Lian Beng subsidiary acquires Food Empire Building for $49.25m

Cushman & Wakefield brokered the private treaty sale.

Food Empire Building at 31 Harrison Road was sold to a wholly-owned subsidiary of Lian Beng Group for $49.25m.

The private treaty sale of the property was brokered by Cushman & Wakefield.

"Freehold industrial assets continue to be highly sought after, given their very limited supply. We are pleased to have brokered this sale and expect more exciting developments in the industrial sector in H2 2022," Shaun Poh, executive director of Capital Markets at Cushman & Wakefield, said.

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Food Empire building is an 11-storey freehold multi-user light industrial building which is fully tenanted. It has a gross floor area of 4,809.24 square meters.