Ready Building | Single Tenant | Huge Potential

OBG Commercial and Capital Markets Team is proud to bring to market a 221-unit ready building in a fantastic location in JVC with close proximity to the JVC 2 Exit and the iconic Five Hotel.

This asset is an excellent fit for a hands on operator to actively manage this property to bring rents in alignment with market and activate commercial space on the ground floor.

PRESENT USE:

Building was built as a staff accommodation, now leased to a single tenant for short-term stays.

PROPERTY DETAILS:

Plot Size - 76,179 sqft
G+4 with 2 Basements and 282 Parking Spaces
221 Residential Units (610,860 AED/unit on asking price)
120 Studios
101 2-Bedrooms

Residential Leasable Area
In-place per square foot annual rent is just over 70 AED psf. Market rents for similar product within the vicinity is over 100 AED psf.

Potential Commercial Area
Located on the ground floor, this space is used by the current tenant for their internal operations. Retail vacancy in JVC is at historic lows with very attractive lease rates for a hands on operator who can activate this space.

Under-Utilized Areas
Primarily comprised of staff lounges on every floor that are no longer in use, this space can potentially generate substantial returns for a creative future owner.

LEASE DETAILS:

5 Year lease commencing April 2023 with escalations from Year 3 onwards. Landlord has an exit clause. 2024 rent is 8M AED/year. Next year it escalates to 8.4M and 5% thereafter until end of term. This rent is grossly under market for similar furnished apartments.

Please get in touch today for further details.

Property details

Property Type

Whole Building

Property Size

76,179 sqft / 7,077 sqm