A rare opportunity has arisen for investors seeking industrial real estate, as a freehold factory building at 162 Tagore Lane is now available for sale. The property is being listed at an asking price of $23.8 million, translating to approximately $1,619 per square foot. This competitive pricing is particularly noteworthy given the limited supply of freehold industrial buildings in the area, making it an attractive option for potential buyers.
Spanning a total floor area of 14,701 square feet, the four-storey structure is zoned for Business 1 use, which allows for clean and light industrial activities. This zoning designation is vital for companies seeking to establish operations in a conducive environment, as it ensures compliance with regulatory requirements while providing flexibility for various business applications.
The property's strategic location in Tagore Lane further enhances its appeal, as it is situated within a well-established industrial district that benefits from robust connectivity and accessibility.
In addition to its core industrial capabilities, the factory building also boasts previous approval for the fourth floor to be utilized as a workers' dormitory. This feature allows for the accommodation of up to 60 workers, presenting an added value for companies looking to house their workforce on-site. However, prospective buyers should note that reinstatement of this use would require new approval from the Urban Redevelopment Authority (URA), which adds an element of due diligence to the purchasing process.
Recent market activity in the vicinity underscores the thriving industrial property landscape. A recent transaction involved a terraced factory that sold for $6.75 million in April 2024, indicating a healthy demand for such properties. This trend is reflective of the growing interest in industrial real estate, particularly in locations with limited availability of freehold options.
Investors are increasingly recognizing the potential for long-term value appreciation, driven by factors such as urbanization and the rising need for logistics and manufacturing spaces.
The factory at 162 Tagore Lane stands out not only for its freehold status but also for its adaptability to various industrial needs. With the right vision, this property could serve as a pivotal hub for businesses aiming to leverage its strategic positioning and operational flexibility.
The combination of competitive pricing, significant floor area, and existing infrastructure makes this factory building a noteworthy contender for those looking to invest in the industrial sector.
As the industrial real estate market continues to evolve, opportunities like this factory at Tagore Lane may become increasingly scarce. Investors who act swiftly may find themselves in a favorable position to capitalize on a burgeoning market, making this listing a compelling prospect for serious buyers.
The sale of this property represents not just an acquisition of real estate, but a strategic investment in the future of industrial operations in a prime location.
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News Source: Edgeprop
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