strata-titled carpark at Textile Centre has already been put up for transaction with an overview rate of $36 million. According to the advertising broker, JLL, this particular transaction consists of an adjacent plot of commercial land which is used as the carpark’s driveway.