Two strata commercial units at the GB Building were auctioned off for $46 million

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Two strata commercial units located at GB Building will be put up for auction on August 16, by Huttons Asia. The estimated estimate is $46 million according to Huttons Asia.

The commercial units are the rare duplex layout that covers both floors. It also has the 32.6m ground floor glass frontage which has a view of Cecil Street. The buildings have the total area of 13,067 square feet.

GB Building is a 99-year leasehold commercial development that has about an additional 58 years on the tenure. The building is 26 floors high and has the basement carpark with three levels with 105 cars.

The property is situated at the intersection of Cecil Street and Mccallum Street in the CBD. Nearby commercial developments consist of Frasers Tower, Afro-Asia, Oxley Tower, SBF Centre, and Capital Tower.

Two commercial buildings are “highly sought-after asset” within the CBD and offer an opportunity for family and business owners, offices as well as investors seeking a versatile commercial space that has large areas of floor space, according to James Wong, head of auctions and sales of Huttons Asia.

He says: “The unique property, currently leased to an established nightclub entertainment company until the beginning of 2027’s first quarter is a guarantee for potential investors of an ongoing source for rental revenue.”

Huttons notifies Huttons notes that GB Building also falls under the CBD Incentive Scheme that is designed to promote the transformation of old commercial buildings within the CBD into mixed-use developments.

This isn’t the first time that the two commercial units have been placed on the market. In March they were a part of an attempt to sell the portfolio which included office buildings located on 8th and 3rd floors. The estimated price for the portfolio was $69 million.