Nursing home on Sims Avenue for sale at $27 mil
A nursing home located along Sims Avenue will be put up for marketplace on March 16 with an overview price of $27 million. It is a property owner’s sale, says Lock Sau Lai, top manager, auction & sales at Knight Frank, who is handling the auction also is the single advertising agency for the property.
Based upon the overall flooring area, the guide cost calculates to be about $2,278 psf. The building is currently being run by the proprietors as Charis Manor Nursing Home, a nonpublic establishment that supplies extended remain, respite care and daycare services for the elderly. According to Lock, the owners are looking to market the commercial property on a sale and leaseback arrangement. The purchaser of the real estate are going to rent the real estate to the proprietor for 3 years, with a potential extension for one more 2 years.
The property presently has common rooms on the first level, consisting of the kitchen area and dining place, an activity space, a local library, a team canteen and even a workplace space. Wards and personal rooms are located on the top grounds, whilst the cellar houses educating rooms and a rehabilitation centre. The building features a lift that services all floors in addition to sufficient private car park, includes Lock.
The property lies simply off the way out of the Kallang-Paya Lebar Expressway. The surrounding area primarily comprises shophouses as well as light commercial buildings situated near Sims Avenue and Geylang Road. Lock feels the real property will garner attraction from buyers within healthcare-related markets, including medical business, hospice or assisted living care providers, or various other assisted living home operators. “It’s rather uncommon for a location zoned for health and primary care to go up for sale,” she mentions.
Besides Charis Manor, the owners likewise run CSM Academy International, a private education institution specialising in healthcare services and also health worker training.
The property is a four-storey separated establishment with a basement. It has a total flooring area of roughly 11,859 sq ft. The real property remains on a freehold acreage of 6,350 sq ft which is area for health-related plus treatment usage under the 2019 URA Master Plan. Property with this zoning is designated for medical facilities, polyclinics and assisted living home.