The Australian Embassy’s sale is expected to receive global interest.
Another piece of prime Bangkok land has been put on the market. Australia’s Department of Foreign Affairs and Trade have appointed JLL to sell the Australian Embassy in Sathorn. Situated on the south side of Sathorn Road, the site sprawls 7 rai 382 square wah or 12,728 square metres.
Sathorn Road is already home to a number of leading hotel chains and offices housing finance industries, banks and other international firms. Plus many residential addresses are scattered along this popular part of Bangkok.
As the new Australian Embassy situated on Wireless Road nears completion, the sale of the current site is expected to cause a bit of a stir. Managing director, Mrs. Suphin Mechuchep, of JLL commented, “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”.
Going on to add, “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”.
The sale of the British Embassy on Wireless Road achieved unprecedented numbers. A similar story is expected for the Australian Embassy. Its prime location is amid Bangkok’s central business district where high density mixed-used schemes are permitted. The site also has an extensive frontage onto Sathorn Road increasing its potential and flexibility.
JLL have reported that the site has already received a lot of interest. Circulating the sale worldwide, JLL expect a competitive bid to be received. Only time will tell what the future holds for this prime site. However with other luxury projects in Bangkok achieving record prices its likely a mixed used high end scheme will be built here.
