Privilege Motors has announced the sale of a four-storey factory building located at 162 Tagore Lane, with an asking price of $23.8 million. This property, which spans a total floor area of 14,701 square feet, is sited on a 7,343 square foot plot. It is zoned for Business 1 use, making it suitable for clean and light industrial activities. The strategic location and zoning designation enhance its desirability for various industrial operations, reflecting the ongoing demand for industrial real estate in the region.
The building boasts a contemporary design, which is an attractive feature for potential buyers. Priced at $1,619 per square foot based on the floor area, the sale price indicates the competitive market conditions for freehold industrial properties in this area. The limited supply of such buildings, combined with the growing interest from investors in industrial spaces, further underlines the investment potential of this listing. The pricing strategy aligns with current market trends, appealing to businesses looking to establish a foothold in a vibrant industrial sector.
Historically, the property received approval for the fourth floor to serve as a workers' dormitory, accommodating up to 60 individuals. However, the current owner does not require this facility, allowing prospective buyers the flexibility to repurpose the space according to their needs. This aspect adds another layer of appeal to the property, as it provides options for businesses that may require accommodation for staff or additional operational space.
Moreover, the potential for redevelopment cannot be overlooked. The Master Plan indicates that the site allows for a gross floor area of up to 10,737 square feet, which opens possibilities for expansion or the construction of new facilities. Investors and developers may see this as an opportunity to maximize the value of the property, creating additional revenue streams or enhancing operational capacity.
As urban development continues to evolve, industrial properties like the one at Tagore Lane become increasingly valuable. The area's infrastructure improvements and connectivity to key transport nodes make it a strategic location for businesses aimed at optimizing their logistics and supply chain operations.
The combination of modern design, zoning flexibility, and redevelopment potential creates a compelling case for acquisition.
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News Source: Edgeprop
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