Large unit at Queensway Shopping Centre put on market for S$7.5m

A UNIT occupied by Anytime Fitness and spanning 2,734 square feet (sq ft) at Queensway Shopping Centre has been launched for sale via private treaty, with a S$7.5 million guide price.

This comes about two years after the freehold development failed in a collective-sale attempt as it did not obtain the required 80 per cent owners' consent.

The latest offering, located on the third storey, is one of only two large floor-plate units in the mall with 24-hour access and a wide glass-facade frontage, said marketing agent Huttons Asia. The other similar unit has been tenanted to fast-food giant McDonald's for more than 20 years.

Anytime Fitness has been operating there for six years; the 24-hour gym recently renewed the lease for another three years till May 2024.

The retail and food and beverage (F&B) unit provides the owner with a stable recurring income from an established long-term tenant, and has the potential for capital appreciation, said Huttons associate senior district director Quek Fu Jin, who is marketing the space for sale.

To increase the rental yield, the unit can potentially be subdivided into up to seven smaller ones, which may create a unique F&B mix, Huttons noted in a press statement on Wednesday. It added that full F&B infrastructure, such as water, electricity, gas and grease traps, has been provided.

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Given the 24-hour access, the space could thus be suitable for F&B outlets with long operating hours, such as hot-pot restaurants, Huttons said.

According to Mr Quek, the unit has a "highly visible retail frontage ideal for direct media advertisements". It is also located directly above the high-traffic McDonald's outlet.

The guide price of S$7.5 million translates to about S$2,743 per square foot (psf), which Mr Quek said is an "attractive" price tag for a freehold commercial unit. A less prominent unit on the same level had changed hands for S$2,740 psf in March 2020, he added.

Unit owners at Queensway Shopping Centre and its adjoining residential block, Queensway Tower, earlier tried to put the properties up for sale en bloc, but the bid fell through in November 2019 when more than 20 per cent of owners by share value opposed the proposal.

The two properties housed a total of 241 retail units and 78 residential apartments, and most of the owners that were against the en-bloc sale were shop owners, Today reported at the time.

Situated in the city fringe, the shopping centre is known for its affordable sporting apparel outlets. It is a 16-minute walk from Queenstown MRT station, and a four-minute walk from Ikea Alexandra.