International property consultant, Colliers International is putting up for sale – by Expression of Interest – a seven-storey industrial building located at 25 Tai Seng Avenue. Interested parties are invited to submit their offer to Colliers International latest by 21 May 2015 at 3 pm.
The development, otherwise known as Scorpio East building, sits on a 27,000 sq ft site that presently has a balance lease of 51 years. With a total gross floor area of approximately 68,000 sq ft, the subject property is currently used for media production and office operations. There is a 38-seat theatre and exhibition area on the 1st storey, as well as a production studio on the 7th storey.
Mr Tan Boon Leong (陈文龙), Executive Director of Industrial Services | Project & Sales, says, “The development will appeal to end users from the media and film, lifestyle and light industries; in particular, companies who can leverage the existing theatrette, exhibition area and production studio facilities which are well maintained.”
Past transactions in the vicinity include Jackson Design Hub that was sold for S$31.5 million in 2014, Nobel Design for S$59.25 million in 2012 and UE Print Media Hub (58 out of 61 units) for S$51 million in 2011.
Mr Tan continues, “This is a unique opportunity for corporate end users to purchase a well-maintained development within iPark, which is gaining popularity with small- and medium-sized companies in recent years. The once-mature industrial estate has since transformed into a bustling area with several well-known local brands setting up their headquarters there. Now, apart from various popular dining establishments, we also see a mushrooming of retail outlets and cafes, injecting more vibrancy to the area.”
Located along Tai Seng Avenue, off Upper Paya Lebar Road and Airport Road, the subject property is within a short walking distance to Tai Seng MRT station. Access to other parts of the island is convenient via major expressways – including Kallang Paya-Lebar Expressway and Pan-Island Expressway. Landmarks in the area include Natural Cool Lifestyle Hub, Charles & Keith Building, BreadTalk Corporate Building and Sakae Building, among others.