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Chip Eng Seng@45 - buying Australia Property
The Board is pleased to announce that CES Grosvenor has completed the acquisition of the Property (the “Acquisition”) on 1 July 2021.
The purchase price for the Property is A$2.5 million.
The Property consists of a commercial building comprising 2-storeys and a basement, with direct frontage towards Hindley Street. The Property is situated on a freehold site and has a land size of approximately 287 square metres.
Currently, the Property is fully tenanted and is occupied by two tenants under the following commercial leases:
(i) 80 Hindley Street is leased for use as a convenience store for a term of 3 years expiring in November 2023, with an option to renew for a further term of 2 years; and
(ii) 82 Hindley Street is leased for use as a bar for a term of 3 years expiring in September 2023, with an option to renew for a further term of 3 years.
RATIONALE OF THE PROPOSED ACQUISTION
In March 2018, the Group completed the acquisition of its hotel in Adelaide, Australia (now known as Grosvenor Hotel Adelaide) located at 121-125 North Terrace (the “Hotel”) and the adjoining commercial properties located at 72 and 74-78 Hindley Street (the “Acquired Hindley Street Properties”).
The Property is adjoining the Acquired Hindley Street Properties.
The site on which the Hotel, the Acquired Hindley Street Properties and the Property are situated is centrally located within the Capital City Zone in the central business district of Adelaide. The Group had acquired the Hotel and the Acquired Hindley Street Properties as the zone allows for flexibility in potential redevelopment opportunities to stimulate activities and vibrancy within the central business district. The Hotel, the Acquired Hindley Street Properties and the Property will collectively occupy a freehold site of over 4,000 square metres.
While the Group considers its redevelopment plans for the area, the Proposed Acquisition in the meantime presents the opportunity for the Group to have increased frontage along Hindley Street, which will allow it to better manage the tenant mix along that street.
https://links.sgx.com/FileOpen/Completio...eID=673320
Stay home and stay safe, everyone.
The Board is pleased to announce that CES Grosvenor has completed the acquisition of the Property (the “Acquisition”) on 1 July 2021.
The purchase price for the Property is A$2.5 million.
The Property consists of a commercial building comprising 2-storeys and a basement, with direct frontage towards Hindley Street. The Property is situated on a freehold site and has a land size of approximately 287 square metres.
Currently, the Property is fully tenanted and is occupied by two tenants under the following commercial leases:
(i) 80 Hindley Street is leased for use as a convenience store for a term of 3 years expiring in November 2023, with an option to renew for a further term of 2 years; and
(ii) 82 Hindley Street is leased for use as a bar for a term of 3 years expiring in September 2023, with an option to renew for a further term of 3 years.
RATIONALE OF THE PROPOSED ACQUISTION
In March 2018, the Group completed the acquisition of its hotel in Adelaide, Australia (now known as Grosvenor Hotel Adelaide) located at 121-125 North Terrace (the “Hotel”) and the adjoining commercial properties located at 72 and 74-78 Hindley Street (the “Acquired Hindley Street Properties”).
The Property is adjoining the Acquired Hindley Street Properties.
The site on which the Hotel, the Acquired Hindley Street Properties and the Property are situated is centrally located within the Capital City Zone in the central business district of Adelaide. The Group had acquired the Hotel and the Acquired Hindley Street Properties as the zone allows for flexibility in potential redevelopment opportunities to stimulate activities and vibrancy within the central business district. The Hotel, the Acquired Hindley Street Properties and the Property will collectively occupy a freehold site of over 4,000 square metres.
While the Group considers its redevelopment plans for the area, the Proposed Acquisition in the meantime presents the opportunity for the Group to have increased frontage along Hindley Street, which will allow it to better manage the tenant mix along that street.
https://links.sgx.com/FileOpen/Completio...eID=673320
Stay home and stay safe, everyone.