SINGAPORE (EDGEPROP) - A portfolio comprising 29 ground-floor F&B and cloud kitchen units are on the market and will be sold in an Expression of Interest (EOI) exercise. Colliers International is the marketing agent for this portfolio.
The strata units are in CT Hub, a 99-year leasehold commercial development at 114 Lavender Street. The B1 property was completed in 2015 and is connected to major roads and expressways including Lavender Street, Kallang Road, the Central Expressway (CTE), Kallang Paya Lebar Expressway (KPE), and the Pan Island Expressway (PIE).
The 29 units for sale have a combined strata area of 9,752 sq ft and are approved for F&B use. Units range in size from 280 sq ft to 452 sq ft. The units are easily accessible through dual entrances from Kallang Avenue and Lavender Street.
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For food deliveries, the units are well positioned to serve the immediate Bendemeer industrial district, as well as the residential estates at Boon Keng and Kallang.
The 29 ground floor units at CT Hub on Lavender Street are fully leased. (Picture: Colliers International)
“This fully leased property is a unique opportunity for investors to generate immediate income with the potential for future rental appreciation,” says Steven Tan, executive director of Investment Services at Colliers.
According to Colliers, these units will appeal to entrepreneurs on a modest budget who are looking for a suitable F&B space, and these units also offer dine-in and pick up options. “Demand for cloud kitchens surged during the pandemic, and is expected to persist post-pandemic, as we see F&B companies setting up cloud kitchens to meet the rising demand for quick food deliveries,” says Tan.
He adds that cloud kitchens allow food operators to tap on shared infrastructure without incurring relatively high capital outlay and staffing costs. No additional buyer’s stamp duty or seller’s stamp duty will be payable.
The EOI exercise will close on June 8, 2021.