Nursing home on Sims Avenue for sale at $27 mil
The commercial property lies just off the exit of the Kallang-Paya Lebar Expressway. The surrounding community predominantly makes up shophouses as well as light commercial buildings found along Sims Avenue including Geylang Road. Lock thinks the real estate will garner attraction from buyers within healthcare-related sectors, such as medical business, hospital or assisted living treatment service providers, or various other retirement home owners. “It’s fairly rare for a location zoned for health and wellness as well as healthcare to go up for sale,” she remarks.
The real property is a four-storey detached building with a cellar. It has an entire floor area of around 11,859 sq ft. The real estate sits on a freehold acreage of 6,350 sq ft which is zoned for health plus treatment usage under the 2019 URA Master Plan. Property with this zoning is assigned for hospitals, polyclinics including assisted living home.
A retirement home located around Sims Avenue will most likely be set up for marketplace on March 16 with an overview cost of $27 million. It is an owner’s sale, mentions Lock Sau Lai, top manager, auction & sales at Knight Frank, that is handling the auction also is the sole advertising firm for the property.
Based on the total floor location, the overview cost figures out to be around $2,278 psf. The structure is presently being operated by the managers as Charis Manor Nursing Home, a nonpublic center that supplies extended keep, respite services as well as daycare programs for the aging seniors. According to Lock, the proprietors are aiming to market the commercial property on a sale and even leaseback arrangement. The customer of the property are going to lease the estate to the proprietor for 3 years, with a possible extension for another two years.
In Addition To Charis Manor, the owners also operate CSM Academy International, an exclusive education establishment being experts in healthcare programs and caregiver education.
The property at the moment has common areas on the initial level, consisting of the cooking area and eating place, an activity area, a local library, a staff canteen along with a place of work location. Wards and private areas are located on the top levels, whilst the cellar residences educating rooms and a rehabilitation centre. The building includes a lift that services all floors along with sufficient personal parking lots, includes Lock.