Rented for: RM4,000
Concluded by: Mayzel Wong (REN 17359) (017-575 8999) of Khoo & Associates Realty
When: September 2018
● Land area: 1,300 sq ft, unit built-up: 950 sq ft
● Nearby amenities include government schools, INTI International College, restaurants, The CEO office suites building and food court
● Easy access to main roads, about 15km to George Town, around 6km away from Penang International Airport, about 13km to Penang bridge and around 10km to Penang Second Bridge
Located at Bukit Jambul, a residential neighbourhood in the northeast of Penang Island, Lebuh Nipah 5 is connected to one of the island’s main roads, Jalan Bukit Gambir, which connects residents to George Town and industrial parks in Bayan Lepas.
Sandwiched between matured residential areas and co-working and office suites project The CEO Executive Office Suites, the two rows of double-storey shopoffices along Lebuh Nipah 5 have become a business centre that provides daily services and food and beverage to the working crowd and residents nearby.
According to Mayzel Wong of Khoo & Associates Realty, the shop is strategically located as it has good accessibility to major roads and residential areas in Bukit Jambul and Sungai Nibong.
“A majority of the tenants here are auto repair shops, tuition centres, launderettes, mini markets and restaurants. Shops here are in demand due to their good location and crowd,” she added.
The owner of the shop offered conventional laundry services in the area, but he decided to end the business and has rented out the ground floor space to the new tenant who plans to turn it into a modern launderette.
In this deal, the new tenant inked a 3-year tenancy agreement with an option to renew for another two years, at a monthly rental of RM4,000.
Wong said the sizable amount of residents, the working crowd, good location and ample parking spaces are what attracted the tenant to the property.
Available online listings showed that the average rental of the shopoffices in this area is around RM4,000 for ground floor and RM1,400 to RM1,500 for second floor.
As at December 24, 2018, shop units in Taman Bukit Jambul are transacted at an average price of RM1.52 million or RM434 psf.
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