A standalone building at 139 Cecil Street has been put up for sale via an expression of interest (EOI) exercise following a major revamp, revealed CBRE and JLL on Tuesday (12 Mar).

Located within the CBD, the property underwent an extensive 18-month additions and alterations exercise to increase the number of floors from 11 to 16.

It is currently fully leased for an initial six years to Hong Kong-based co-working firm Campfire Collaborative Spaces. With a net lettable area of around 85,000 sq ft, the building is Campfire’s largest site globally.

Galven Tan, CBRE’s executive director for capital markets in Singapore, expects 139 Cecil Street to attract keen investor interest given its strong attributes and prime location. He noted that the availability of signage and naming rights add to the property’s appeal.

“139 Cecil Street offers investors an opportunity to acquire a brand new, high-quality standalone office building with a palatable investment quantum in Singapore,” said Clemence Lee, JLL’s Singapore senior director of capital markets.

“With a six-year lease to a strong anchor tenant in place, investors will be able to enjoy immediate, long-term and stable cashflow with built-in rental escalations.”

The EOI exercise for the property closes on 17 April.

Source: 13 March 2019, CommercialGuru