Strata commercial unit at The Adelphi along Coleman Street for sale at $6.38 mil
The existing tenancy and immediate income may appeal to yield-focused investors, although the near-3% return could shape price negotiations for strata commercial assets.
A tenanted 2,131 sq ft commercial unit at The Adelphi is offered at $6.38 million, or about $2,994 psf, with a yield near 3%.
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A commercial unit on Level 4 of The Adelphi is on the market via an expression of interest (EOI) exercise with an asking price of $6.38 million.
The unit has a strata area of approximately 2,131 sq ft. Hence, the asking price works out to about $2,994 psf.
According to Jennifer Loh of PropNex Realty, who is exclusively marketing the asset, the unit will be sold with its existing tenancy, thus providing the buyer with immediate rental income, at a yield of close to 3%.
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The Adelphi is a 999-year leasehold mixed-use development comprising a five-storey retail podium spanning Basement 1 to Level 4, and a six-storey office block occupying the remaining upper floors until Level 10.
Sitting at the junction of Coleman Street and North Bridge Road, The Adelphi is a four-minute walk to City Hall MRT interchange, which is connected to Raffles City Shopping Centre. Other nearby lifestyle amenities include Funan, Peninsula Plaza, Capitol Singapore and the National Gallery Singapore.
Based on lodged caveats, The Adelphi has recorded resale transactions for four units this year — three are within the retail podium while one is an office unit. Those units are sized between 431 and 2,207 sq ft, and were priced from $1.6 million to $5.4 million.
Based on caveats lodged, the unit for sale last changed hands in 2012 for around $4.08 million, or $1,914 psf.