Strata office floor at freehold 15 Scotts for sale at $76 mil
A strata office floor at 15 Scotts, a freehold office building on Scotts Road, has been put up for sale with an indicative price of $76 million. The office space will be sold in an expression of interest (EOI) exercise by Cushman & Wakefield.
The strata office floor for sale is on the second floor and spans 22,227 sq ft, including an open-air courtyard and sky terrace. The indicative price translates to about $3,419 psf.
The space is currently leased to a childcare operator.
Formerly known as Thong Teck Building, 15 Scotts is a nine-storey commercial building that is close to the Orchard Road shopping belt. The property is next to The American Club, and faces Far East Plaza. Other notable buildings close by are Goodwood Park Hotel, The Tanglin Club, Shaw House and Tang Plaza.
According to a press release from Cushman & Wakefield, the building completed a comprehensive $15 million refurbishment in 2015 that included an upgrade to its common areas and a new full-height curtain wall.
“[The strata office floor for sale] would appeal to owner-occupiers or education providers looking for a sizable space that comes with an outdoor area to operate the specialised trade. With the current strata subdivision restriction in prime areas, we do not foresee any of the big floor plates with a single ownership to be released anytime soon,” says Shaun Poh, executive director of capital markets at Cushman & Wakefield.
In July last year, the consultancy brokered the sale of the ground-floor office unit, setting a record $4,828 psf in the development.
Poh says that the acquisition of the second-floor office space entails ownership of 20% of the building’s total share value, positioning the new owner to participate in potential future collective sales.
The EOI exercise for the sale of the office floor at 15 Scotts closes on Feb 22.