55-57 Tai Yuen Street and 6-8 McGregor Street in Wanchai will be sold under the Land (Compulsory Sale for Redevelopment) Ordinance through Savills by public auction, with a reserved price of HK$55 million, at Room 811 on 8th Floor, Jardine House, Central, Hong Kong on 24th April (Friday) at 10:00 am.
55-57 Tai Yuen Street and 6-8 McGregor Street in Wanchai will be sold under the Land (Compulsory Sale for Redevelopment) Ordinance through Savills by public auction, with a reserved price of HK$55 million, at Room 811 on 8th Floor, Jardine House, Central, Hong Kong on 24th April (Friday) at 10:00 am.
The subject property is situated on the western side of Tai Yuen Street, bounded by McGregor Street to its West, near their junctions with Queen’s Road East, and across the street where Wu Chung House is located. The site falls within areas zoned “Residential (Group A)”. It has a total site area of approximately 1,504.39 sq.ft. (139.76 sq.m.). Currently standing on the site is a 6-storey commercial / residential building completed in 1958.
The majority owner of the subject property currently holds over 90% interest in the property, which comprises a total of 4 retail shops on the ground floor, 10 residential units on the upper floors, and only one unit left for acquisition. The majority owner successfully obtained an order for sale under Land (Compulsory Sale for Redevelopment) Ordinance on 9th March, 2009.