Spanning 2,734 sq ft, the unit is one of only two large floorplate units within the mall that comes with 24hr access as well as wide glass façade frontage. Its $7.5 million guide price works out to $2,743 per sq ft (psf). Photo: Huttons
A large unit occupied by Anytime Fitness at Queensway Shopping Centre has been put up for sale via private treaty, with a guide price of $7.5 million.
Spanning 2,734 sq ft, the unit is one of only two large floorplate units within the mall that comes with 24hr access as well as wide glass façade frontage. The other unit has been tenanted to McDonalds for more than 20 years.
Anytime Fitness, a 24-hour health and fitness club, has been operating the subject property for six years and have just renewed the lease for three more 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,” said Quek Fu Jin, Huttons’ Associate Senior District Director, who is marketing the property for sale.
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To generate higher rental yield, the unit can potentially be sub-divided into up to seven smaller units, creating a unique food and beverage (F&B) mix.
In fact, full F&B infrastructure such as electricity, gas, water, grease traps and exhaust fan, has been provided.
With the 24-hour access and F&B provisions, Huttons noted that the unit is highly suitable for “restaurants which thrive on long operating hours such as all-day dining bistros, hot pot restaurants, and niche concept restaurants”.
“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,” said Quek, adding that the unit is situated directly above the high traffic McDonalds.
The $7.5 million guide price works out to $2,743 per sq ft (psf), which is attractive for a freehold commercial unit. A less prominent unit located on the same level of the mall was transacted for $2,740 psf in March last year.
One of the first multi-purpose shopping complexes in Singapore, Queensway Shopping Centre comprises 150 shops and is well-known for affordable sporting apparel outlets.
A walking distance to Queenstown MRT station, the mall is strategically located between two big condominium projects – The Anchorage and The Interlace – Alexandria Hospital as well as the surrounding Bukit Merah light industrial cluster.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: email@example.com