ALLCO Commercial REIT has changed the fortunes of its 55 Market Street property in Singapore, by signing up new tenants.
Allco REIT bought the property in November last year with vacant tenancy and has since signed and secured tenants for 80.24% of space at the property.
The trust has signed several tenants on an initial term ranging from two to six year lease periods, giving the lease profile an average 3.69 years.
The average starting rent for the committed tenancies is $S7.19 per sq ft per month with an average fixed annual increment of 4.75% per annum for the first three years.
In addition, Allco has also agreed to lease two floors, levels 14 and 16 of the property, which commenced on February 21, 2007 and is for a term of five years.
This lease represents 9.12% or 6,588 sq ft of the total net lettable area of the property.
The property has a total of 72,228 sq ft of space and now only 14,274 sq ft remains available for lease.
Australian Property Journal
