The sale of the Australian Embassy has aroused a great deal of interest.
The site of Australian Embassy which is situated on Sathorn Road in central Bangkok has already gained significant interest. Put up for sale in March of this year by Australia’s Department of Foreign Affairs and Trade. There are now 10 parties who have expressed an interest in this 7 rai 382 square wah or 12,728 square metres of prime development. Sole agent JLL expect more parties to come forward ahead of when the tender closes next month.
Suphin Mechuchep, managing director of JLL, commented, “As expected, this rare opportunity to secure a large prime site in the heart of Bangkok’s central business district has received overwhelmed interest. Not only listed and non-listed developers but also financial institutions and multi-national companies looking for a prime site for new head office development have expressed interest to submit an offer. All of these parties are well qualified as a tenderer, in terms of financial strength and reputation.”
This opportunity to snap up a piece of prime real estate poses great developmental possibilities. Particularly as the site’s shape is long and rectangular with 70 metres of frontage on Sathorn Road. This maximises the possibility of a high-density project with a floor area ration of up to 10:1.
“After the tender closes, there will be a number of processes following such as shortlisting, sale and purchase agreement, security deposit payment and due diligence. As a result, we expect the sale transaction to be completed in the final quarter of 2017 when the successful tenderer will be unveiled,” Suphin goes on to say.
The new Australian Embassy has been under construction for a couple of years. Designed to emulate Uluru (Ayers Rock) in the Australian desert, the new building is encompassed by water to reflect the khlongs of Bangkok as well as the typical landscape of Australia. The doors are expected to open shortly at its new home off Wireless Road closeby to Lumpini Park. The carp and turtles resident of the existing embassy will be relocated to the new embassy lagoon.