Privilege Motors has placed a distinctive freehold factory building on the market, located at 162 Tagore Lane with an asking price of $23.8 million. This unique offering presents a significant investment opportunity within the competitive landscape of industrial properties. The factory building spans four storeys, encompassing a total floor area of 14,701 square feet, set on a site measuring 7,343 square feet. It is designated for Business 1 use, making it ideal for clean and light industrial activities, which are increasingly sought after in the current market.
The property was acquired by its current owner in 2020, who undertook a substantial investment estimated between $1 million to $2 million for renovations. These upgrades prominently included the installation of a car lift, further enhancing the building's functionality for automotive or industrial operations. The contemporary design of the facility is particularly appealing, especially within the context of the Sindo Industrial Estate, where such freehold industrial buildings are in limited supply.
An additional feature of the building is its potential for dormitory operations, which adds another layer of versatility for prospective buyers. The fourth floor has previously received approval to accommodate up to 60 workers, although the new owner will need to apply for reinstatement of this approval. This flexibility can be advantageous for businesses looking to house their workforce on-site, a consideration that aligns with current trends in employee accommodations.
The asking price of $1,619 per square foot is competitive, particularly given the building's condition and location. The property stands out against others in the area due to the quality of its renovations and its strategic position within a well-regarded industrial zone. Investors are likely to note the increasing demand for freehold properties, particularly those that offer both operational space and potential employee housing.
In the broader context of the industrial real estate market, properties such as this one are becoming rarer. The trend toward limited availability of freehold options adds to the attractiveness of this listing. Potential buyers are encouraged to consider the long-term benefits of acquiring a property with such unique attributes, especially in an era where flexibility and modern amenities are paramount.
As the market continues to evolve, the opportunity to invest in a well-positioned, renovated freehold factory building like the one at Tagore Lane may not present itself again soon. Therefore, interested parties should act swiftly to explore the possibilities this property offers, as it combines practical utility with strategic advantage in a competitive investment landscape.
The sale of this factory building by Privilege Motors is more than just a transaction; it represents a chance to secure a significant asset in a thriving industrial environment.
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News Source: Edgeprop
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