Savills Hong Kong announces that it has been appointed as the sole agent for the sale of G/F and M/F, No. 142 Fa Yuen Street, and Shop 1 on G/F, Manly Commercial Building, No.15 Soy Street, Mongkok, by tender.
Savills Hong Kong announces that it has been appointed as the sole agent for the sale of G/F and M/F, No. 142 Fa Yuen Street, and Shop 1 on G/F, Manly Commercial Building, No.15 Soy Street, Mongkok, by tender. Both tenders will close at 12:00 noon on 15th January 2009.
Sharon Fong, Director of Savills Investment, said G/F and M/F, No. 142 Fa Yuen Street comprises a street shop area of approx. 1,100 sq.ft., and a storage mezzanine of about 800 sq.ft. The premise is located at the busiest fashion outlet section of Fa Yuen Street, and is closed to Argyle Centre and Pioneer Centre with heavy pedestrian flow.
The street has a wide frontage of 15 ft. 2 inches. The existing tenant is a fashion store, with a lease term of two years from early this month till 2011, and a renewal option for an additional two years at market rate. The monthly rental is HK$125,000 (exclusive of rates and management fee).
The other tendered property is Shop 1 on G/F, Manly Commercial Building, No.15 Soy Street, which has a gross floor area of 950 sq.ft. Facing Portland Street, the street shop is closed to Langham Place, with many restaurants along the street in the area.
The street shop has a wide frontage of 14 ft. 5 inches. The existing tenant is a BBQ restaurant, with a lease term of two years till end of 2010, and a renewal option for an additional two years at a 15% increase in rent. The monthly rental is HK$98,000 (exclusive of rates and management fee).