Property is being offered with an opportunity to invest in self storage business
Cushman & Wakefield is representing EBC Lifestyle Hub Pte Ltd, a self-storage business, to sell a freehold development at 50 Tagore Lane, Entrepreneur Centre by Expression of Interest. EBC Lifestyle Hub Pte Ltd owns the entire building.
The property, comprising individual units granted separate Strata Certificate of Titles, is being offered for sale together with an opportunity to purchase the vendor’s self-storage business.
The property consists of a part five-storey warehouse with an extension of a part four-storey warehouse. The self storage facility offers personal storage, business storage, wine storage as well as serviced offices.
It sits on a Business 1 zoning, located within Tagore Industrial Estate, along Tagore Lane, off Thomson Road. The site is accessible via Central Expressway and Seletar Expressway.
Brenda Ong, Executive Director, Logistics & Industrial, said “Self storage is a viable option for the urban consumer faced with reduced apartment sizes. On the business front, wholesalers, small & medium enterprise businesses and e-commerce owners are attracted by the wide array of space-saving solutions for their business as they seek cost efficiency and operational flexibility in this current climate.”
50 Tagore Lane was built in 1986, with an extension of a four-storey completed in 1993. The building underwent several refurbishment works between 2011 and 2018.
“There is potential to convert bare warehouse units to self-storage, non-airconditioned self-storage units to airconditioned self-storage units and convert fitted office units to modern serviced office as a future value-add enhancement opportunity” Ms Ong added.
The indicative price for the development is $100 million.
Investors will also be able to tap on ready revenue through the rental of the units offering space-saving self storage, personal storage of collectibles, the rental of warehouses and services being offered to existing customers including a childcare centre, F&B outlets and serviced offices.
The property is surrounded by mature residential estate zonings at Yio Chu Kang, Ang Mo Kio and Yishun.
It is accessible via Central Expressway (CTE) and Seletar Expressway (SLA) and public transportation services along Upper Thomason Road. The nearby future Lentor MRT Station (TE5) to be opened later this year is approximately five-minutes’ drive away.
It is about a 25 to 30-minute drive from the Singapore Changi Airport, major commercial ports terminals and Woodlands Checkpoint.
The Expression of Interest ends on Wednesday 4 November 2020.
