While all of the focus has been on who will be buying the British Embassy in Bangkok, the Australian Embassy has been preparing for a sale of its own. With the construction of a new premises near Lumpini Park and next to Japanese embassy nearly finished, Australia’s Department of Foreign Affairs and Trade (DFAT) has put its current location on Sathorn Road up for sale.
“The Australian Embassy’s site on South Sathorn Road offers one of the last large prime development opportunities available on a freehold basis in the area,” says Suphin Mechuchep, Managing Director of JLL
Former Australian Embassy on Sathorn Road
The site occupies 12,728 sq. metres of freehold land in the Sathorn district, one of Bangkok’s prime commercial and residential locations where Grade A office buildings, luxury hotels, serviced apartments and high-end condos can be found. Both international and local companies such as insurance firms, banks and financial businesses are headquartered in Sathorn while it is growing in popularity among tourists as well.
“Bangkok’s commercial and residential real estate markets have performed very well over the last several years. Grade A office buildings and luxury condominium projects have fared especially well. As investors have sought to capitalise on demand for top-tier products, prime centrally-located freehold land parcels suitable for multiple development typologies have become increasingly difficult to secure,” says Suphin.
An appealing aspect of the land will be the fact Sathorn Road is defined by the Bangkok town plan as an area for high-density, mixed-use development. This means whoever acquires it will have the option to build a high-density project such as a luxury condo, a Grade A office tower, a head office for a large company or a landmark mixed-use development.
JLL has been appointed as the sole sales agent for the property. The company has already launched a sales campaign and strong interest from leading property development companies has been received. The closing date is June 2017.
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