Nursing home on Sims Avenue for sale at $27 mil
The structure at the moment has communal areas on the very first flooring, including the kitchen area and also eating area, an activity area, a local library, a staff canteen and a place of work space. Wards together with personal areas lie on the top levels, whilst the cellar residences educating rooms and a rehabilitation centre. The property comes with a lift that services all levels in addition to enough exclusive parking lots, includes Lock.
Aside From Charis Manor, the operators likewise operate CSM Academy International, a private education institution being experts in health care assistances and also health worker training.
Based on the complete flooring location, the overview rate figures out to be around $2,278 psf. The structure is currently being run by the managers as Charis Manor Nursing Home, an exclusive center that provides permanent stay, respite assistance as well as daycare professional services for the aging seniors. According to Lock, the proprietors are aiming to offer the property on a sale and leaseback arrangement. The buyer of the building are going to lease the real estate to the proprietor for three years, with a potential expansion for an additional 2 years.
An assisted living home situated around Sims Avenue will be added up for marketplace on March 16 with an overview rate of $27 million. It is an owner’s sale, says Lock Sau Lai, top manager, auction & sales at Knight Frank, who is dealing with the auction and also is the single advertising and marketing company for the property.
The property is a four-storey separated building with a basement. It has a total floor area of roughly 11,859 sq ft. The property sits on a freehold acreage of 6,350 sq ft which is zoned for health plus treatment usage under the 2019 URA Master Plan. Land with this zoning is assigned for medical facilities, polyclinics including retirement home.
The commercial property is located just off the way out of the Kallang-Paya Lebar Expressway. The bordering neighbourhood primarily consists of shophouses and also light commercial buildings located near Sims Avenue and also Geylang Road. Lock feels the property can gather attention from purchasers within healthcare-related sectors, including medical firms, hospital or assisted living care providers, or other assisted living facility owners. “It’s quite rare for a site zoned for wellness and medical care to go up for sale,” she mentions.