Nursing home on Sims Avenue for sale at $27 mil
The real property is a four-storey separated establishment with a basement. It has a total flooring area of about 11,859 sq ft. The real property sits on a freehold acreage of 6,350 sq ft which is zoned for health and treatment usage under the 2019 URA Master Plan. Land with this zoning is assigned for medical facilities, polyclinics and even nursing homes.
Based upon the total flooring location, the guide cost figures out to be around $2,278 psf. The structure is presently being operated by the owners as Charis Manor Nursing Home, a nonpublic center that offers extended keep, respite assistance as well as childcare services for the elderly. According to Lock, the owners are aiming to sell the property on a sale and leaseback agreement. The buyer of the building will definitely rent out the real estate to the owner for three years, with a possible expansion for another 2 years.
In Addition To Charis Manor, the proprietors also run CSM Academy International, an exclusive education organization being experts in health care services and also health worker training sessions.
The building at the moment has communal spaces on the very first flooring, consisting of the cooking area as well as eating place, an adventure area, a local library, a staff canteen and a place of work area. Wards including exclusive rooms lie on the top floors, while the cellar houses training rooms and a rehab centre. The building features a lift that services all floors as well as adequate private parking lots, includes Lock.
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The property is located just off the way out of the Kallang-Paya Lebar Expressway. The surrounding area mainly comprises shophouses and light commercial buildings found near Sims Avenue including Geylang Road. Lock thinks the property will gather attraction from customers within healthcare-related sectors, such as medical companies, hospice or assisted living treatment service providers, or various other assisted living facility operators. “It’s quite unusual for a location zoned for wellness as well as primary care to go up for sale,” she says.
A retirement home situated around Sims Avenue will be added up for sell-off on March 16 with an overview price of $27 million. It is a property owner’s sale, says Lock Sau Lai, senior manager, auction & sales at Knight Frank, who is taking care of the public sale and also is the sole advertising agency for the real property.
