JLL markets freehold corner restaurant unit at Greenwood Avenue

SINGAPORE, August 6, 2024 – JLL (NYSE: JLL), as the exclusive marketing agent, has put up for sale a freehold restaurant unit located at the junction of Greenwood Avenue and Hillcrest Road. The property has been recently valued at S$15.5 million.

The property comprises 2,669 square feet (sq ft) of strata area on the ground floor. It also has additional areas of about 300 sq ft, which is currently utilised for outdoor dining areas – bringing the total combined area of the strata unit to about 2,969 sq ft.

Situated within Singapore’s Core Central Region in District 10, the property sits on a corner plot and enjoys excellent visibility with prominent dual road frontages spanning 27 metres. It is approved for “Restaurant” use and is currently fully leased to two restaurants – an Italian restaurant and wine bar known as BACARO; and the Black Bear BBQ & Smokehouse, which specialises in barbecue and smoked meats.

“Commercial units with restaurant approvals are typically highly regarded by astute investors given their ability to command better rents,” notes Alaric Yeo, Senior Manager, Capital Markets, JLL. “Freehold assets within well-known dining hotspots, such as at the Greenwood F&B enclave, remain sought-after as they consistently draw high footfall from the surrounding residential population and also from the rest of Singapore.”

The broader area is a popular food and beverage (F&B) cluster and is home to many restaurants, cafes, bakeries, and specialty grocers. Covering multiple international cuisines such as Italian, Spanish, Korean, and Japanese, amongst others, it is an area frequented by both locals and the expatriate communities. Established names at Greenwood include the Greenwood Fish Market, which has been operating its business at the location for over two decades; and Lana Cakes, which has been running its sole outlet at Greenwood for close to 40 years. Other restaurants and cafes such as Rubato, Barrio Spanish Restaurant, Nami Korean Grill House, Shin Yuu, and Craftsmen Coffee can also be found at the Greenwood cluster.

Its strategic location puts it in the vicinity of a sizeable catchment of nearby and transient populations. This includes the affluent low-rise housing estates of Coronation Road, Hillcrest, Holland Road, and Swiss Club. The enclave has a combined catchment of approximately 32,000 residents. Tan Kah Kee MRT station, on the Downtown line, is also a 10-minute walk away providing convenient accessibility and connectivity to and from the rest of Singapore.

Numerous educational institutions can also be found within the immediate vicinity, such as National Junior College, Raffles Girls Primary School, Nanyang Girls’ High School, and Hwa Chong Institution. With both the residential and student populations, the property enjoys strong demand and footfall.

“The restaurant unit offers flexibility for further subdivision into smaller units, given its wide frontage which allows multiple entrances to be created for different tenants,” says Yeo. “This provides the incoming owner with the option to curate the leases and optimize returns by renting the space to multiple F&B operators, if preferred.”

Foreigners and entities are eligible to purchase without Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD). The Expression of Interest (EOI) exercise will close on 26 September 2024 (Thursday), at 3pm.