Gallery
Details
Cheongdam-dong, Seoul
Location
The property is located in the center of high retail street of Chungdam-dong by 5 min walking distance from Apgujeong Rodeo subway station(directly connected to under ground floor(B1) of Galleria Department Store) and where all stand alone buildings of international luxury brands are lined up. Therefore, this street is known to be the most expensive retail street in Korea.
Underwriting Thesis
Most importantly it’s an off-market opportunity to invest in Class-A retail building of circa3,000sqm(910py) in the high street of Chungdam-dong where the transaction opportunities are limited. Not only the outstanding location but the access is also convenient for public transportation where 2 subway lines-Bundang and Line7-pass nearby, and also there’s a bus stop in front of the building. It is in an excellent condition since it’s just finished its one year renovation and currently whole space is available to lease. Surrounded by other international brands and the best location to have a flagship store differentiated with other retail streets in Seoul.
Deal Type
100% acquisition
Site Area
693.5 sqm (209.4 pyung) / B2 –6F
Land Tenure
Freehold
Completion
14 February 1992
GFA
3,008.9 sqm (910.2 pyung)
Indicative Deal Size
KRW 60 billion (USD 55.8 million)
Equity Required
KRW 36 billion (USD 33.5 million)
LTV
Upto40%
Key Tenants
Currently fully vacant. Used to be rented out to wine bar (B1), hospital, hair salons, furniture shop
Elevator(s)
1
Parking
19 ( 16 Mechanical parking space on B2/ 3 Manual Parking space on GF)
Land Tenure
Freehold
Brands Map
and Floor Plan
Luxury Brands Street CheongDam Street
Retailers Map
CheongDam Street
SECOND BASEMENT
fLOOR PLAN
GROUND FLOOR
FLOOR PLAN
ROOF TOP
FLOOR PLAN
