Nursing home on Sims Avenue for sale at $27 mil
Aside From Charis Manor, the proprietors likewise run CSM Academy International, a private education and learning organization specialising in medical care assistances and health worker training.
The property rises just off the exit of the Kallang-Paya Lebar Expressway. The bordering community mostly comprises shophouses and also light commercial establishments found along Sims Avenue and also Geylang Roadway. Lock thinks the property is going to garner interest from customers within healthcare-related industries, such as clinical companies, hospital or assisted living treatment companies, or other assisted living facility owners. “It’s fairly unusual for a location zoned for health and wellness as well as medical care to go up for sale,” she mentions.
A nursing home located around Sims Avenue will most likely be put up for sell-off on March 16 with an overview cost of $27 million. It is an owner’s sale, states Lock Sau Lai, senior supervisor, auction & sales at Knight Frank, that is dealing with the auction and is the sole advertising and marketing company for the property.
Based upon the total floor location, the overview cost calculates to be about $2,278 psf. The building is currently being run by the proprietors as Charis Manor Nursing Home, a private establishment that uses extended remain, respite services and day care programs for the aging seniors. According to Lock, the proprietors are aiming to market the property on a sale and leaseback arrangement. The customer of the building will rent out the real estate to the owner for three years, with a possible expansion for one more 2 years.
The property presently has common areas on the initial floor, including the kitchen area and also dining spot, an activity area, a library, a team canteen and even a place of work location. Wards and private areas stand on the upper grounds, while the cellar houses training rooms and a rehabilitation centre. The structure includes a lift that services all floors in addition to enough exclusive car park, includes Lock.
The real estate is a four-storey separated establishment with a basement. It has an overall flooring area of about 11,859 sq ft. The real property remains on a freehold acreage of 6,350 sq ft which is zoned for health plus treatment use under the 2019 URA Master Plan. Property with this zoning is designated for medical facilities, polyclinics including nursing homes.