A storefront near the Pacific Sogo Department Stores Co (太平洋崇光百貨) on Taipei City’s Zhongxiao E Rd, Sec 4, where a TGI Friday’s restaurant is located, was auctioned off yesterday for NT$226.9 million (US$7.1 million), a domestic realtor said.
The price represented a premium of 98.5 percent on the asking price of NT$114.3 million for the property, which has a total floor space of 154 ping (509m²), including the storefront and basement, Taiwan Realty Co (台灣房屋) said in a statement yesterday.
The broker estimated the closing price of the storefront was a record-high NT$2.21 million per ping, while that of the basement was about NT$740,000 per ping, the statement said, adding that 12 bidders had taken part in the auction.
It said the property currently yields a 2.12 percent return, with the lease to the chain restaurant at about NT$400,000 per month.
That return, however, could jump to 3.7 percent — or a monthly rent of NT$700,000 — if legal complications are resolved to allow the new owner to put the property up for new tenants, it said.
Yesterday’s auction also liquidated the property’s fifth, sixth and seventh floor for NT$636 million, NT$600 million and NT$568 million respectively, with premiums ranging from 9.34 percent and 22 percent, the company said.
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