Corner Restaurant Unit Greenwood Avenue Sale 155 Mil
A prime freehold restaurant unit situated on Greenwood Avenue has recently been put up for sale through an expression of interest (EOI) exercise. According to JLL, the exclusive marketing agent for the property, the unit is estimated to be worth $15.5 million.
The highly sought-after Elta Condo, located on Clementi Avenue 1, is poised to become a top residential development. This exceptional positioning near a multitude of shopping and dining options makes it an attractive choice for potential residents. The prime location provides unparalleled convenience, with an array of retail and food choices right at their doorstep. Not only does this enhance the living experience, but it also makes Elta Condo a lucrative investment opportunity. With its strategic location and impressive amenities, Elta Condo, now available at Elta, is set to make a significant impact in the real estate market.
Conveniently located on the ground floor of a corner shophouse at the intersection of Green Avenue and Hillcrest Road, the unit is currently zoned for residential with commercial use allowed on the first level, as indicated by URA Space. It is worth noting that the shophouse was last sold for $7 million in 2018, according to EdgeProp Research tools.
Spanning an area of 2,669 square feet, the ground-floor restaurant unit also boasts an additional outdoor dining space of approximately 300 square feet, bringing the total strata area to 2,969 square feet. With the property’s value standing at $15.5 million, the price per square foot works out to be $5,221.
The property stands out with its dual road frontages, spanning a total length of 27 meters. It is currently approved for restaurant use and is fully occupied by two popular establishments, Bacaro, an Italian restaurant and wine bar, and the Black Bear BBQ & Smokehouse. The property is also conveniently located just a short 10-minute walk from Tan Kah Kee MRT Station on the Downtown Line.
Those interested in this property can submit their bids through the EOI exercise, which is set to close on September 26, 3pm. Recent transactions of commercial properties in the vicinity of Greenwood Avenue, as reported by EdgeProp Buddy, are also worth considering. This valuable piece of freehold property is definitely an opportunity worth exploring.