Colliers International is seeking for expression of interest to lease a proposed built-to-suit development located along the much sought after Alexandra showroom belt at 243 Alexandra Road.
International property consultant, Colliers International is seeking for expression of interest to lease a proposed built-to-suit development located along the much sought after Alexandra showroom belt at 243 Alexandra Road.
Interested tenants are invited to submit their offer to Colliers International by 3.00 pm on June 28, 2011.
The proposed built-to-suit development will sit on a 14,753 sq ft freehold land and have a potential gross floor area of 35,942 sq ft, based on the preliminary architectural perspective. The existing property on site is a four-storey industrial development, which is currently tenanted to a single tenant with the lease expiring in February 2012. Under the 2008 Master Plan, the subject site is zoned for “Business 1” use with an allowable plot ratio of 2.5.
Ms Tang Wei Leng (邓慧玲), Executive Director of Investment Services at Colliers International, says, “Available premises along the Alexandra showroom belt is scarce as tenants, especially the car distributors, remained in expansionary mode. The subject site is probably one of the few remaining untapped plots along Alexandra Road that would cater to businesses that require visible showroom presence such as cars, high-end kitchen and bathroom fittings/equipment, furniture, as well as lightings and fittings.”
Ms Tang adds, “On the back of a recovering economy and strengthening business confidence, we expect to receive keen interest for this property especially from single user tenant.
Rents in the locality have been edging up in the last few quarters. It is anticipated that the proposed built-to-suit development can command an average rental rate of S$6.50 per sq ft per month.”
The proposed built-to-suit development will be six-storey high with showroom on the ground floor and office/warehouse/light industrial space on the upper floors. It will have two levels of basement car park which can accommodate 37 lots and two loading and unloading bays.
Ms Tang continues, “The design of the building can take various form - be it a modern or avant-garde architecture design - depending on the requirements of the final user. As the developer is still at the design phase of the new development, it would be useful for the prospective tenant(s) to engage with the developer during the early stage of the design so that they can customize the design of the building to suit their business needs.”
The subject property is located along Alexandra Road, off Leng Kee Road. It is within walking distance to the Redhill MRT station. The immediate locality comprises mainly light industrial complexes and prominent industrial developments in the vicinity include Cycle and Carriage, Borneo Motors, Kah Motor and Thye Hong Centre, amongst others. Public transportation is easily available along Leng Kee Road and Alexandra Road.