A basement restaurant at Peninsula Plaza, located at the address 111 North Bridge Road, is being offered for sale for $13 million. The property is offered to the public through the expression of interest process by the agent for marketing, JLL. The price for the indicative estimate is to $3,019 per square foot.
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Peninsula Plaza is an 999-year leasehold mixed use development which consists of a 30-storey commercial block, which is split by a 25-storey offices area as well as a five-storey retail platform and basement.
The basement of 4,306 square feet unit is currently being leased to the owner of a Burmese restaurant. According to JLL the restaurant renewed its lease recently for the entire building. The building also has prominent frontage and direct access to the escalator from the street at the level.
“We believe that the restaurant unit to draw the attention of local investors, wealthy individuals family offices, and owner-occupiers due to the limited availability of properties that have solid rental income, and high potential for capital upside” Says Terry Wong, senior director of capital markets at JLL.
The auction for this property is due to close on March 10,