68 Yee Wo Street is located in Causeway Bay, Hong Kong's liveliest retail, business and entertainment district. Composed of a 22-storey glazed office and entertainment tower over a five-level retail podium, 68 Yee Wo Street provides a gross floor area of approximately 289,000 sq ft, 102 parking spaces.
The brief: We were appointed the asset manager for 68 Yee Wo Street in 2004. Our client’s aim was to reposition the entire development from a Grade C to a Grade A commercial building.
The client: GAW Capital
Our solution: A major internal renovation of the office lift lobbies was completed in 2005, while external improvement works and a reconfiguration of the retail podium were completed two years later. Savills carefully coordinated the site management each time in an organised, phased approach during which the office tenants remained in occupation and minimum inconvenience was caused to tenants and visitors. As part of the ongoing improvement plan, all existing chillers were replaced in 2013 while restroom modernization and renovation works were conducted in 2015. The Savills concierge team displays an exceptional level of attention and care, which has been much appreciated by tenants, granting us an excellent service rating in the latest customer satisfaction survey.
How we added value: The subject building comprises both commercial and retail floors. In terms of management strategy, maximising occupancy rates and rental income for the landlord has become the prime objective in enhancing the asset value of 68 Yee Wo Street. Throughout the years of our management, Savills has successfully leased all the vacant floors and maintained a stable rental income return, with an average occupancy rate of over 95%. In early 2016, the occupancy rate reached 100%.