A strata office space on the 12th floor of GB Building is up for sale. The auction was exclusively put up by Edmund Teh on May 25, 2021, with an opening price of S$10 million. What do we know about it? What is in store if you choose to buy it? Let’s find out!
First, let’s get to know the nitty gritty of the office space on offer.
- It is a 5,205 sq ft office space on the 12th floor of the GB Building.
- The opening price is S$10 million translating to S$1,919 psf.
- It holds four amalgamated offices with a rectangular layout.
- Includes general office space, meeting rooms, pantry, ladies and gents toilets.
- The office space is currently rented to an architectural firm.
- The property will be sold including the tenancy and on as-is-where-is-basis.
- Property falls under commercial zones thus foreigners are allowed to buy.
How does the price of the Strata office compare to the latest transactions?
In June last year, two similar office spaces as the current one was up for sale via expression of interest. Those office spaces were at level 16 and 23 with an approximate size of 5,425 sq ft each. The office space on Level 16 was priced at S$11.9 million translating to S$2,200 psf on strata area. Whereas the one on level 23 cost S$12.7 million translated to S$2,350 psf.
Compared to last year transaction figures, the current strata office space costs less at S$1,919 psf.
What do we know about the GB Building?
The 26-storey building is a 99 leasehold year property operating since 1982. It is situated at the junction of 143 Cecil Street and McCallum Street. The first three storey of the building is retail podium while the remaining 23 storey comprises an office tower. The development also accommodates a 3-level car park basement where 105 vehicles can fit in.
What are some of the key benefits of GB Building – the home of the Strata office space?
The building is only 5 minutes away from Telok Ayer MRT, Tanjong Pagar MRT Station and the upcoming Shenton Way MRT. Thus, it will be super convenient for office goers to commute to and from the building using public commute.
All offices must be closed by restaurants and cafes to accommodate the lunch of the office employees. GB Building is close to eateries like Amoy Street Food Centre, Lau Pa Sat and Maxwell Food Centre. Hence, there is no shortage of eateries for office goers to spend on their lunch time.
Good rental yield
The median rental of the GB Building is S$4.95 to S$5.34 psf per month on average. Hence, it promises a healthy rental income for future buyers if they put up their office property for rent.
There have been quite a few recent transactions in the GB Building which shows that it holds potential investment interest from buyers. In the past two year, most transactions took place at the range of S$ 1,700 to S$1,751 psf.
Should you buy the strata office on the 12th floor of GB Building?
The current strata office space costs less at S$1,919 psf compared to latest transactions which were sold at more than S$2,000 psf. The space is already rented out so you will get ready rental income upon purchase of the property. Besides, the close by eateries and MRT stations make it an easy spot for office goers. The recent transactions also show that the building has demand among potential buyers. Hence, it could be a good buy considering it holds up to all the requirements you are looking for your office investment.
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