Nursing home on Sims Avenue for sale at $27 mil
An assisted living home located around Sims Avenue will likely be put up for auction on March 16 with an overview rate of $27 million. It is a property owner’s sale, mentions Lock Sau Lai, top manager, auction & sales at Knight Frank, who is dealing with the public sale and also is the sole advertising and marketing agency for the real property.
Besides Charis Manor, the proprietors likewise operate CSM Academy International, a private education and learning institution specialising in medical care programs and caregiver training.
The commercial property rises simply off the way out of the Kallang-Paya Lebar Expressway. The surrounding neighbourhood mainly makes up shophouses and light commercial structures found around Sims Avenue and also Geylang Roadway. Lock thinks the real estate is going to gather attraction from customers within healthcare-related industries, such as clinical business, hospice or assisted living treatment service providers, or other assisted living home operators. “It’s fairly unusual for an area zoned for health and also healthcare to go up for sale,” she remarks.
Based on the complete floor area, the guide cost works out to be about $2,278 psf. The building is currently being run by the owners as Charis Manor Nursing Home, a nonpublic center that provides extended stay, respite services and childcare programs for the aging seniors. According to Lock, the proprietors are looking to sell the commercial property on a sale and leaseback agreement. The buyer of the building are going to rent the estate to the proprietor for three years, with a potential extension for one more two years.
The property currently has communal rooms on the very first floor, including the cooking area as well as dining place, an activity area, a library, a staff canteen and even an office space. Wards together with personal spaces lie on the top grounds, whilst the basement residences educating rooms and a rehabilitation centre. The structure features a lift that services all levels as well as adequate personal parking lots, includes Lock.
The property is a four-storey separated building with a basement. It has an entire flooring area of approximately 11,859 sq ft. The property remains on a freehold acreage of 6,350 sq ft which is zoned for health plus healthcare use under the 2019 URA Master Plan. Land with this zoning is designated for health centers, polyclinics and assisted living facility.