The unit is located on the ground floor of a corner shophouse located at the corner of Green Avenue and Hillcrest Road (Picture: JLL)
A freehold restaurant unit on Greenwood Avenue is up for sale via an expression of interest (EOI) exercise. The property has a value of $15.5 million, says JLL in an Aug 6 press release. JLL is the exclusive marketing agent for the unit.
The unit is located on the ground floor of a corner shophouse located at the corner of Green Avenue and Hillcrest Road. A search on URA Space indicates that the shophouse is zoned for residential with commercial at the 1st storey. According to EdgeProp Research tools, the shophouse last changed hands in 2018 for $7 million.
The ground-floor restaurant unit has a strata area of 2,669 sq ft, along with additional space currently utilised as an outdoor dining area of about 300 sq ft. Together, the area totals 2,969 sq ft. Based on the property value of $15.5 million, this works out to $5,221 psf.
Read also: Freehold shophouse on Balestier Road for sale at $8 mil
The property has dual road frontages spanning 27m. It is approved for restaurant use and is currently fully leased to two restaurants — an Italian restaurant and wine bar known as Bacaro and the Black Bear BBQ & Smokehouse. The restaurant is a 10-minute walk from Tan Kah Kee MRT Station on the Downtown Line.
Recent commercial property transactions on Greenwood Avenue (Source: EdgeProp Buddy)
The EOI exercise for the property will close on Sept 26 at 3pm.