Two freehold redevelopment sites at 2 and 21 Cavan Road, off Lavender Street, are up for sale by public tender. They are jointly marketed by CBRE and HRL Properties.
2 Cavan Road has an indicative price of $47.4 million, while 21 Cavan Road has a price tag of $12.6 million. Assuming the existing building at 2 Cavan Road is conserved and incorporated into the proposed redevelopment, the development charge will be an additional $18.9 million. Meanwhile, a development charge of $15.5 million is payable for the redevelopment of the smaller site at 21 Cavan Road. The guide price for each site works out to $1,100 psf per plot ratio after factoring in the development charges.
2 Cavan Road has an indicative price of $47.4 million (Credit: CBRE)
2 Cavan Road has a land area of about 20,100 sq ft and is currently a light industrial-cum-warehouse building with a single storey adjoined to a three-storey block. It is understood to have been built in the 1950s. Located just across the street is the smaller 21 Cavan Road at 8,529 sq ft. It is currently occupied by a four-storey light industrial building that was completed in 1975.
21 Cavan Road (Credit: CBRE)
Under the 2014 Master Plan, both sites are zoned as “residential with commercial at 1st storey” with a plot ratio of 3.0. The successful buyer can consider maximising the gross floor area of 2 Cavan Road to approximately 60,301 sq ft and 21 Cavan Road to 25,588 sq ft upon redevelopment. Subject to approval, new extensions within the conservation guidelines of up to six storeys high are permitted. Relevant development charges will be applicable.
The sites can be purchased individually or together. The public tender exercise closes at 3pm on April 30.