Corner Restaurant Unit Greenwood Avenue Sale 155 Mil
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Buyers who are interested in purchasing a freehold restaurant unit situated on Greenwood Avenue will have the opportunity to do so through an expression of interest (EOI) exercise. According to a press release from JLL on Aug 6, the property is currently valued at $15.5 million. JLL, who is the exclusive marketing agent for the unit, is overseeing the sale.The unit is situated on the ground floor of a corner shophouse, located at the intersection of Green Avenue and Hillcrest Road. A quick search on URA Space has revealed that the shophouse is zoned for residential use, with commercial activities being allowed on its first storey. In 2018, EdgeProp Research tools indicate that the shophouse was last sold for $7 million.In total, the ground-floor restaurant unit has a strata area of 2,669 sq ft, which also includes an outdoor dining area of roughly 300 sq ft. This brings the total area to 2,969 sq ft. Based on the current property value of $15.5 million, this equates to approximately $5,221 per square foot.The property has dual road frontages of 27m and is approved for restaurant use. Currently, the unit is fully leased to two restaurants: Bacaro, an Italian restaurant and wine bar, and Black Bear BBQ & Smokehouse. Tan Kah Kee MRT Station on the Downtown Line is a short 10-minute walk away.Some recent commercial property transactions have taken place on Greenwood Avenue, as shown on EdgeProp Buddy. An EOI exercise for the property is currently underway and will close on Sept 26 at 3pm.