Savills Hong Kong announces that it has been appointed as the sole agent for the sale of Unit 3069, 3091 & Storeroom No.1 on 3/F, Kwai Chung Plaza, by public tender.
Savills Hong Kong announces that it has been appointed as the sole agent for the sale of Unit 3069, 3091 & Storeroom No.1 on 3/F, Kwai Chung Plaza, by public tender. The tender will close at 12:00 noon on 27th August, 2009.
Gabriel Cheng, Director of Investment, said the property has a total gross floor area of approximately 10,370 sq.ft. with 100 per cent occupancy. It is divided into several shops of different sizes and leased to a total of 7 tenants including restaurants, beauty salon, computer and fashion stores. The total rentals received is around HK$177,000 per month.
Kwai Chung Plaza is located near the Kwai Fong MTR station, bus and mini-bus terminals. It is a place accessed daily by residents in the area with bridges connecting to Metroplaza which is at its opposite and to the neighbouring residential estates. Several primary and secondary schools and a number of sports grounds and playgrounds are also nearby, therefore a large pedestrian flow is guaranteed. Inside Kwai Chung Plaza there are numerous shops selling fashion items, making it a major shopping and meeting point for young consumers.
According to Gabriel Cheng, all the tenants have been running their businesses at the subject property for a period of time, providing a stable rental return to the landlord. The intended price is around HK$50 million, with a rental yield of approximately 4.3 per cent. Since the property has a large floor plate, the new buyer can reshuffle the tenant mix, generating a higher rental return.