The Bencoolen office unit amalgamation will sell for 7,8 millions dollars at Knight Frank’s next auction. This is scheduled to take place Nov 16, 2016. Owner’s Sale. 99 year leasehold property. 71 years left.
Landlords can expect to enjoy an annual rental yield between 3.8% and 4.0%. This is a higher rate than many of the nearby office buildings such as Bugis Cube Buildings have respective rental yields between 3.7% – 2.9%.
Ample parking is provided in the basement and on both floors. Its proximity to the main transport infrastructure is a benefit of its location on the outskirts of town. Rochor MRT Station, Bugis MRT Stations are within less than 500m.
Sharon Lee of Knight Frank, who is the head auctioneer, states that finding an entire floorplate in this space is rare. She added: “The unit has a lift facing it, and toilets outside, so they aren’t included in the area of the floor.” The subject units, in addition, are still well maintained.”
The Bencoolen is an integrated development at 180B Bencoolen Road in District 7, which includes the office units. The complex includes three buildings: a 19 story residential tower, a 12-story office building with a 3-storey retail podium, and an underground.
The Bencoolen has sold units for $1,608 on average per sq ft, according to the caveats that were filed over the past year. In the last twelve months, rental rates for The Bencoolen ranged between $3.40 psf and $6.50 pm (or an average of 5.10 psfpm).
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The building includes 182 flats, 70 offices and 95 storeys. Amenities include a swimming pool and wading area, clubhouses, multi-purpose rooms, a tennis and gymnasium court, saunas and an exercise room.
The Bencoolen, according to caveats lodged at the URA this year had just one sale of retail space. In April, a unit of about 258 square feet was sold at approximately $1.57 Million ($6,070/sq ft). This property was purchased in 2000 by the seller for $555.582. ($2,151 per square foot) which translated to an approximate profit of $1.01million.
The 4,198-square-foot units will serve as one office up until April 30, 2019. Knight Frank had previously auctioned off the property in early April.
The building is zoned to allow for both residential and commercial uses, with an overall plot ratio of 4,2. Office units consist of a reception room, conference space, general office room, meeting room. Also included are partitioned offices and pantry.
All five offices are located at the same height, and face the lift lobby.