Nursing home on Sims Avenue for sale at $27 mil
Aside From Charis Manor, the owners also control CSM Academy International, an exclusive education and learning institution specialising in health care programs and also health worker training sessions.
Based on the total floor location, the guide rate figures out to be about $2,278 psf. The building is currently being run by the owners as Charis Manor Nursing Home, a private facility that provides long-term stay, respite care and also daycare professional services for the aging seniors. According to Lock, the property owners are looking to sell the property on a sale and leaseback contract. The buyer of the building will rent out the real estate to the owner for 3 years, with a potential expansion for an additional 2 years.
The structure presently has common spaces on the initial level, consisting of the kitchen area as well as eating area, an activity area, a library, a personnel canteen and a workplace location. Wards together with personal areas stand on the upper floors, whereas the basement homes training rooms and a rehabilitation centre. The property comes with a lift that services all grounds in addition to ample private parking area, includes Lock.
The property is a four-storey separated establishment with a basement. It has a total floor area of about 11,859 sq ft. The property remains on a freehold land area of 6,350 sq ft which is area for health-related and treatment usage under the 2019 URA Master Plan. Land with this zoning is assigned for health centers, polyclinics including nursing homes.
The property is located just off the way out of the Kallang-Paya Lebar Expressway. The surrounding neighbourhood primarily consists of shophouses and light commercial buildings found near Sims Avenue including Geylang Roadway. Lock believes the property will amass attention from buyers within healthcare-related industries, like medical firms, hospital or assisted living care providers, or other nursing home owners. “It’s fairly unusual for a site zoned for health and wellness as well as healthcare to go up for sale,” she remarks.
A nursing home situated around Sims Avenue will be put up for marketplace on March 16 with an overview cost of $27 million. It is a property owner’s sale, mentions Lock Sau Lai, senior supervisor, auction & sales at Knight Frank, that is dealing with the public sale also is the sole marketing company for the property.