CBRE Pte Ltd is pleased to announce the sale of Henley Industrial Building for $37 million, which works out to approximately $545 psf ppr. The tender exercise for the property closed on 5 July 2013. The buyer is a subsidiary of Novelty Group.
Henley Industrial Building is a 4-storey Freehold Industrial Building located off Upper Paya Lebar Road. The regularly shaped and elevated site has an area of approximately 27,161 sq ft and is zoned “Business 1” with plot ratio 2.5 on the Masterplan 2008.
There are 17 existing units in the existing development. The location is well served by major public transportation nodes, including the nearby Bartley MRT Station. The area connects easily to the rest of the island via major arterial roads and expressways, eg Pan Island Expressway (PIE) and Kallang Paya Lebar Expressway (KPE). The upcoming Paya Lebar Commercial Hub is also a short drive away. Nearby landmarks include Times Center, FujiFilm Building and Sakae Building.
“We received good response at the public tender from a handful of business occupiers wanting a standalone building with naming rights and developers, which is a testament to the excellent attributes of Henley Industrial Building.” said Galven Tan, Associate Director, Investment Properties, CBRE. “The price is in line with recent transactions of similar freehold industrial properties, eg 14 Little Road, November 2012, 3 Playfair Road, December 2012 and 100H Pasir Panjang, April 2013.”
The sale is subject to Strata Titles Board approval.
This transaction follows several noteworthy investment property transactions handled by CBRE, including the sale of PoMo, Robinson Point and several strata title office floors in Springleaf Towers and Samsung Hub.
Property investment sales grew by 22 per cent to reach $2.78 billion in the second quarter of this year, reversing a decline recorded in the first quarter of 2013. Total volumes amounted to $5.85 billion while private sales amounted to $4.07 billion, a 33.0 per cent increase from Q1 2013.
“The investment sales market recorded a reasonably active first-half this year and we are confident that the momentum will keep pace in the second half.” added Mr Tan.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.sg
Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.